Daily Chart Report ? Wednesday, June 29th, 2022
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Today’s Summary
Wednesday, June 29th, 2022
Indices: Dow +0.27% | Nasdaq 100 +0.18% | S&P 500 -0.07% | Russell 2000 -1.12%
Sectors: 5 of the 11 Sectors closed higher. Health Care led, gaining +0.87%. Energy lagged by a wide margin, dropping -3.48%.
Commodities: Crude Oil futures fell -1.77% to $109.78 per barrel. Gold futures moved lower by -0.20% to $1,818 per ounce.
Currencies: The US Dollar Index rose +0.59%.
Crypto: Bitcoin fell -0.73% to $20,113. Ethereum dropped -3.69% to $1,100.
Interest Rates: The US 10-year Treasury yield fell to 3.093%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Strategas Research (@StrategasRP). On top is a ratio chart of Consumer Discretionary sector vs. Consumer Staples sector, and on the bottom, is a ratio chart of the Semiconductor index vs. the S&P 500. These two ratios are commonly used by technicians to gauge risk appetite for the broader market. Both continue to be in downtrends, threatening to make new lows. In fact, the Semiconductor index closed at fresh 20-month lows on a relative basis today. In a comment to The Chart Report, Todd Sohn of Strategas said, “It was a red flag with the recent equity bounce not being accompanied by any resounding leadership from these two ratios. No improvement – and fresh lows now – leaves us hesitant on the broader market.”
Quote of the Day
“There is time to go long,
a time to go short,
and time to go fishing.”
– Jesse Livermore
Top Links
If This, Then It’s 2008 All Over Again – All Star Charts
JC Parets takes a look at Credit Spreads and the US Dollar.
How to Play the July 4th Holiday – Schaeffer’s Investment Research
Rocky White examines how the S&P 500 has historically performed around the 4th of July holiday.
Isn’t That Beautiful? – StockCharts.com
Julius de Kempenaer points out that the S&P 500 rolled over right at the May lows.
3% Daily Declines in QQQ – Bespoke
Bespoke looks at how volatile this year has been for the Nasdaq.
Top Tweets
You’re all caught up now. Thanks for reading!