Daily Chart Report 📈 Tuesday, June 6, 2023

Today’s Summary
Tuesday, June 6, 2023

Indices: Russell 2000 +2.69% | S&P 500 +0.24% | Dow +0.03% | Nasdaq +0.01%

Sectors: 7 of the 11 sectors closed higher. Financials led, gaining +1.26%. Health Care lagged, falling -0.83%.

Commodities: Crude Oil futures fell -0.57% to $71.74 per barrel. Gold futures rose +0.36% to $1,982 per oz.

Currencies: The US Dollar Index inched higher by +0.13% $104.13.

Crypto: Bitcoin rose +5.65% to $27,193. Ethereum gained +3.97% to $1,883.

Interest Rates: The US 10-year Treasury yield fell to 3.662%.

Here are the best charts, articles, and ideas being shared on the web today!

Chart of the Day

The rotation into small caps (i.e., expanding breadth) is generating a breakout in $IWM above its 200-day MA, giving it good room to resistance; note the DeMARK "13" from @DeMarkAnalytics supports near-term outperformance vs $SPX #fairleadstrategies pic.twitter.com/SPoSJGRIaG

— Katie Stockton, CMT (@StocktonKatie) June 6, 2023

Today’s Chart of the Day was shared by Katie Stockton (@StocktonKatie). The lack of participation from Small Caps has caused concerns over breadth in recent months. However, Katie points out that the Russell 2000 has improved significantly over the past week, on an absolute and relative basis. It closed at its highest level in nearly three months today, and it’s back above its 200-day moving average. The next major resistance level is the August highs, which are around $200. On a relative basis, it outperformed the S&P 500 by the widest margin in more than a year on Friday, and again today. Further rotation into Small Caps would be very constructive, as it would represent breadth expansion.

Quote of the Day

Top Links

Welcome to the New Bull Market – Carson Group
Ryan Detrick highlights some of the positive developments in the market.

These Areas Are Pushing The Equal Weighted S&P 500 Higher – StockCharts.com
Mary Ellen McGonagle looks at the recent improvements in the Russell 2000 and the Equal Weight S&P 500.

Tresury Bond ETF (TLT) Trading at a Key Decision Point! – Kimble Charting Solutions
Chris Kimble examines the outlook for Treasury Bonds ($TLT).

Is This a New Bull Market? – A Wealth of Common Sense
Ben Carlson shares his thoughts on the current market environment.