Daily Chart Report 📈 Monday, June 12, 2023
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Today’s Summary
Monday, June 12, 2023
Indices: Nasdaq 100 +1.76% | S&P 500 +0.93% | Dow +0.56% | Russell 2000 +0.40%
Sectors: 6 of the 11 sectors closed higher. Tech led, gaining +2.17%. Energy lagged, falling -0.96%.
Commodities: Crude Oil futures dropped -4.35% to $67.12 per barrel. Gold futures fell -0.38% to $1,970 per oz.
Currencies: The US Dollar Index inched higher by +0.07% to $103.63.
Crypto: Bitcoin was flat and remains around $25,925. Ethereum fell -0.60% to $1,743.
Interest Rates: The US 10-year Treasury yield was flat and remains at 3.743%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$SPX S&P 500 Index, closing the day at fresh 52-week highs and above the 0.618 Fibonacci retracement. pic.twitter.com/iGnM9yIs8d
— Shane C. Murphy (@murphycharts) June 12, 2023
Today’s Chart of the Day was shared by Shane Murphy (@MurphyCharts). The S&P 500 closed at a new 52-week high today for the first time since its peak more than 18-months ago. It cleared the August highs (around 4300) and closed above the 61.8% Fibonacci retracement of last year’s decline. Today also marks the first day in more than a year that the S&P 500 has been less than 10% below all-time highs. Bulls have plenty to celebrate today, but there are several potential catalysts on deck this week that could spur a reversal or volatility (CPI tomorrow, the Fed on Wednesday, and Quad Witching on Friday.) .
Quote of the Day
“When a trader starts to feel really smart he/she is headed for a huge drawdown.”
– Peter Brandt
Top Links
Market FOMO “Tidal Wave” Building – CNBC
Todd Sohn of Strategas Research offers his perspective on the current market environment.
Lucky Seven for the Nasdaq – Bespoke
Bespoke highlights the seven-week winning streak in the Nasdaq Composite.
Nasdaq 100 vs the Rest of the World – StockCharts.com
Arthur Hill looks at the Nasdaq’s outperformance over various time periods.
Time to Buy the Small Caps? – Grindstone Intelligence
Austin Harrison looks at what could be next for Small Caps after their recent bout of outperformance.
June’s Quad Witching Options Expiration Riddled With Volatility – Almanac Trader
Jeff Hirsch examines how the major averages have historically performed around June Quad Witching, which is this Friday.
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