Daily Chart Report 📈 Thursday, June 15, 2023
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Today’s Summary
Thursday, June 15, 2023
Indices: Dow +1.26% | S&P 500 +1.22% | Nasdaq 100 +1.20% | Russell 2000 +0.81%
Sectors: All 11 sectors closed higher. Communications led, gaining +1.59%. Real Estate lagged, but still rose +0.43%.
Commodities: Crude Oil futures rose +3.72% to $70.81 per barrel. Gold futures inched higher by just +0.09% to $1,971 per oz.
Currencies: The US Dollar Index had it’s worst day in three months dropping -0.83% to $102.14.
Crypto: Bitcoin rose +1.72% to $25,560. Ethereum rose +0.66% to $1,662.
Interest Rates: The US 10-year Treasury yield dropped to 3.720%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$XLK tech ~1% from new highs pic.twitter.com/I8mM4vfTvV
— Matt Petrallia, CMT (@theEquilibrium) June 15, 2023
Today’s Chart of the Day was shared by Matt Petrallia (@theEquilibrium). Technology continues to be the strongest sector, with $XLK up more than 40% year-to-date. Matt points out that $XLK is roughly 1% away from all-time highs, after clawing its way out of a 34% drawdown. This was the worst drawdown for $XLK since it recovered the dot-com bubble highs in 2017. Technology is by far the largest sector in the S&P 500, with a 28% weighting in the index. Together, $AAPL and $MSFT represent more than 45% of the Technology sector, and both stocks closed at record highs today. Tech has been partying for months now, but perhaps the real party is just beginning as it attempts to emerge from an 18-month base, within a strong secular uptrend.
Quote of the Day
“Everybody has some information. The function of the market is to aggregate that information, evaluate it, and get it incorporated into prices.”
– Merton Miller
Top Links
S&P 500 will likely hit new high in 2023, says Carson Group’s Ryan Detrick – CNBC
In this clip, Ryan Detrick makes the case for record highs in the S&P 500 by year’s end.
Nearing Big Tech Exhaustion? – The Weekly Grind?
Sam McCallum highlights some noteworthy charts that are approaching resistance.
Unlocking Strong AI Investments: You Need To Analyze These ETFs – StockCharts.com
Karl Montevirgen breaks down the major AI-related ETFs.
Gold Nearing Breakout, Could See $3,000 or $5,000! – See it Market
Chris Kimble examines the long-term outlook for Gold.
Charts We Like Right Now | The Morning Show – Stock Market TV
In today’s episode of The Morning Show, featured guest, Ed Clissold shares his thoughts on stocks and the economy.
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