Daily Chart Report ๐ Tuesday, June 20, 2023
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Todayโs Summary
Tuesday, June 20, 2023
Indices: Nasdaq -0.09% | S&P 500 -0.47% | Russell 2000 -0.47% | Dow -0.72%
Sectors: Consumer Discretionary was the only sector that closed higher, gaining +0.55%. Energy lagged, dropping -3.09%.
Commodities: Crude Oil futures fell -1.03% to $71.19 per barrel. Gold futures dropped -1.19% to $1,948 per oz.
Currencies: The US Dollar Index ticked higher by just +0.05% to $102.54.
Crypto: Bitcoin rose +5.08% to $28,205. Ethereum gained +2.90% to $1,787.
Interest Rates: The US 10-year Treasury yield dropped to 3.725%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Todd Sohn (@Todd_Sohn). The mild ~2% pullback in the Nasdaq over the past two sessions should come as no surprise, given the relentless rally that preceded it. Todd points out, on Thursday, the Nasdaq 100 ETF ($QQQ) was 24% above its 200-day moving average for the first time in more than two years. Thatโs in the 95th percentile of all historical readings. While itโs rare to see the Nasdaq stretch this far above its long-term average, Todd pointโs out that itโs not necessarily a bad thing. If anything, this has coincided with bear market recoveries and strong uptrends. Less than a year ago, the Nasdaq was 20% below its 200-day moving average for the first time in more than a decade.
Quote of the Day
โExcesses in one direction will lead to an opposite excess in the other direction.โ
โ Bob Farrell
Top Links
Why Stocks Could Make A New High in 2023 โ Carson Group
Ryan Detrick explains why he thinks the S&P 500 could reach record highs by yearโs end.
The Stock Market Got Overbought. What Happens Next? โ Grindstone Intelligence
Austin Harrison looks how the major indices have historically performed after RSI reached overbought levels.
The Dollar Breakdown and Who Profits โ Against All Odds Research
Jason Perz examines some of the intermarket trends at play.
The Great Hijacking โ The Bearโs Trap Report
Larry McDonald shares his thoughts on the growing dominance of passive investors.
Our Favorite International Stocks Right Now | The Morning Show
We joined The Morning Show earlier today, to discuss the most noteworthy charts and trends across the markets.
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