Daily Chart Report π Friday, June 23, 2023
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Todayβs Summary
Friday, June 23, 2023
Indices: Dow -0.65% | S&P 500 -0.77% | Nasdaq -1.00% | Russell 2000 -1.44%
Sectors: All 11 sectors closed lower. Communications led, but still fell -0.22%. Utilities lagged, dropping -1.47%.
Commodities: Crude Oil futures fell -0.50% to $69.16 per barrel. Gold futures rose +0.31% to $1,930 per oz.
Currencies: The US Dollar Index rose +0.46% to $102.87.
Crypto: Bitcoin rose +2.77% to a new 52-week high of $30,716. Ethereum gained +1.13% to $1,894.
Interest Rates: The US 10-year Treasury yield fell to 3.737%.
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 Scott Brown (@scottcharts). It was a short trading week with the holiday on Monday, but the S&P 500 snapped a five-week winning streak, falling -1.39%. This slight pullback has been perfectly normal so far. You could even view it as healthy, given the relentless strength that preceded it. Scott points out that price continues to hold above the August highs (around 4300). If price fails to hold this level in the near term, it would open the door for a potential retest of the notorious 4200 level. Despite the recent weakness, the uptrend off the October lows remains intact, and breakout levels are finally starting to hold.
Quote of the Day
βKeep in mind that progress is not always linear. It takes constant course correcting and often a lot of zigzagging."
β Buzz Aldrin
Top Links
Why a Sunny Second Half of 2023 is Likely - Carson Group
Ryan Detrick lays out a few reasons why stocks could continue their upward trajectory in the second half of the year.
June Mid-Month Conference Call: 5 Key Takeaways - All Star Charts
The team at All Star Charts highlights five key themes to watch in the coming weeks.
Pause and Reflect - LPL Finanial Research
Adam Turnquist examines how stocks have historically performed after the Fed pauses its rate hiking cycle.
Frank Cappelleri Examines Technical Trends - TD Ameritrade Network
In this clip, Frank Cappelleri shares his perspective on the S&P 500, Health Care, the Dollar Index, Bitcoin, and more.
Stock Market Video Analysis for Week Ending 6/23/23 - AlphaTrends.net
Brian Shannon breaks down this week's price action and highlights some key levels to watch in the near term.
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