Daily Chart Report 📈 Monday, June 26, 2023
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Today’s Summary
Monday, June 26, 2023
Indices: Russell 2000 +0.09% | Dow -0.04% | S&P 500 -0.45% | Nasdaq -1.36%
Sectors: 6 of the 11 sectors closed higher. Real Estate led, rising +2.23%. Consumer Discretionary lagged, dropping -1.28%.
Commodities: Crude Oil futures moved higher by +0.30% to $69.37 per barrel. Gold futures rose +0.22% to $1,934 per oz.
Currencies: The US Dollar Index fell -0.11% to $102.75.
Crypto: Bitcoin fell -0.67% to $30,274. Ethereum dropped -2.13% to $1,859.
Interest Rates: The US 10-year Treasury yield fell to 3.725%
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Mark Newton (@MarkNewtonCMT). It’s a daily candlestick chart of the Dow Transportation Index year-to-date. The S&P 500 kicked off the week on a sour note today, falling -0.45%. Mega Cap leaders were largely to blame, as most stocks in the S&P 500 closed higher. Mark points out that the closing print in the S&P 500 doesn’t really reflect some of the bullish developments that took place today. For starters, the Equal Weight S&P 500 ($RSP) closed higher by +0.61%. Secondly, the Dow Transportation Index ($DJT) rose +1.39% to a fresh three-month high. Lastly, the Equal Weight Technology ETF ($RSPT) rose +0.17%. There was plenty for the bulls to embrace in today’s session, despite the weakness in the S&P 500.
Quote of the Day
“The mind, once stretched by a new idea, never returns to its original dimensions.”
– Ralph Waldo Emerson
Trendlines over Headlines
https://youtu.be/_8lDQVf0g4g
Don’t miss the latest episode of Trendlines > Headlines!
This week, Howard Lindzon, Founder & General Partner at Social Leverage, joins us to discuss:
– The Nasdaq and Tech Stocks
– The State of Venture Capital
– The “Degenerate Economy”
– AI Stocks
– Crypto…and more!
Top Links
Trends Trend – CappThesis
Frank Cappelleri highlights some key patterns and trends across the markets.
Tech Selloff Sets Up NASDAQ’s Mid-Year Rally – Almanac Trader
Seasonality expert, Jeff Hirsch points out that the Nasdaq has historically had a 12-day bullish stretch between June and July.
Five Week Positive Streak for the S&P 500 Ends – Now What? – LPL Financial Research
George Smith analyzes how the S&P 500 has historically performed after a five-week winning streak.
Beating the Market is Hard. Especially in 2023 – Grindstone Intelligence
Austin Harrison examines the narrow leadership in the S&P 500.
The Bitcoin Challenge – All Star Charts
JC Parets looks at what could be next for Bitcoin after reclaiming $30,000.
The Chart Report is now better than ever…
Introducing The Chart Report: Private Access.
Private Access is everything you love about The Chart Report – plus MORE charts, trade ideas, and access to our exclusive scans and model portfolio updates.
Top Tweets
Don’t Forget…
The Morning Show – Tuesday, June 27 – Stock Market TV
Tune into The Morning Show tomorrow at 8:30 am. We’ll be joining Steve Strazza and JC Parets to break down recent trends and today’s Daily Chart Report.
Technical Tuesdays 📈 with The Chart Report – Twitter Spaces
Set a reminder to join us on Twitter Spaces tomorrow morning at 11:30 am ET to discuss recent price action and more!
You’re all caught up now. Thanks for reading!