Daily Chart Report 📈 Wednesday, June 28, 2023
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Today’s Summary
Wednesday, June 28, 2023
Indices: Russell 2000 +0.47% | Nasdaq +0.12% | S&P 500 -0.04% | Dow -0.22%
Sectors: 6 of the 11 sectors closed higher. Energy led, rising +1.01%. Utilities lagged, falling -1.48%.
Commodities: Crude Oil futures rose +2.75% to $69.56 per barrel. Gold futures ticked lower by just -0.08% to $1,922 per oz.
Currencies: The US Dollar Index rose +0.45% to $102.97.
Crypto: Bitcoin fell -1.85% to $30,129. Ethereum dropped -3.04% to $1,833.
Interest Rates: The US 10-year Treasury yield fell to 3.710%.
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 Caleb Franzen (@CalebFranzen). The S&P 500 was essentially flat today, changing just -0.04%. It’s been stalling for almost two weeks now, but Caleb points out that price is continuing to hold above the August highs, around 4,300 (green lines). If the August highs give way in the near term, the next major support level is just ~2.3% lower, around 4,200 (blue lines). We’re starting to see breakouts stick for once as former resistance levels turn into support. This is a noteworthy change in behavior for the S&P 500, as bulls were continuously trapped by failed breakouts throughout last year’s bear market.
Quote of the Day
“Twitter has become a group conversation of the type that used to take place on trading floors.”
– Barry Ritholtz
Top Links
Back in the Saddle – Trading Adventures
Andy Moss reviews price action so far this week.
Do Not Get Bearish While Transportation Leads – StockCharts.com
Mish Schneider looks at the recent bid in Transportation stocks.
Is the Market on Life Support? – The Weekly Grind
Sam McCallum shares some key charts and areas of the market to watch in the near term.
What is the Russell Reconstitution? – LPL Financial Research
LPL Financial Research highlights some of the changes in the Russell indices after last Friday’s annual reconstitution.
Avoid This Sector 4th of July Week – Schaeffer’s Investment Research
Rocky White examines the stocks and sectors of the S&P 500 with the best/worst average performance during 4th of July week over the past decade.