Daily Chart Report π Thursday, June 29, 2023
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Todayβs Summary
Thursday, June 29, 2023
Indices: Russell 2000 +1.23% | Dow +0.80% | S&P 500 +0.45% | Nasdaq -0.16%
Sectors: 8 of the 11 sectors closed higher. Financials led, rising +1.74%. Communications lagged, falling -0.54%.
Commodities: Crude Oil futures rose +0.43% to $69.86 per barrel. Gold futures fell -0.22% to a three-month low of $1,918 per oz.
Currencies: The US Dollar Index rose +0.37% to $103.35.
Crypto: Bitcoin rose +1.21% to $30,444. Ethereum gained +1.33% to $1,852.
Interest Rates: The US 10-year Treasury yield rose to a three-month high of 3.842%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today's Chart of the Day was shared by Todd Sohn (@Todd_Sohn). The Russell 2000 is outperforming by a decent margin this week after hitting 22-year lows on a relative basis last week ($IWM/$SPY). The Russell 2000 has fumbled several attempts to stage a meaningful rebound this year. Even for the Bulls, it's hard to believe this latest attempt will be any different. However, Todd points out that this time could be different for Small Caps, as momentum has become a tailwind again. The Russell 2000's rolling 12-month return has turned positive this month after spending 17 consecutive months in negative territory. This was the second-longest streak of negative momentum over the past four decades. Looking at the ten prior streaks that came close, the Russell 2000 was higher each time by an average of +26.28%.
Quote of the Day
"The self-aware trader knows when 'it's my market' and goes into opportunity-seeking mode. That same trader knows when 'it's not m market' and preserves capital."
βDr. Brett Steenbarger
Top Links
Second Half Setup - LPL Financial Research
Adam Turnquist examines the outlook for stocks in the back half of 2023.
Mega-Cap Stocks Have Led U.S. Market Rally So Far This Year. Hereβs Why That Could Change in the Third Quarter - Market Watch
John Krinsky discusses a potential rotation out of Mega Caps.
More Rotation is Coming - All Star Charts
JC Parets looks at potential rotation into Energy stocks.
There's Something About June 29th - Bespoke
Here's a good reminder not to trade headlines.