Thursday, June 6th, 2019
Indices: US stocks were higher in today’s session, with the Dow Jones Industrial Average gaining 181 points or 0.71%. The small-cap Russell 2000 lagged the rest of the major indices for the second day in a row, closing down 0.22%.
Sectors: All 11 S&P 500 sectors closed positive. Energy led, gaining 1.85%. Industrials lagged but managed to gain 0.17%.
Commodities: WTI Crude Oil futures rose 2.07% to settle at $52.61 per barrel. Gold futures were higher by 0.69% and are trading around $1,343 per ounce.
Currencies: The US Dollar Index fell 0.34%.
Interest Rates: The US 10-year Treasury yield was more or less unchanged and is at 2.121%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Today’s chart of the day was shared in a research note from Frank Cappelleri of Instinet (@FrankCappelleri). It’s a line chart of the S&P 500 index in red, and the number of stocks within it that are hitting new highs in blue. In the note, Frank points out that the number of new highs in the S&P 500 reached 72 yesterday. This marks the highest number of new highs for the index since January 2018. The fact that this breadth metric hit a high while price has not, is what Frank calls an “internal POSITIVE divergence.” He adds that we should keep an eye out for continued expansion in the number of new highs as an indication of where the S&P 500 is headed.
Quote of The Day
“Education isn’t something you can finish.”
– Isaac Asimov (Writer)
In this report, we discuss the relative strength from the Financial sector that we’ve been observing over the past couple of weeks. Mark Newton Looks for a Bottom – The Chart Report
Mark Newton was featured on Real Vision this week to offer his thoughts on the current market environment. In this report, we breakdown what he’s watching to signal that the recent correction is coming to an end.
Despite Cloudy Outlook, Silver Linings Emerge -RW Baird & Co.
In this research note, investment strategist, Willie Delwiche highlights the improvement in breadth and sentiment. In addition, he takes a looks at the Broker/Dealer index, Copper, and the 10-yr Treasury yield.
Not a Tripple Top Yet – Support Has Held – Alamanac Trader
There have been a lot of folks trying to call a triple-top formation on the chart of the S&P 500. In this blog post, Jeff Hirsch emphasizes that price hasn’t broken support, meaning, this pattern has not been confirmed yet.
Bitcoin Struggles to Regain Bullish Momentum – Forex.com
Here’s an interesting update on Bitcoin from Forex.com. They breakdown what the technicals are suggesting for the cryptocurrency after the impressive rally it has had this year.
Top 10 Tweets
AAII Bull % is now below 23%, while $SPX is within -5% of a 1 year high
In other words, a big drop in sentiment without a big drop in the market
Here's what happened next to the S&P during similar historical cases pic.twitter.com/sGe8da7Nhh
— Troy Bombardia (@bullmarketsco) June 6, 2019
S&P 500 Percent of Stocks 50-day Moving Average usually regains it's own 200-day moving average fairly quickly if a sustained bull move occurs after a dip — worth watching.$SPX $SPY pic.twitter.com/eqeRzFm45W
— Matthew Timpane, CMT (@offbeatoperator) June 6, 2019
Nice pop for $XLF over the last 3 days. ETF formed an island reversal to get back above its 200-day, broke a wedge line and closed above the 50-day, which is above the 200-day. #nothingtodowithfed pic.twitter.com/mLSAIHg3PI
— Arthur Hill, CMT (@ArthurHill) June 6, 2019
— David Keller, CMT (@DKellerCMT) June 6, 2019
The #dollar $DXY chart is really incredible. Price is sandwiched between multiple long term support and resistance, between 50 DMA and 200 DMA. Broke one trend line, only to throw a hammer candle down to the other and retest breakdown. Slow trend still up, but RSI slowly down. 🤔 pic.twitter.com/jgG5DPB5oI
— Tarek I. Saab (@FibLines) June 6, 2019
The $DXY Dollar index has returned to put pressure back on the 12-month rising trend channel's support. Coincides with a more meaningful midpoint ('50% Fib') and the 200DMA: pic.twitter.com/M1sSHh03Gy
— John Kicklighter (@JohnKicklighter) June 6, 2019
— Charlie Bilello (@charliebilello) June 5, 2019
CL "u turn" in action pic.twitter.com/td3SIk2kuU
— Linda Raschke (@LindaRaschke) June 6, 2019
— Damon Race, CMT (@kalibercap) June 6, 2019
The more times a market tests support/resistance, the more likely it is to break through it. Is #GOLD poised to clear the major Fibonacci .382 retracement (weekly nearby chart) this time around? $GC_F $GLD pic.twitter.com/xlvzjZanec
— Jason Pearce (@TheJaytrader) June 6, 2019