Monday, June 13th, 2022
Indices: Dow -2.79% | S&P 500 -3.88% | Nasdaq 100 -4.60% | Russell 2000 -4.76%
Sectors: All 11 sectors closed lower by more than -2%. Consumer Staples led, but still fell -2.16%. Energy lagged, dropping -5.22%.
Commodities: Crude Oil futures inched higher by +0.22% to $120.93 per barrel. Gold futures dropped -2.33% to $1,832 per ounce.
Currencies: The US Dollar Index rose +0.97% to its highest level since 2002.
Crypto: Bitcoin tumbled -14.57% to $22,709. Ethereum slid -15.94% to $1,204.
Interest Rates: The US 10-year Treasury yield rose to its highest level since 2011 at 3.366%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$JNK Bounced to the 50 DMA & now nose diving to new lows. Bonds are a much bigger deal than #btc falling appart. Big losses like this are hammering pension funds, conservative investors near or at retirement, collateral for loans, etc. pic.twitter.com/iIBVAVOfZn
— Victor Riesco (@Global_Trader) June 13, 2022
Today’s Chart of the Day was shared by Victor Riesco (@Global_Trader). It’s a daily candlestick chart of the High Yield Bond ETF, $JNK. It was another day of indiscriminate selling. Stocks tumbled, Crypto got murdered, and even Commodities were weak. Amid the widespread selling, Victor points out that Bonds continue to be one of the most concerning areas right now. $JNK has been in free-fall over the past few sessions, suffering its worst day since March 2020 today. The weakness in Stocks and Crypto is definitely noteworthy, but the stress in the Bond Market is even more problematic right now.
Quote of the Day
“Bull markets and bear markets last long enough so that the average trader is likely to forget by the time the climax is approaching that any sort of movement is possible.”
– Philip Carret
So Bearish it Hurts – The Irrelevant Investor
Michael Batnick shares some thoughts and stats on the recent carnage.
A Rare “Inverse Zweig Breadth Collapse” Triggers – Quantifiable Edges
Rob Hanna points out that the opposite of a Zweig Breadth Thrust occurred last week…basically a breadth collapse.
5 Charts to Watch This Week – PFT Trading
Greg Rieben highlights five noteworthy charts to keep an eye on this week.
Island of Reversal – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss the recent weakness across the markets.
Stock Market Expert Reveals Most important Number to Watch – Fox Business News
Andrew Thrasher shares some key levels to watch in Stocks and Crypto.
Final heat map of the S&P 500's performance from today pic.twitter.com/JJtadIxbBY
— Stock Market News (@StockMKTNewz) June 13, 2022
That’s now -8.90% the last 3 days and when the black line touches the blue line on the chart below that’s the only precedent we have over the last 50 years. pic.twitter.com/g4QWFHSn6n
— Steve Deppe, CMT (@SJD10304) June 13, 2022
— Optuma (@Optuma) June 13, 2022
On intraday basis, 10y Treasury yield has reached highest since 2011 pic.twitter.com/dGLq5E8x9V
— Liz Ann Sonders (@LizAnnSonders) June 13, 2022
In taking out its 2018 high, 10-year T-Note yield has surpassed the previous cycle peak for the first time in 40+ years. pic.twitter.com/FapkCmuKVS
— Willie Delwiche, CMT, CFA (@WillieDelwiche) June 13, 2022
US bond market back to its 2003-2007 range.
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) June 13, 2022
The largest High Yield bond ETF was down 3.3% today, its largest decline since March 2020. The notable thing that's been missing from this bear market has been a blowout in credit spreads & a repricing of default risk. That appears to be shifting here. $HYG
— Charlie Bilello (@charliebilello) June 13, 2022
— Bailey.Baxter2020 (@BBaxter2020) June 13, 2022
— Drew Wells, CMT, CIMA® (@DrewTheCharts) June 13, 2022
— Alfonso Depablos (@AlfCharts) June 13, 2022
— Andrew Thrasher, CMT (@AndrewThrasher) June 13, 2022
#Bitcoin a definitive break. $12,000ish represents the pivot-point, liquidity breakout that is now evaporating with the Fed's attempts to snuff out inflation. See the ball, hit the ball, catch the ball… pic.twitter.com/fIIoL86sfP
— RenMac: Renaissance Macro Research (@RenMacLLC) June 13, 2022
Only 1k away ¯_(ツ)_/¯ pic.twitter.com/65atgXifLq
— David Zarling, CMT (@AdaptivCharts) June 13, 2022
You’re all caught up now. Thanks for reading!