Thursday, June 23rd, 2022
Indices: Nasdaq 100 +1.47% | Russell 2000 +1.27% | S&P 500 +0.95% | Dow +0.64%
Sectors: 7 of the 11 Sectors closed higher. Utilities led, gaining +2.35%. Energy lagged, dropping -3.71%.
Commodities: Crude Oil futures dropped -1.81% to $104.27 per barrel. Gold futures fell -0.47% $1,830 per ounce.
Currencies: The US Dollar Index rose +0.21%.
Crypto: Bitcoin moved higher by +4.24% to $20,810. Ethereum gained +8.50% to $1,138.
Interest Rates: The US 10-year Treasury yield fell to 3.091%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
— Brian G (@alphacharts) June 23, 2022
Today’s Chart of the Day was shared by Bian G (@alphacharts). The chart shows the 1-year performance of Commodities ($DBC), Stocks ($SPY), and Bonds ($TLT). Commodities have been dominating Stocks and Bonds since the end of 2021, however, they’ve come under pressure recently, while Stocks and Bonds have stopped going down. The Commodities ETF, $DBC, has corrected 10% from its peak in the past nine days, putting it on track for its first down month this year. This is a meaningful change of character for what has been the leading asset class this year. As Commodities lose momentum, the question is – Will we see a rotation back into Stocks and Bonds? Or, will all three continue lower?
Quote of the Day
“The trend has vanished, killed by its discovery.”
– Benoit Mandelbrot
Some Things are Changing | 5 Charts – LPL Financial Research
In this quick video, Ryan Detrick and Scott Brown highlight five noteworthy charts to keep an eye on.
Sentiment Worsens… Again – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
June Conference Call: 5 Key Takeaways – All Star Charts
The team at All Star Charts highlights five noteworthy developments to watch in the coming weeks.
Are Commodities Double Topping After Historic Run? – Kimble Charting Solutions
Chris Kimble takes a look at the reversal in Commodities.
A Violent Rally In The Making? – HoneyStocks Charting
Sam McCallum shares a few charts that point to a relief rally in the near term.
Final heat map of the S&P 500's performance from today pic.twitter.com/fbbTxKSHq1
— Stock Market News (@StockMKTNewz) June 23, 2022
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) June 23, 2022
It is still all about the 11750 level 🙂
5 rejections so far. Will it finally break out or the market is heading lower? We'll know tomorrow. pic.twitter.com/gqj8ypx3aR
— Yuriy Matso (@yuriymatso) June 23, 2022
Semis doing a great job conducting relative underperformance. pic.twitter.com/laQLF13wRo
— Larry Thompson, CPA (@HostileCharts) June 23, 2022
Software relative to semiconductors threatening to exit the basement. All the old slow-growth/disinflation groups making moves against the cyclical stuff for the moment… pic.twitter.com/YDCfc9qqFT
— Michael Santoli (@michaelsantoli) June 23, 2022
The S&P Energy Index is 23.5% off the Jun 8th high in 10 trading days pic.twitter.com/LJ4SOzv0a7
— Tom Hearden (@followtheh) June 23, 2022
At -23.7%, this is the 3rd worst two-week (10 trading day) drop for the S&P 500 Energy sector over the last 40+ years.
The only two-week stretches that saw bigger drops for the Energy sector came in October 2008 and March 2020… pic.twitter.com/CBaBIzJnnj
— Bespoke (@bespokeinvest) June 23, 2022
10-year is back below its 2018 highs…
— Mike Singleton, CFA (@InvictusMacro) June 23, 2022
Treasury yields follow closely behind changes in energy prices (as measured by $XLE, at least on a YTD basis this year), and the chart suggests the market's oversold duration. Add duration? Don't shoot me folks 😉 For twitter spaces pic.twitter.com/wFJGYWT76w
— Emma Muhleman CFA CPA (@Emma_cfa) June 23, 2022
Positive signs on inflation include fertilizer prices peaking and trending downward. Used Car prices are also down (which led inflation). The recent price break on the $XLE – which emerged almost to the day the market topped, could be an indication that we are close to a low. pic.twitter.com/2MtcKjjmAz
— Mark Minervini (@markminervini) June 23, 2022
Theme du Jour…sea of red in commodity land… pic.twitter.com/T26egi1r50
— Linda Raschke (@LindaRaschke) June 23, 2022
Copper gets credit for having a PhD in economics. Think it also has a CMT and works as an EM equity analyst. Challenging for EM to turn higher with trend in copper rolling over. pic.twitter.com/8vK2UMAqXq
— Willie Delwiche, CMT, CFA (@WillieDelwiche) June 23, 2022
The Economist does it again pic.twitter.com/2XOkkodfHY
— Mark Ungewitter (@mark_ungewitter) June 23, 2022
You’re all caught up now. Thanks for reading!