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Today’s Summary
Monday, June 28th, 2021
Indices: US Stocks were a mixed bag to start the week. The Dow closed lower by 151 points or 0.44%. The S&P 500 and Nasdaq rose 0.23% and 0.98%, respectively. The Russell 2000 underperformed, falling 0.52%.
Sectors: 6 of the 11 sectors closed higher. Communications led, rising 1.13%. Energy was the clear laggard, dropping 3.38%.
Commodities: Crude Oil futures fell 1.54% to $72.91 per barrel. Gold futures inched higher by just 0.16% to $1,781 per ounce.
Currencies: The US Dollar Index ticked higher by 0.08%.
Interest Rates: The 10-year US Treasury yield fell to 1.480%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$SMH Vectors Semiconductor ETF – new high. pic.twitter.com/Ie1SCHIhIg
— Rob Moreno (@rightviewrob) June 28, 2021
Today’s Chart of the Day was shared by Rob Moreno (@rightviewrob). It’s a daily candlestick chart of the Semiconductor ETF, $SMH, over the past nine months. The top holdings in this ETF include $TSM, $NVDA, $ASML, $QCOM, and $INTC. Rob points out that this Semiconductor ETF smashed through resistance in today’s session, and closed at an all-time high for the first time in more than two months. As you might know, Semiconductors are the chips found in virtually every electronic device. Due to their widespread use, Semiconductor stocks often act as a leading indicator for both the Technology sector and the broader stock market. Seeing this bellwether industry group breaking out to record highs is anything but bearish. Remember; you can’t have a party without the chips!
Quote of the Day
“Something that everyone knows isn’t worth anything.”
– Bernard Baruch
Top Links
Risk Score Card Shows a Draw – All Star Charts
Steve Strazza examines some of the mixed signals in the market.
Could the Consumer Staples’ Breakdown Reveal What’s Next for Broader Markets? – CNBC
Ari Wald explains what relative weakness from the Consumer Staples sector could mean for the broader market.
New All-Time Highs – Momentum Monday
Howard Lindzon and Ivanhoff highlight some of the strongest stocks, trends, and themes across the markets.
Mind the 10-Year Yield Chart, Not the Fed – Trend Investor Pro
Arthur Hill analyzes the 5-yr and 10-yr US Treasury yield charts.
Two Technicians Talking Charts with Ian McMillan – Technical Analysis Radio
In this podcast, JC Parets and Ian McMillan discuss the outlook for Gold, Energy, Bitcoin, and more.
Top Tweets
Could we just step back and collectively ? over the fact that the S&P 500 hasn’t closed below its 50-day moving average for two straight days in almost 8 months (162 trading days)?
That’s the longest streak since one ending in Jan. 1996.
— Callie Cox (@callieabost) June 28, 2021
2021 is about to be one of the best first 6 months ever.
Good news is a strong first 6 months usually leads to continued strength the final 6 months.
In fact, when up >12.5% YTD at end of June, the median return rest of yr jumps to 9.7% vs median return of 5.0% for all yrs. pic.twitter.com/8HbvkShfgY
— Ryan Detrick, CMT (@RyanDetrick) June 28, 2021
The blue-chip Dow is putting in for an underwhelming performance to start this week. As a measure of flagging momentum, the 20-day moving average is at risk of slipping the 50-day for the first time since Oct 19, 2020 pic.twitter.com/Mk9uoudsPM
— John Kicklighter (@JohnKicklighter) June 28, 2021
Growth vs Value: Growth certainly looks like it is trying to take back leadership after a 10-month hiatus. Remember, rotation is what keeps bull markets healthy and alive. $SPYG $SPYV $SPY pic.twitter.com/sj7DhsnkjK
— Matthew Timpane, CMT (@mtimpane) June 28, 2021
$SMH this is probably not bearish heading into end of Quarter and the second half of the year pic.twitter.com/vW3d4x6F51
— Cody Freeman (@ZenTrends) June 28, 2021
As the emerging rotation back to growth picks up, some strong 2020 themes are making new highs, like:
↗️ $SMH – Semiconductors
↗️ $CIBR – Cybersecurity
↗️ $PAWZ – Pet Care $BOTZ (Robotics & Artificial Intelligence) following too, breaking a 5-mo downtrend on the move higher pic.twitter.com/vojZEZgHef— Grayson Roze (@GraysonRoze) June 28, 2021
Staples moving to new relative lows vs the S&P500 just ain't evidence of risk-off within equities. Check that 6mo rolling correlation with $SPY. $XLP pic.twitter.com/VS1qxDYyIq
— Drew Wells, CMT, CIMA® (@DrewTheCharts) June 28, 2021
Looking at the 5 year weekly chart, $XLE pulls back after running into area of overhead supply. $XLE : $SPY RS pulling back to November 2020 uptrend pic.twitter.com/z4Ir2FgGsW
— Bailey.Baxter2020 (@BBaxter2020) June 28, 2021
was that it? now we go? or another break coming? pic.twitter.com/vW1KsiKjJA
— J.C. Parets (@allstarcharts) June 28, 2021
Ethereum back above a key tactical level relative to #Bitcoin $ETH $BTC pic.twitter.com/90MmkHER2k
— Steven Strazza (@sstrazza) June 28, 2021
Who's talking about Nat Gas these days?
No one.
? #naturalgas pic.twitter.com/Xbm7UpzlAF— Greg Rieben (@gregrieben) June 28, 2021
You’re all caught up now. Thanks for reading!