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Daily Chart Report 📈 Tuesday, June 28th, 2022

June 28, 2022 Patrick Dunuwila

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Today’s Summary
Tuesday, June 28th, 2022

Indices: Dow -1.56% | Russell 2000 -1.86% | S&P 500 -2.01% | Nasdaq 100 -3.09%

Sectors: Energy was the only sector that closed higher, gaining +2.70%. Consumer Discretionary lagged, dropping -3.99%.

Commodities: Crude Oil futures moved higher by +2.00% to $111.76 per barrel. Gold futures slipped -0.20% to $1,821 per ounce.

Currencies: The US Dollar Index rose +0.52%.

Crypto: Bitcoin fell -1.48% to $20,393. Ethereum dropped -2.50% to $1,161.

Interest Rates: The US 10-year Treasury yield fell to 3.175%.

Here are the best charts, articles, and ideas being shared on the web today!


Chart of the Day

Equities for rising rates were not able to hold above former highs and are now stuck below overhead supply. Do they want to tell us something? pic.twitter.com/mYHzcGVzgu

— Alfonso Depablos (@AlfCharts) June 28, 2022

Today’s Chart of the Day was shared by Alfonso Depablos (@AlfCharts). It’s a daily candlestick chart of the US 10-year Treasury Yield ($TNX), along with the Equities for Rising Rates ETF, ($EQRR). This ETF provides exposure to interest-rate-sensitive stocks. Over 50% of its weighting is in Energy & Financial stocks like Valero, M&T Bank, Marathon Petroleum, Raymond James, Exxon Mobil, and JP Morgan. Alfonso points out that this ETF has already broken down, while the 10-year yield continues to test a key level. As you can see, the two have tracked each other pretty closely in recent years. Will yields follow these rate-sensitive stocks lower?


Quote of the Day

“There are no happy endings in history,
only crisis points that pass.”

– Isaac Asimov


Top Links

Signs of a Botom – The Irrelevant Investor
Michael Batnick points out that stocks will likely bottom before the economic data.

Shorts’ Relative Break – Bespoke
Bespoke examines the recent strength from some of the most heavily shorted stocks.

All Eyes on the Pre-COVID Highs – Research by Potomac
Drew Wells analyzes each of the 11 sectors of the S&P 500.

Doc Copper Pattern Suggesting Another Huge Decline Is To Be Expected? – Kimble Charting Solutions
Chris Kimble takes a look at the breakdown in Copper.

The Chart Report & Friends – What’s Next for Q3?
Join us tomorrow on Twitter Spaces at 4:30 pm EST to talk markets!


Top Tweets

❌❌Big Tech

✅✅Big Oil pic.twitter.com/W5mCFjhUNO

— Jesse Cohen (@JesseCohenInv) June 28, 2022

every stock in the energy sector is green right now on a day where the S&P 500 is down 1.9% pic.twitter.com/Dv5TKtmaWN

— Katie Greifeld (@kgreifeld) June 28, 2022

$SPY back to where we started on Friday pic.twitter.com/9tWn3UQFHQ

— Mike Zaccardi, CFA, CMT (@MikeZaccardi) June 28, 2022

There we go back below the threshold that put the $SPX into a 'bear market'. Let's see how the market's temperature shifts as this retreat gains traction pic.twitter.com/cjRfnCID8q

— John Kicklighter (@JohnKicklighter) June 28, 2022

Russell 1000 Growth vs. Value ratio rolling over right where you would expect it to pic.twitter.com/XfnmcNiL1H

— Scott Brown, CMT (@scottcharts) June 28, 2022

$JNK is not able to catch a bid. High yield spreads continue to widen. pic.twitter.com/yAuzv40XWM

— David Nicoski CMT (@davevermilion) June 28, 2022

$JNK High Yield Bonds had a big down day. A break down of $90 would be historic & negative for the market. Only happened during the 2008 GFC & briefly during the covid crash. A big tell that liquidity is drying up. pic.twitter.com/BKVRe9nSRA

— Victor Riesco, CMT (@Global_Trader) June 28, 2022

Credit Spreads and Volatility have an interesting relationship. If Credit Spreads are on the move, will Volatility follow? $VIX $IEI $HYG $SPY $SPX pic.twitter.com/fMj5W5QUXb

— Sam McCallum (@Honeystocks1) June 28, 2022

Soaring commodities heralded the worst inflation in four decades. Now, a host of commodity prices are starting to crack. pic.twitter.com/jxFIKZLnHT

— Jurrien Timmer (@TimmerFidelity) June 28, 2022

The Ag ETF $DBA carved out a classic distribution pattern as momentum waned. What a clean setup and follow-through. If only they all worked like this. #commodities pic.twitter.com/949Nk15Yf3

— Ian Culley (@IanCulley) June 28, 2022

Are commodities in a bear market (>20% drawdown)?

For 19 of the 39 commodities we track, the answer is yes.

Is the market telling us something?🤔 pic.twitter.com/QPLGdh80na

— Mike Singleton, CFA (@InvictusMacro) June 28, 2022

$GDX

It has been a washout in gold stocks with 0% of its components trading above their 50d MAV and nearly 0% above their 200d MAV.
Critical price support for GDX at this stage pic.twitter.com/yPZC9EtUnv

— conradseric, CMT, CAIA, CEFA (@conradseric) June 28, 2022

The S&P 500 closed down 2% today, its 8th 2% decline of the year. We've already seen more large down days in 2022 than all of 2021. History going back to 1928…$SPX pic.twitter.com/fHJDUkprOm

— Charlie Bilello (@charliebilello) June 28, 2022


You’re all caught up now. Thanks for reading!

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