Daily Chart Report π Wednesday, June 21, 2023
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Todayβs Summary
Wednesday, June 21, 2023
Indices: Russell 2000 -0.20% | Dow -0.30% | S&P 500 -0.52% | Nasdaq -1.35%
Sectors: 6 of the 11 sectors closed higher. Utilities led, gaining +0.80%. Technology lagged, falling -1.48%.
Commodities: Crude Oil futures rose +1.88% to $72.53 per barrel. Gold futures inched lower by -0.14% to $1,945 per oz.
Currencies: The US Dollar Index dropped -0.44% to $102.508.
Crypto: Bitcoin gained +5.98%, closing at $30,009. Ethereum rose +5.43% to $1,890.
Interest Rates: The US 10-year Treasury yield was unchanged at 3.725%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today's Chart of the Day was shared by Larry Thompson (@HostileCharts). Bitcoin reclaimed $30k today after rallying +20% over the past week. It was skating on thin ice last week as it tested crucial support at $25k. However, buyers showed up right where they needed to this weekend. Larry points out that it would make sense to see Bitcoin pause at $30k to consolidate its recent gains, and digests overhead supply from the April highs. $30k also coincides with the VWAP anchored to its all-time highs. At this point, $30-$31k is the next upside objective for Bitcoin, and bulls want to see $28k act as support in the near term on any potential weakness.
Quote of the Day
βA bull market is a bull.
It tries to throw off its riders.β
β Richard Russell
Top Links
The Stock Market Just Signaled That The Ongoing Rally is Broadening and has More Room to Run - Business Insider
Katie Stockton points out that the Advance-Decline Line is breaking out.
Newsletters Move Bullish in Investors Intelligence Survey - Schaeffer's Investment Research
Rocky White looks at the latest sentiment survey from Investors Intelligence and what it suggests for the S&P 500.
Johnson: Markets Will Likely Move Higher Into the End of This Year After the Fed's Last Hike - CNBC
In this clip, Craig Johnson shares his thoughts on the Fed and the S&P 500.
Visualizing Every Company on the S&P 500 Index - Visual Capitalist
Here's a cool visual breakdown of the S&P 500 and its components.
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Top Tweets
How long before the permabear thesis shifts from breadth (already debunked) to "the VIX is too low?" pic.twitter.com/C2KQAJ4TTa
β Dan Russo, CMT (@DanRusso_CMT) June 21, 2023
