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The Price Action Lab Report-Week of June 5, 2023 [Premium Articles]

Photo by Burak The Weekender

Market analysis for the week of June 5, 2023. Major market indexes, large caps, ETFs, commodities, forex, and crypto. This report includes 18 charts and tables. Free access to the weekly summary. Access to the full report requires a Premium Articles or All-in-One subscription.

Report contents

  1. Weekly Summary.
  2. Chart of the Week.
  3. Major Market Indexes.
  4. Russell 1000 Equities.
  5. Major ETFs.
  6. Commodity ETFs.
  7. International Market ETFs.
  8. Spot Currency Pairs.
  9. Bitcoin and Ethereum

1. Weekly Summary (May 30 – June 2, 2023)

  • Stocks rallied during the holiday-shortened week.
  • Bond yields fell, and bond prices were higher.
  • Commodities ended the week with losses.
  • The US dollar was slightly lower.

US stocks rallied on the holiday-shortened week due to a debt ceiling deal and data that showed the economy added more jobs in May while the unemployment rate rose from 3.4% to 3.7%. However, the main driver of the rally appeared to be a continuing short squeeze and sector rotation.

Large caps ($SPX) finished the week with a 1.8% gain. The Dow Jones Industrial Average ($DJI) added 2%. Small-cap stocks ($RUT) rallied 3.3%. Tech stocks ($NDX) were up 1.7%. The S&P 500 high beta index ($SP5HBI) was higher by 2.5%. The S&P 500 low volatility index ($SP5LVI) gained 1.5%.

The US Treasury Bond Total Return Index gained 0.5%. The yield on 10-year notes was down by 12 basis points to 3.69%. The spot price of crude oil (@WTI) fell 0.7%. Gold on the spot market (@GC) rose 0.8%, with the US dollar index ($USDX) down slightly, by 0.2%. Commodities ($CRB) lost 0.4%.

Year-to-date, tech stocks ($NDX) are up 33% but remain 12.2% below all-time highs. Gold (@GC) is up 8.3%, and the S&P 500 index ($SPX) is up 11.5%. Crude oil (@WTI) is down 10.5%. Commodities ($CRB) are down 6.5%.

The ensemble of our six systematic strategies gained 0.8% for the week. Our PSI5TF trend-following strategy with 23 futures contracts (long and short) is up 5% after gains of about 24% last year. The DBMF iMGP DBi Managed Futures Strategy ETF is down 8.1% year-to-date.

2. Chart Of The Week

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Specific disclaimer: This report includes charts that may reference price target levels determined by technical and/or quantitative analysis. No charts will be updated if the market condition changes affect the charts’ levels and/or any analysis based on them. All charts in this report are for informational purposes only. See the disclaimer for more information.

Disclaimer:  No part of the analysis in this blog constitutes a trade recommendation. The past performance of any trading system or methodology is not necessarily indicative of future results. Read the full disclaimer here.

Charting and backtesting program: Amibroker. Data provider: Norgate Data

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