Major stock indices have been swinging over the past hour near the lows of the day. The Russell 2000 showed the most movement, down 0.9%.
The stock market held steady awaiting the FOMC minutes released this afternoon. The Nasdaq was down 0.1%, while the S&P 500 was down 0.4%. The Dow Jones lost 0.3% and the Russell 2000 fell 1.2%. NYSE volume is down 9.9% while Nasdaq volume is unchanged from the same time on Tuesday.
The US ISM services PMI report for June was down 0.6 points to 55.3, better than expected, but down from May. We are now at levels not seen since May 2020.
The economy continues to experience supply and hiring constraints in service industries, as evidenced by increased lead times from suppliers and declining new orders.
Stock market action: the escapes of the cups with handles
Overview of the US stock market today
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Last Updated: 12:08 PM ET on 07/06/2022
Evolutionary Health (EVH), a healthcare cost-savings and administration company, is up 4.3% after recently breaking away from a handle cup base. It has passed the buy point of 33.24 and is in a 5% buy zone at 34.90 on the MarketSmith chart.
dollar tree (LTRD) is down 0.4% after a strong rise this morning, but holds onto its big gain from yesterday and remains above the 50-day moving average. The stock has broken out of a cup-with-handle base and is within 1% of its buy point of 166.45. The stock shows a new high on the relative strength line, a positive signal.
Funko (FNKO), a maker of collectible toys, fell 0.8% after breaking a long handle cup base earlier this morning. The stock is now within 4% of its buy point of 25.18. Funko has sparked interest with its popular “Stranger Things” collectibles.
Biotech and Chinese ETFs are giving back
Celsius Fund (CELH), the fitness beverage company, is up 3.7% on top of yesterday’s gain of 13.8% in strong volume. Celsius stock is holding above the 200-day moving average on the chart.
Chinese ETFs are down today after having a strong June. KraneShares China Internet ETF (KWEB) is down 4.8%, while the iShares Trust China ETF (MCHI) is down 2.2%. Chinese stocks are under pressure as millions of Chinese return to lockdowns after watching Covid-19 infections rise.
Crude oil futures are down 3.5%, with crude oil falling to $95.97 a barrel. The SPDR S&P Energy ETF (XLE) is down 3.8% following the decline in oil.
Bitcoin futures are down 1.6% today at $20,055 and trading higher than at the start of the day.
The Innovator IBD 50 ETF (FFTY), a gauge of growth stocks, is down 0.9%, lagging the major indexes.
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