Small Caps Join the Party π The Daily Chart Report
Powered By:
Todayβs Summary
Tuesday, June 3, 2025
Indices: Russell 2000 +1.59% | Nasdaq +0.79% | S&P 500 +0.58% | Dow +0.51%
Sectors: 8 of the 11 sectors closed higher. Technology led, gaining +1.50%. Real Estate lagged, falling -0.36%.
Commodities: Crude Oil rose +1.42% to $63.41 per barrel. Gold fell -0.59% to $3,377 per oz.
Currencies: The US Dollar Index rose +0.54% to $99.24.
Crypto: Bitcoin is currently down -0.46% to $105,419. Ethereum is down -0.71% to $2,590.
Volatility: The Volatility Index dropped -3.59% to 17.70.
Interest Rates: The US 10-year Treasury yield rose to 4.458%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Ian McMillan (@the_chart_life).
- Small Caps led the charge today, with the Russell 2000 ($IWM) gaining +1.6%. While $IWM has lagged across most time frames, itβs positioned for a meaningful rebound on an absolute basis.
- Ian points out that $IWM is testing the AVWAP from the all-time highs, after cracking a six-month downtrend line today. Clearing this confluence of resistance would potentially unlock a new leg higher.
- Bulls would welcome further participation from Small Caps as a sign of improving risk appetite for stocks. Smalls donβt necessarily need to lead; they just need to participate more.
The Takeaway: The Russell 2000 ($IWM) is testing a six-month downtrend line and the AVWAP from its all-time highs. Clearing this area of resistance would signal an improvement in risk appetite and open the door to a potential leg higher.
Quote of the Day
βPrice makes news,
not the other way around.β
- Peter Borish
Top Links
Constructive Digestion - CappNotes
Frank Cappelleri looks at the recent price action and patterns in the S&P 500.
Risk? Accepted. Momentum? Rewarded.π - The Daily Number
Grant Hawkridge notes that momentum stocks are starting to outperform ($MTUM/$SPY).
This Could Be the Cleanest Uptrend Youβll Ever See - TrendLabs
JC Parets shares his thoughts on Semiconductors and Broadcom ($AVGO).
A Major Breakout for Miners - Alfonso's Daily Note
Alfonso De Pablos highlights the breakout in Junior Gold Miners ($GDXJ).
Coils and Commodities - The Strazza Letter
Steve Strazza examines the outlook for Commodities.