Morning Highlights:

• Markets were largely mixed over the 6/22’s trading day. No area was up more than 1%. Small caps ([RUT]) were the largest gainer for the day, advancing .83%, followed by emerging markets ([EEM]) which gained just over half a percent. Crude oil slipped over 3.5%, trailed by the Nasdaq Composite which shed 1.32% for the day.
• In terms of notable chart action, gold moved lower yet again, encroaching on its bullish support line. The precious metals space continues to shed RS and broader exposure should be limited where possible.
• The US dollar returned to a buy signal on its chart but remains in a long-term negative trend. A weaker USD remains a tailwind for international equities.
• Communication services was led lower by Alphabet ([GOOGL], [GOOG]) yesterday as they lost a key AI member to Anthropic. Broad representative [XLC] moved back into O’s against cash on a 3.25% relative strength chart.
• While not visible on the charts as of 8:30AM on 6/23, overnight selloffs in South Korea have spread over to US tech markets. [EWY] is slipping over 10%, with [SOXX] slipping ~6% in premarket trading. Both assets are still up impressively this year and the decline day seems more of a symptom of a “normal” (but intense) exhale rather than something more concerning.