Commodities group WEAT, CORN, UNG all +20% in 2 weeks

Jeff_Sun
2023-06-24

23/6/2023 Market Diary

1. MGK $Vanguard Mega Cap Growth Index Fund ETF Shares(MGK)$ +1.11% further supported index level performance as QQQ $Invesco QQQ Trust(QQQ)$ +1.18% bounces off its trendline and rising 10-MA.

2. The broader market, though, exhibited weakness due to continued consolidation efforts, RSP $Invesco S&P 500 Equal Weight ETF(RSP)$ -0.41% IWM $iShares Russell 2000 ETF(IWM)$ -0.74%. Short term breath also reflected more negativity, though MMTW (55.35%) remains above 50% bullish bias benchmark.

3. Notable group decliners are in KBE $SPDR S&P Bank ETF(KBE)$ -3.2% and KRE $SPDR S&P Regional Banking ETF(KRE)$ -2.7%, both losing their position in 10,20 and 50-MA this week.

4. Commodities group WEAT $Teucrium Wheat Fund(WEAT)$ , CORN $Teucrium Corn Fund(CORN)$ , UNG $United States Natural Gas Fund LP(UNG)$ all +20% in 2 weeks, looking interesting

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