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Today’s Summary
Wednesday, May 17, 2023
Indices: Russell 2000 +2.21% | Dow +1.24% | Nasdaq +1.22% | S&P 500 +1.19%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, rising +2.08%. Utilities lagged, falling -0.36%.
Commodities: Crude Oil futures rose +2.78% to $72.83 per barrel. Gold futures fell -0.41% to $1,985 per oz.
Currencies: The US Dollar Index rose +0.25% to $102.86.
Crypto: Bitcoin gained +1.36% to $27,404. Ethereum was flat (-0.11%) and continues to trade at $1,822.
Interest Rates: The US 10-year Treasury yield rose to 3.570%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
What's more important for $KRE?
The 1st higher low since the crash…
… or the two converging resistance lines? pic.twitter.com/9p0xJWJeZn
— Frank Cappelleri (@FrankCappelleri) May 17, 2023
Today’s Chart of the Day was shared by Frank Cappelleri (@FrankCappelleri). The Regional Banking ETF ($KRE) rose +7.36% today, marking its best day in over two years. Frank points out that $KRE has established its first higher-lower since it began crashing in March. The low on May 4th came on record high volume, signaling capitulation. That low was successfully retested a week later on both an intraday and closing basis. While this bodes well for Regional Banks in the short term, the long term trend remains lower. It’s still in a 50% drawdown, and it has a lot of overhead supply to work through.
Quote of the Day
“Who owns the future? This is the question at the heart of every stock market.”
– John Landgraf
Top Links
The Market Doesn’t Care What We Think – Trading Adventures
Andy Moss reviews price action so far this week.
Four More Reasons the Bulls Are Smiling – Carson Group
Ryan Detrick highlights four potentially bullish developments for stocks.
What’s Happening In The Stock Market Today? | The Morning Show – Stock Market TV
Here’s the inaugural episode of The Morning Show with JC Parets, Steve Strazza, Spencer Israel, and more.
Superior NYFANG+ Performance Leaves S&P 500 in the Dust – StockCharts.com
Julius de Kempenaer examines the performance of the NYSE FANG+ index.
In Case You Missed It…
In this week’s episode of Trendlines over Headlines, Todd Sohn, ETF & Technical Strategist at Strategas Research, joined us to discuss the narrow leadership in the S&P 500, the outlook for Energy Stocks, Banks, Gold, and more!
Top Tweets
Great day for stocks but not much has changed for the S&P 500. Remains stuck in the 3800-4200 trading range. pic.twitter.com/a6Y7LRi1sF
— Barchart (@Barchart) May 17, 2023
This time isn't different.
Time to start preparing for an S&P500 breadth expansion and broader participation?
A move above $415 probably gives just that.
It's the opposite of what we've been told for months is gonna happen, which is why it's probably the more likely outcome.… pic.twitter.com/WqXml6Ghgd
— Sam McCallum (@Honeystocks1) May 17, 2023
SPX must vault 4200 to trigger 14-week RSI >60, a variety of price momentum normally observed 3-6 months after a bear-market bottom. pic.twitter.com/7hqDRFzAya
— Mark Ungewitter (@mark_ungewitter) May 17, 2023
this daily chart of $QQQ shows two levels of interest above that might be a good place for the market to slow down and catch its breath
1-"Breakout" past the Aug high of 334.42 could get sold into given magnitude of rally to get there
2- Measured move implies 338.50 pic.twitter.com/HVeiiXFNy4
— Brian Shannon, CMT (@alphatrends) May 17, 2023
Tech just broke out of a 23-year base relative to the rest of the market. As far as risk appetite goes, I don't know of a more important chart right now pic.twitter.com/g1Z69ERlGe
— Austin Harrison, CFA, CMT (@meanstoatrend) May 17, 2023
With today's gains, NVIDIA $NVDA and Meta Platforms $META are both up more than 100% YTD — the two best performing stocks in the S&P 500 this year, and also two of the seven largest. pic.twitter.com/qLgmDKiR2D
— Bespoke (@bespokeinvest) May 17, 2023
Almost have to squint to see today's +7.4% gain for $KRE pic.twitter.com/PUElD6FYiQ
— Eric Wallerstein (@ericwallerstein) May 17, 2023
The $KRE charts needs a lot of work, but price action is making a compelling case that the low was put in on May 4th. pic.twitter.com/zr8mM6fGpF
— Brian Lund (@bclund) May 17, 2023
Yesterday, DC said they were finally going to start refilling the SPR. Did they just put a floor in for Saudi and Putin not to mention "greedy" oil execs? They are short 180Mb from $95- and where does the magic line hit? $94-$95. #crude #spr. pic.twitter.com/dMlDgSPbI6
— Chris Robinson (@cer_hedge) May 17, 2023
Japan equities are arguably the strongest market right now, yet there’s a real lack of interest via ETFs… hardly any inflows recently. pic.twitter.com/16iikeOubS
— Todd Sohn (@Todd_Sohn) May 17, 2023
"The first actively managed ETF to fully utilize artificial intelligence as a method for stock selection!"
"I'm going to be rich!"$AIEQ +15% the last 5 years.$SPY +68% the last 5 years. pic.twitter.com/89HOf4BtmX
— Steve Deppe, CMT (@SJD10304) May 17, 2023