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Todayâs Summary
Thursday, May 18, 2023
Indices: Nasdaq +1.81% | S&P 500 +0.94% | Russell 2000 +0.58% | Dow +0.34%
Sectors: 7 of the 11 sectors closed higher. Technology led, rising +2.05%. Real Estate lagged, falling -0.63%.
Commodities: Crude Oil futures fell -1.22% to $71.94 per barrel. Gold futures dropped -1.26% to $1,960 per oz.
Currencies: The US Dollar Index rose +0.64% to $103.52 â its highest in nearly two months.
Crypto: Bitcoin dropped -2.14%  to $26,818. Ethereum fell -1.19% to $1,801.
Interest Rates: The US 10-year Treasury yield rose to a two-month high of 3.650%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
#ndx $ndx New 1-year high. pic.twitter.com/jQJzQAYKVw
— Nautilus Research (@NautilusCap) May 18, 2023
Todayâs Chart of the Day was shared by Nautilus Research (@NautilusCap). The Nasdaq 100 registered its first 52-week high in over a year today. The table shows the prior instances over the past four decades and the forward returns for the Nasdaq and S&P 500. Itâs rare for the Nasdaq to go more than a year without a new 52-week high, so the sample size is small, but the returns are strong. Both indices have always been higher 3, 6, and 12 months later. Of course, thereâs no guarantee that history will repeat itself, but it would be hard to argue that this is bearish.
Quote of the Day
âTo expect the unexpected shows a thoroughly modern intellect.â
â Oscar Wilde
Top Links
Nasdaq Outperforms DJIA by a Bull Market â BespokeÂ
Bespoke points out that the Nasdaq is outpacing the Dow by more than 20% year-to-date.
Betting on More Rotation â All Star Charts
JC Parets shares his thoughts on recent price action.
Analysts are Bearish While Risk-On Explodes â StockCharts.com
Mish Schneider examines several key risk ratios and what they suggest for the broader market.
Fundstratâs Mark Newton Says Large-Cap Tech is Getting Closer to Stalling Out â CNBC
In this clip, Mark Newton shares his technical outlook on Crude Oil, Energy Stocks, and the Nasdaq.
In Case You Missed ItâŚ
In this weekâs 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
EVERYONE talking about recession while the S&P 500 breaks 9 month long resistance!
Very weird dynamics happening. pic.twitter.com/672JvNOrNR
— Wick (@ZeroHedge_) May 18, 2023
Nasdaq 100 closed at a 13-month high, up 33% from its low last October. $QQQ pic.twitter.com/T0fCpxDGJG
— Charlie Bilello (@charliebilello) May 18, 2023
when you go back in history and study all of the greatest uptrends, you're going to find a lot of new 52-week highs along the way. pic.twitter.com/Z2WcnNTXhr
— J.C. Parets (@allstarcharts) May 18, 2023
7 months without a new 52-wk low for the S&P 500.
Since '70, it broke the previous lows only twice. 2002 and COVID.
The other 12 times (out of 14) new lows didn't happen.
We've said for 6 months October was 'the low' and this does little to change our take there. pic.twitter.com/3VEUPe2SAI
— Ryan Detrick, CMT (@RyanDetrick) May 18, 2023
Today was literally just the second day this quarter with new highs > new lows.
Q2's combination of broad market weakness and index-level quiet makes it unlike any other quarter in the past quarter century. pic.twitter.com/lZna10GFlI
— Willie Delwiche, CMT, CFA (@WillieDelwiche) May 18, 2023
Patterns look similar for S&P 500 this year (blue) and 2011 (orange), as well as VIX this year (white) and 2011 (red) … by no means a playbook, but interesting nonetheless how action has lined up
[Past performance is no guarantee of future results] pic.twitter.com/7fJsl4smFv— Liz Ann Sonders (@LizAnnSonders) May 18, 2023
If you follow indices/equities and have been impressed with the Nasdaq 100's climb, keep tabs on Japan's Nikkei 225 which opens in a few hours. $NKY has surged the past five days and is now on the cusp of fresh 33 year highs pic.twitter.com/TEBeaFxg3e
— John Kicklighter (@JohnKicklighter) May 18, 2023
Despite all the negative news headlines, all the doom-mongering, all the rising wedges and all the nonsense…. Germany is testing all time highs.
Funny how uptrends work isn't it. $DAX $DAXX $SPX pic.twitter.com/gZ0nQ1ffce
— Sam McCallum (@Honeystocks1) May 18, 2023
MSCI Emerging Markets Index / S&P 500 Index: pic.twitter.com/8pAM0ZyS2A
— Nick Reece (@nicholastreece) May 18, 2023
Gold continues to get hit hard and closed at a 2-month low pic.twitter.com/G3HoxoVMYT
— Barchart (@Barchart) May 18, 2023
So far stocks don't care about the breakout in the USD/DXY. #USD $DXY pic.twitter.com/8AbqmpwScY
— Greg Rieben (@gregrieben) May 18, 2023
basically your mind is under constant attack pic.twitter.com/7QHZ7Rutvo
— Arun S. Chopra CFA CMTđ§ (@FusionptCapital) May 18, 2023