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Today’s Summary
Friday, May 20th, 2022
Indices: Dow +0.03% | S&P 500 +0.01% | Russell 2000 -0.17% | Nasdaq 100 -0.34%
Sectors: 7 of the 11 sectors closed higher. Health Care led, gaining +1.22%. Consumer Discretionary lagged, falling -1.74%.
Commodities: Crude Oil futures rose +0.42% to $110.35 per barrel. Gold futures inched higher by +0.05% to $1,842 per ounce.
Currencies: The US Dollar Index rose +0.15%.
Crypto: Bitcoin dropped -3.13% to $29,341. Ethereum fell -2.22% to $1,972.
Interest Rates: The US 10-year Treasury yield fell to 2.785%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Random Stat: Seven consecutive down weeks for the S&P 500 since 1950… This hasn't happened too often… $SPY $SPX #stocks pic.twitter.com/Cq0UAQzqfY
— Grant Hawkridge (@granthawkridge) May 20, 2022
Today’s Chart of the Day was shared by Grant Hawkridge (@granthawkridge). The S&P 500 closed lower for the seventh consecutive week for the first time in more than 20 years. To be fair, this is really more of a fun fact, but it does speak to how rare this environment is. It has only happened three prior times, in 1970, 1980, and 2001. Two of those streaks (1970 & 2001) made it to eight consecutive weeks. The Dow is even more extreme…it’s down eight consecutive weeks for the first time since 1923! As we said, these stats really just speak to how brutal and rare this environment is. But hey, at least you’ll have some fun facts to drop on your family & friends this weekend!
Quote of the Day
“Markets rarely bottom on a Friday.”
– Jeffery Saut
Top Links
Another Down Week – The Chart Report
In this quick video, Steve Strazza and I break down this week’s price action and take a look at what could be next for the markets.
Will Gold Miners (GDX) Decline Find Support At $30? – Kimble Charting Solutions
Chris Kimble points out that Gold Miners are testing a key level.
Retail Stocks Crushed | 5 Charts – LPL Financial Research
Ryan Detrick and Scott Brown share five noteworthy charts to keep an eye on.
Commodities Press Pause – All Star Charts
The team at All Star Charts checks in on Commodities.
Bear Market? Forget Labels, Trend Remains Lower May 20, 2022 – AlphaTrends
Brian Shannon highlights some key levels to watch in Stocks and Crypto.
Top Tweets
The Dow is about to be down 8 consecutive weeks.
That has only happened one other time and it was in 1923. (Factset data)
— Ryan Detrick, CMT (@RyanDetrick) May 20, 2022
Here's each time the S&P 500 drawdown has crossed -20% (on a closing basis) since 1965.
Outside of the '70s, '00s, and '08, the market deemed this to be 'enough' pic.twitter.com/8jyn0Faps2
— Andrew Thrasher, CMT (@AndrewThrasher) May 20, 2022
$SPX – Fibs and Anchored VWAP from March2020 pic.twitter.com/UsWPHNIt4u
— Bhagyashree Urdhwareshe, CMT (@sunsofttech) May 20, 2022
This is one of the charts I will talk about in my end of week video after the close$QQQ all the way down to the ⚓️VWAP from the 2018 low pic.twitter.com/XzaepDR9Dp
— Brian Shannon, CMT (@alphatrends) May 20, 2022
You have to squint to see it, but today's reversal and retest occurred with a slight bullish momentum divergence. Good setup for ending the losing streak next week, but a whole lot of resistance waiting in the range from 4114 to the 50-dma pic.twitter.com/wYEe5qC4Zd
— Scott Brown, CMT (@scottcharts) May 20, 2022
$ES_F lower low by nearly 7% on a considerably lower $VIX
Bullish or bearish condition? pic.twitter.com/cGCg3HIkdR
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) May 20, 2022
…we now have both indices finally giving us a uniform signal…unfortunately, it's not a good one.#dowtheory #trendfollowing #bearmarket pic.twitter.com/Jc8imlC4yj
— David Lundgren, CMT CFA (@dlundgren3333) May 20, 2022
Read the headlines and you'd think the bear market started today & not half a year ago when we started to see more new lows than new highs. pic.twitter.com/huE7lIeLJM
— Willie Delwiche, CMT, CFA (@WillieDelwiche) May 20, 2022
The Bloomberg Dollar Index is poised for its biggest weekly decline since November 2020. pic.twitter.com/jnEuQHMeoo
— Lisa Abramowicz (@lisaabramowicz1) May 20, 2022
$TNX 10-Yr Treasury yield is down considerably from its recent peak, price is below the 20d ma and 10 ema is downtrending. Intermediate trend is still up (20 ma > 50), but price is saying something notable here. pic.twitter.com/DMjS9L1Jft
— Jonathan Harrier, CMT (@jonathanharrier) May 20, 2022
10-Yr Treasury yields peaked at 3.20% on May 9. Since then, Treasurys have rallied while stocks continued to take a beating. The pullback has become more traditionally risk-off, with bonds showing diversification benefit. 60/40 not dead. pic.twitter.com/2o9S3Ln9uA
— Liz Young (@LizYoungStrat) May 20, 2022
$BTC still holding on the daily but the weekly candle as of now shows a clear breakdown. pic.twitter.com/WPPJzotqzY
— Pratty ★ (@PrattyCharts) May 20, 2022
Headline "S&P 500 ends flat, averts bear market after trading below key threshold"
So it was a bear market this morning but it is not now. #stupidmedia
— Michael Kahn, CMT (@mnkahn) May 20, 2022
You’re all caught up now. Thanks for reading!