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Today’s Summary
Monday, May 22, 2023
Indices: Russell 2000 +1.22% | Nasdaq +0.34% | S&P 500 +0.02% | Dow -0.42%
Sectors: 6 of the 11 sectors closed higher. Communications led, rising +0.91%. Consumer Staples lagged, falling -1.51%.
Commodities: Crude Oil futures rose +0.50% to $72.05 per barrel. Gold futures fell -0.22% to $1,977 per oz.
Currencies: The US Dollar Index was flat (+0.04%) and continues to trade at $103.24.
Crypto: Bitcoin rose +0.41% to $26,861. Ethereum gained +0.73% to $1,819.
Interest Rates: The US 10-year Treasury yield rose for the seventh consecutive day to a two-month high of 3.719%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Yo, Charts – Still more…I know the Nikkei is up for 8 days in a row…but, what’s not to like here? pic.twitter.com/dpEmN4ZL5O
— da Chart Life (@daChartLife) May 22, 2023
Today’s Chart of the Day was shared by John Roque (@daChartLife). Japan has been ripping higher recently, with the Nikkei closing at a fresh 33-year high today. As you might know, the bubble in Japanese equities that took place in the 1980s was one of the most epic speculative manias in the history of financial markets. The Nikkei peaked in the early 90s, and it still hasn’t revisited the peak. John points out that the path of least resistance is higher for the Nikkei as it’s breaking out from a 30-month base within a multi-year uptrend. He adds that the MACD (lower pane) has been in positive territory for more than a decade, which it hasn’t done since 1981. It’s still down -20% from it’s peak, and it hasn’t broken out in US Dollars terms yet. But at this point, there’s not much resistance between current prices and the former highs.
Quote of the Day
“If you can give up your ego and listen to what the markets are telling you, you can have a huge source of information.”
– Jeffery Yass
Trendlines > Headlines
In this week’s episode, Jay Kaeppel of SentimenTrader joins us to share his take on current market conditions. We discuss Sentiment, Positioning, Commodities, Gold, and more!
Top Links
The Stock Market Usually Goes Up (But Sometimes it Goes Down) – A Wealth of Common Sense
Ben Carlson breaks down how often the US Stock Market has had positive returns.
Elevated Gold Prices Face Bigger Sell of If Support Fails – See It Market
Chris Kimble looks at the recent weakness in Gold.
Is This Ark Fund Finally a Buy for the Long Term? – AlphaTrends
In this video, Brian Shannon analyzes a chart of the ARK Fintech Innovation ETF, $ARKF.
The Morning Show – Stock Market TV
Here’s today’s episode of The Morning Show featuring, JC Parets, Steve Strazza, Spencer Israel, Kimmy Sokoloff, and Jay Woods.
Technical Tuesdays 📈 with The Chart Report
Set a reminder to join us on Twitter Spaces tomorrow at 11:30 AM ET!
Top Tweets
#sp500 4200- We have been here before for the last 9 months; Are the bulls finally ready to "deliver" after 9 months. If we fail here- The bears will be targeting 3500 one more time.. If you sold on the panic low at 3500? You left 700 points or 20% on the table. pic.twitter.com/VBVO6kaoON
— Chris Robinson (@cer_hedge) May 22, 2023
Another clue the Oct lows are in place and won't be violated?
The S&P 500's 200-day MA is officially trending higher.
Going back to past 50 yrs, I see 10 other times this happened and not once were new lows made.
In fact, a strong higher trend was the norm. pic.twitter.com/EmoaCb7YG6
— Ryan Detrick, CMT (@RyanDetrick) May 22, 2023
Large speculators/hedge funds have boosted net short S&P 500 futures positions even more, surpassing 2011 extreme and moving to 2007 territory pic.twitter.com/ECQj6yuRqO
— Liz Ann Sonders (@LizAnnSonders) May 22, 2023
$QQQ monthly heading into EOM
Look, I may not be a smart man, but I know what an uptrend is
Look at that MACD pic.twitter.com/UXRJfr8JQY
— Tex (@theycallmetex) May 22, 2023
The Nasdaq 100 breaks out to new all-time highs relative to the Russell 2000.$QQQ / $IWM pic.twitter.com/WVGp68YtJk
— Alfonso (@AlfCharts) May 22, 2023
$IWM is starting to outperform $SPY. Not so much for The Q's but need to keep watching & moving money to where the action is. pic.twitter.com/V9xB5BjyxN
— Alan Cohen (@al_xdpg) May 22, 2023
$KRE went out on the highs.. up 18% from the month's low pic.twitter.com/rIgavpx2IJ
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) May 22, 2023
A truly historic moment for the #Nikkei225 Index as it hits a three-decade high. Curious about the potential implications and how similar breakouts have fared in the past? Dig deeper with #DeanChristians at https://t.co/2XJ9j5GtBl #stockmarket #Japan pic.twitter.com/TopVOrMXNG
— SentimenTrader (@sentimentrader) May 22, 2023
Japan breakout? Not for dollar-based investors. pic.twitter.com/UOiiwZxHCj
— Mark Ungewitter (@mark_ungewitter) May 22, 2023
#CrudeOil has been bombarded with 'intervention' – Price caps and the use of strategic reserves.
We don't have that for #gasoline, do we?? pic.twitter.com/xNwgdswNw3
— Brynne Kelly (@BrynneKKelly) May 22, 2023
The Robotics & AI ETF closed at a 52-week high for the 4th day in a row, up 31% year-to-date. $BOTZ pic.twitter.com/bp11Oyd61K
— Charlie Bilello (@charliebilello) May 22, 2023
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) May 22, 2023