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Daily Chart Report ๐Ÿ“ˆ Wednesday, May 24, 2023

May 24, 2023 Patrick Dunuwila

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Todayโ€™s Summary
Wednesday, May 24, 2023

Indices: Nasdaq -0.50% | S&P 500 -0.73% | Dow -0.77% | Russell 2000 -1.16%

Sectors: Energy was the only positive sector for the second day in a row, rising +0.44%. Real Estate lagged, dropping -2.19%.

Commodities: Crude Oil futures rose +1.96% to $74.34 per barrel. Gold futures fell -0.50% to $1,965 per oz.

Currencies: The US Dollar Index rose +0.36% to a two month high of $103.89.

Crypto: Bitcoin dropped -3.20% to $26,356. Ethereum fell -2.97% to $1,800.

Interest Rates: The US 10-year Treasury yield rose to a two month high of 3.746%.

Here are the best charts, articles, and ideas being shared on the web today!


Chart of the Day

Todayโ€™s Chart of the Day was shared by Roy Mattox (@RoyLMattox). The Semiconductor ETF, $SMH, gapped lower by -1.93% this morning, ending the day down -1.47%. However, the largest component in this ETF ($NVDA) is surging more than +25% after hours. If $NVDA can hold its gain overnight, $SMH will likely gap higher tomorrow morning. Roy points out that a gap lower followed by a gap higher would create an island reversal pattern, or abandoned baby as itโ€™s also called. A lot can happen between now and tomorrowโ€™s close, but this would be bullish for both $SMH and the broader market. Will $NVDA save the bulls?


Quote of the Day

โ€œMarkets do very weird things because it reacts to how people behave, and sometimes people are a little screwy.โ€

โ€“ Alan Greenspan


Top Links

A Closer Look at Momentum โ€“ LPL Financial Research
Adam Turnquist takes a close look at momentum in the S&P 500 via the MACD indicator.

Here We Go? Or Here We Go Again? โ€“ Trading Adventures
Andy Moss gives a midweek update on the markets.

The Bear Case for Europe โ€“ The Weekly Grind
Sam McCallum points out that a few major European indices are facing rejection.

Commodities Decline Could Be Boon for Bonds and Dampen Inflation โ€“ See it Market
Chris Kimble looks at what could be next for Commodities ($DBC).

25 Stocks to Target During Memorial Day Week โ€“ Schaefferโ€™s Investment Research
Rocky White examines how the S&P 500 has historically performed around Memorial Day and which stocks have been the strongest/weakest.


Top Tweets

https://twitter.com/DayHagan_Invest/status/1661102261508907008

Youโ€™re all caught up now. Thanks for reading!

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