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Today’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
Today’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 it’s also called. A lot can happen between now and tomorrow’s close, but this would be bullish for both $SMH and the broader market. Will $NVDA save the bulls?
Quote of the Day
“Markets do very weird things because it reacts to how people behave, and sometimes people are a little screwy.”
– Alan Greenspan
Top Links
A Closer Look at Momentum – LPL Financial Research
Adam Turnquist takes a close look at momentum in the S&P 500 via the MACD indicator.
Here We Go? Or Here We Go Again? – Trading Adventures
Andy Moss gives a midweek update on the markets.
The Bear Case for Europe – The Weekly Grind
Sam McCallum points out that a few major European indices are facing rejection.
Commodities Decline Could Be Boon for Bonds and Dampen Inflation – See it Market
Chris Kimble looks at what could be next for Commodities ($DBC).
25 Stocks to Target During Memorial Day Week – Schaeffer’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.
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