Daily Chart Report 📈 Wednesday, May 17, 2023

Great day for stocks but not much has changed for the S&P 500. Remains stuck in the 3800-4200 trading range. pic.twitter.com/a6Y7LRi1sF

— Barchart (@Barchart) May 17, 2023

This time isn't different.

Time to start preparing for an S&P500 breadth expansion and broader participation?

A move above $415 probably gives just that.

It's the opposite of what we've been told for months is gonna happen, which is why it's probably the more likely outcome.… pic.twitter.com/WqXml6Ghgd

— Sammy McCallum 🥇 (@Honeystocks1) May 17, 2023

SPX must vault 4200 to trigger 14-week RSI >60, a variety of price momentum normally observed 3-6 months after a bear-market bottom. pic.twitter.com/7hqDRFzAya

— Mark Ungewitter (@mark_ungewitter) May 17, 2023

this daily chart of $QQQ shows two levels of interest above that might be a good place for the market to slow down and catch its breath

1-"Breakout" past the Aug high of 334.42 could get sold into given magnitude of rally to get there

2- Measured move implies 338.50 pic.twitter.com/HVeiiXFNy4

— Brian Shannon, CMT (@alphatrends) May 17, 2023

Tech just broke out of a 23-year base relative to the rest of the market. As far as risk appetite goes, I don't know of a more important chart right now pic.twitter.com/g1Z69ERlGe

— Austin Harrison, CFA, CMT (@meanstoatrend) May 17, 2023

With today's gains, NVIDIA $NVDA and Meta Platforms $META are both up more than 100% YTD -- the two best performing stocks in the S&P 500 this year, and also two of the seven largest. pic.twitter.com/qLgmDKiR2D

— Bespoke (@bespokeinvest) May 17, 2023

Almost have to squint to see today's +7.4% gain for $KRE pic.twitter.com/PUElD6FYiQ

— Eric Wallerstein (@ericwallerstein) May 17, 2023

The $KRE charts needs a lot of work, but price action is making a compelling case that the low was put in on May 4th. pic.twitter.com/zr8mM6fGpF

— Brian Lund (@bclund) May 17, 2023

Yesterday, DC said they were finally going to start refilling the SPR. Did they just put a floor in for Saudi and Putin not to mention "greedy" oil execs? They are short 180Mb from $95- and where does the magic line hit? $94-$95. #crude #spr. pic.twitter.com/dMlDgSPbI6

— Chris Robinson (@cer_hedge) May 17, 2023

Japan equities are arguably the strongest market right now, yet there’s a real lack of interest via ETFs… hardly any inflows recently. pic.twitter.com/16iikeOubS

— Todd Sohn (@Todd_Sohn) May 17, 2023

"The first actively managed ETF to fully utilize artificial intelligence as a method for stock selection!"

"I'm going to be rich!"$AIEQ +15% the last 5 years.$SPY +68% the last 5 years. pic.twitter.com/89HOf4BtmX

— Steve Deppe, CMT (@SJD10304) May 17, 2023