Daily Chart Report ๐ Friday, May 19, 2023
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Todayโs Summary
Friday, May 19, 2023
Indices: S&P 500 -0.14% | Nasdaq -0.22% | Dow -0.33% | Russell 2000 -0.62%
Sectors: 4 of the 11 sectors closed higher. Energy led, rising +0.77%. Consumer Discretionary lagged, falling -0.84%.
Commodities: Crude Oil futures fell -0.35% to $71.69 per barrel. Gold futures rose +1.11% to $1,982 per oz.
Currencies: The US Dollar Index fell -0.32% to $103.19.
Crypto: Bitcoin inched higher by +0.25% to $26,886. Ethereum rose +0.62% to $1,812.
Interest Rates: The US 10-year Treasury yield rose to a two-month high of 3.678%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Austin Harrison (@meanstoatrend). The S&P 500 broke out to nine-month highs on an absolute basis this week. Austin points out that itโs also breaking out relative to Bonds ($SPY/$TLT). This ratio closed at all-time highs after emerging from a seven-month base within a secular uptrend. If Stocks are in a bull market, you want to see them outperforming their alternative, and thatโs exactly what weโre starting to see.
Quote of the Day
โSometimes a loss is the best thing that can happen. It teaches you what you should have done next time.โ
โ Snoop Dogg
Trendlines > Headlines
https://youtu.be/uJDz5g3Qq8g
In this weekโs episode, Jay Kaeppel of SentimenTrader joins us to share his take on current market conditions. We discuss Sentiment, Positioning, Commodities, Gold, and more!
Top Links
10 Bad Takes On This Market โ The Big Picture
Barry Ritholtz gives ten counterpoints to the bear case.
Russell 2000 Best Week Before Memorial Day, Up 75% of the Time โ Almanac Trader
Jeff Hirsch looks at how the major indices have performed the week before Memorial Day (next week).
Breakout Test In Play for Tech, Says Joe Friday โ Kimble Charting Solutions
Chris Kimble points out that the Equal Weight Nasdaq 100 is attempting to break out.
Stocks and Bonds Part Ways โ Bespoke
Bespoke highlights the recent divergence between Stocks ($SPY) and Bonds ($TLT).
Follow the Money โ LPL Financial Research
Adam Turnquist examines sentiment and positioning.
