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Today’s Summary
Friday, May 14th, 2021
Indices: US Stocks ended the week on a positive note, with the Dow gaining 361 points or 1.06%. The S&P 500 and Nasdaq closed higher by 1.49% and 2.32%, respectively. The Russell 2000 outperformed, gaining 2.47%.
Sectors: All 11 sectors closed higher. Energy led, gaining 3.10%. Consumer Staples lagged but still rose 0.44%.
Commodities: Crude Oil futures moved higher by 2.43% to $65.37 per barrel. Gold futures rose 0.77% to $1,838 per ounce.
Currencies: The US Dollar Index fell 0.46%.
Interest Rates: The 10-year US Treasury fell to 1.630%.
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 Doug Busch (@chartsmarter). It’s a weekly candlestick chart of Newmont Corporation, $NEM, over the past two years. Newmont is the largest stock in the popular Gold Mining ETF, $GDX, which has continued to push higher and outperform in recent weeks. $NEM just notched its highest daily close since 2011, and its highest weekly close since 1987. In other words, this stock is breaking out across multiple time frames. In a comment to The Chart Report, Doug said, “$NEM has formed a massive base over the past decade, and a smaller one within the past 10-months. Gold Mining Stocks have been showing some nice relative strength lately. They were resilient while the rest of the market pulled back this week. $NEM is particularly attractive here as long as it stays above that ~$68 level.”
Quote of the Day
“Learn how to see. Realize that everything connects to everything else.”
– Leonardo da Vinci
Top Links
Gold Names Firm Up to 3-Month Highs – StockCharts
Greg Schnell takes a look at Gold Mining Stocks.
Stock Market & Bitcoin Analysis Friday, May 14, 2021 – AlphaTrends
Brian Shannon reviews this week’s price action and lays out some levels to focus on next week.
Nasdaq to S&P 500 Index Ratio Undergoing Important Test! – Kimble Charting Solutions
Chris Kimble breaks down a ratio chart of the Nasdaq vs. the S&P 500.
Where Do We (Investors) Stand? – David Cox
In this quick video, David Cox highlights some noteworthy technical developments on his radar.
Crypto Current – Technical Analysis & Cryptocurrencies – All Star Charts
JC Parets and Julie Alexandria discuss the trends in the Crypto markets.
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Top Tweets
Why buying the dip works (most of the time), in one table. pic.twitter.com/UKthUUYktz
— Callie Cox (@callieabost) May 14, 2021
Weekly $SPX update: tried to sell off but rallied late to stay above 10wk EMA. RSI remains above 65. pic.twitter.com/HDhR7qrJyP
— Michael Turvey (@MikeTurvey_TDA) May 14, 2021
? Long lower shadow alert on $SPX on its weekly chart pic.twitter.com/p7OamWNL5J
— David Settle, CMT (@davidsettle42) May 14, 2021
$RTY, 4h
Russell founds support at the 2100 level for the 3rd time in the last 3 months.
Important level? No kidding. pic.twitter.com/QnQh70UJIv
— Yuriy Matso (@yuriymatso) May 14, 2021
Chop chop. via @LPLResearch and @RyanDetrick pic.twitter.com/JsCA9SUJY3
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) May 14, 2021
$GC_F $GLD $GDX Big area here for Gold at trendline resistance and the 200 day moving average – 1850. pic.twitter.com/oONb5pi5QW
— Greg Rieben (@gregrieben) May 14, 2021
With RSI becoming overbought as the $GLD approaches a key resistance level, what does this mean for short-term and long-term gold prices, as well as inflation concerns? https://t.co/zuUenpS8jl pic.twitter.com/3y8eRxhPEy
— David Keller, CMT (@DKellerCMT) May 14, 2021
Lumber off -19% WTD from Mondays high after coming off +200% above the 200wkEMA. Can barely see it. Insane in the membrane #LBS #lumber pic.twitter.com/xdUl246x0Z
— Drew Wells, CMT, CIMA® (@DrewTheCharts) May 14, 2021
Yous already know… #HAGW https://t.co/9o2oMRwqWp
— J4 (@J4_doji) May 14, 2021
2021 performance
Total crypto market cap +252%
Lumber #LB_F +57%
Crude oil #CL_F +37%
S&P 500 $SPX +13%
Nasdaq-100 $NDX +5%
US Dollar $DXY +0.35%
Gold $GC -2.4%
Volatility $VIX -10% pic.twitter.com/EehefEXcos— TradingView (@tradingview) May 14, 2021
You’re all caught up now. Thanks for reading!