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Today’s Summary
Friday, May 15th, 2020
Indices: US Stocks closed higher with the Dow Jones Industrial Average rising 60 points or 0.25%. The S&P 500 and Nasdaq rose 0.39% and 0.79%, respectively. Small-Caps outperformed with the Russell 2000 closing higher by 1.57%.
Sectors: Communications led, gaining 1.38%. Utilities lagged, falling 1.33%.
Commodities: The June Crude Oil futures contract jumped 7.58% to $29.65 per barrel. Gold futures moved higher by 0.76% to $1,754 per ounce.
Currencies: The US Dollar Index inched lower by 0.10%.
Interest Rates: The US 10-year Treasury rose to 0.647%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Silver Miners looking very nice above $33. Relative strength looking very constructive too – making new highs $SIL $SILJ $SLV pic.twitter.com/0r8fbBfGTa
— Louis (@haumicharts) May 15, 2020
Today’s Chart of the Day was shared on Twitter by @huamicharts. It’s a daily candlestick chart of the Silver Miners ETF, $SIL over the past six months. The recent breakout in Gold Miners ($GDX) has been impressive. As Louis points out, Silver Miners are now joining the party, with $SIL gapping above a key resistance level around $33 today. The chart in the bottom right shows that $SIL has been exhibiting strength versus the broader market ($SPY) over the past couple of months. If $SIL can remain above that $33 level, the risk is to the upside. However, if $SIL can’t hold above this level, look out below!
Quote of the Day
– Peter Lynch (Investor)
Top Links
What Happened in the Market This Week? – NYSE
In this video, Market Maker, Jay Woods discusses this week’s price action in stocks.
High Low Friday – Dana Lyons
Dana Lyons highlights some noteworthy new highs and lows across the markets this week.
Where Do We (Investors) Stand? – David Cox
In this quick video, Portfolio Manager, David Cox breaks down this week’s price action and shares some key charts to focus on.
A Look at Recent Weakness – LPL Financial Research
The team at LPL Financial Research explains why the recovery rally off the March low has begun to stall.
Breadth Picking Up But Still Low – Bespoke
In this note, Bespoke checks up on market breadth by examining the 10-day advance/decline lines of each S&P 500 sector.
Top 10 Tweets
When they tell you "stocks are ripping higher", remember that for the most part we've gone nowhere for a month… pic.twitter.com/YVznhjWnyC
— Ian McMillan, CMT (@the_chart_life) May 15, 2020
The $SPX has fallen back below its anchored VWAP from both the Xmas Eve lows, as well as the Sept '18 highs.
What's this mean?
ANSWER: Everyone who's invested since those dates (and more recently) is in the red.
Will they hold, or sell here to avoid more losses? We'll see. pic.twitter.com/2CGsWFjjBe
— Adam D. Koós, CFP®, CMT (@AdamKoos) May 15, 2020
EOW #breadth snapshot
S&P 500 stocks > 200-day: 26.25%
S&P 500 stocks > 50-day: 59.92%NYSE stocks > 200-day: 15.86%
NYSE stocks > 50-day: 57.14%NASDAQ stocks > 200-day: 33.66%
NASDAQ stocks > 50-day: 67.61%Too many NYSE stocks still struggling to get back above the 200! pic.twitter.com/dF19SzGrbg
— Grayson Roze (@GraysonRoze) May 15, 2020
3 big bases: pic.twitter.com/wpxx2gSDEB
— Strategas (@StrategasRP) May 15, 2020
Concerning: the #USdollar. Here, the broad dollar index up top & the #EM currency index below. Triangle & wedge patterns like these tend to be continuation patterns much of the time, which means they tend to get resolved in the direction of the prevailing trend. pic.twitter.com/loX8g6dp4k
— Jurrien Timmer (@TimmerFidelity) May 15, 2020
DXY – US Dollar currency Index
Consolidating since March 27 low. Momentum coiling in a spring. Breakout will be a test for Gold, Yields, Commodities and Stocks$DXY $GLD $TNX $FVX $SPX $CRB $EEM $ACWI #copper pic.twitter.com/4GO20ZpkwO— Bhagyashree (@sunsofttech) May 15, 2020
Consolidation resolved? $GLD pic.twitter.com/wMB8ynXPUg
— Mark Ungewitter (@mark_ungewitter) May 15, 2020
$GDXJ Junior #Gold Miners had a failed breakout in March & swiftly collapsed following. Since that time, it has recovered the entire collapse and broken out again from the key 43.60 level again this morning. Very bullish recovery, imo. I think this targets 52.25 and eventually 69 pic.twitter.com/ZaLFenYe7g
— Tarek I. Saab (@FibLines) May 15, 2020
Silver/Gold ratio recently had a big turning point after a 10-year trend. $WPM is a great way to play silver upsidehttps://t.co/ncEe626g9V pic.twitter.com/GodW9VaXjx
— Koyfin (@KoyfinCharts) May 15, 2020
not to get the poor gold bugs all riled up, but the Silver/Gold ratio is currently breaking out to new 2-month highs. Haven't seen anything like that in a minute
— J.C. Parets (@allstarcharts) May 15, 2020