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Todayβs Summary
Monday, May 15, 2023
Indices: Russell 2000 +1.19% | Nasdaq +0.55% | S&P 500 +0.30% | Dow +0.14%
Sectors: 7 of the 11 sectors closed higher. Materials led, gaining +0.85%. Utilities lagged, falling -1.26%.
Commodities: Crude Oil futures gained +1.53% to $71.11 per barrel. Gold futures inched higher by +0.14% to $2,023 per oz.
Currencies: The US Dollar Index fell -0.27% to $102.42.
Crypto: Bitcoin rose +1.52% to $27,343. Ethereum gained +1.38% to $1,825.
Interest Rates: The US 10-year Treasury yield rose to 3.508%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Pretty much a holding pattern across key assets heading into the debt ceiling….$ES_F $GLD $TLT pic.twitter.com/LXcBOtRmSj
— Arun S. Chopra CFA CMTπ§ (@FusionptCapital) May 15, 2023
Todayβs Chart of the Day was shared by Arun Chopra (@FustionptCapital). If this market has been putting you to sleep lately, youβre not alone. Arun points out that the most important assets and indices have stalled at major long-term levels with no decisive resolution. The S&P 500, Gold, and Bonds ($TLT) have been testing resistance for months now. Meanwhile, the US Dollar has stabilized after finding support around $101. Further upside from the Dollar will likely put pressure on the other three. Perhaps theyβre waiting to see how the debt ceiling debacle plays out. Perhaps theyβre waiting on the Fed. Or, perhaps, this is just the process of absorbing overhead supply. Regardless of the reason, many key assets continue to be in wait-and-see mode, but the lines in the sand are quite clear.
Quote of the Day
βThe most important lessons in investing are learned in the tough times.β
β Howard Marks
Top Links
Ending the Sloppy Choppy Phase β StockCharts.com
David Keller outlines what heβs watching to confirm the onset of a new trend in the
S&P 500 after weeks of sideways price action.
Four Reasons Iβm Positive on the Market β Joe Fahmy
Joe Fahmy shares his optimistic view of current market conditions.
Midway Through May, DJIA Logs its Second Daily Gain β Almanac Trader
Jeff Hirsch points out that the last four days of May have historically been a bright spot.
The Commodities Landscape in 10 Charts β Grindstone Intelligence
Austin Harrison highlights ten noteworthy charts in the Commodities space.
Economic Slowdown, Falling Interest Rates and Inflation? This Ratio Says Yes! β Kimble Charting Solutions
Chris Kimble examines the Copper/Gold Ratio and what it could suggest about Stocks, Yields, and the Economy.
Top Tweets
This is pretty insane:
The S&P 500 has moved less than 0.5% in each of the last six trading days, the first time that's happened since November 2021.
And if this is still a bear market (ie $SPX hits fresh lows), it'd be the first such streak in a bear since April 1982.
— Callie Cox (@callieabost) May 15, 2023
$SPX just logged its 6th straight weekly move less than +/-1%.
Do I hear 7? pic.twitter.com/BzTM38tiGq
— Frank Cappelleri (@FrankCappelleri) May 15, 2023
Russell 2000 outperforming today as regional banks rise but still stuck in a trendless morass. $RUT $RTY pic.twitter.com/HPh0QrHhUD
— Michael Turvey (@MikeTurvey_TDA) May 15, 2023
Small caps are beating large caps so far this month $IWM $SPY pic.twitter.com/krXjoks64t
— Mike Zaccardi, CFA, CMT π (@MikeZaccardi) May 15, 2023
$AAPL now worth more than the entire R2K! pic.twitter.com/ckq4Ds50ob
— Abigail Doolittle (@TheChartress) May 15, 2023
$ES_F #ES_F S&P futures positioning
Commercials +397,887 contracts (record long)
Speculators -376,023 contracts (record short)who is going to be right?
cc $SPY #SPY pic.twitter.com/i0WHwYhrpT
— Christian Fromhertz πΊπΈ (@cfromhertz) May 15, 2023
Is Home Construction leading the way for the broader market?$ITB $SPY pic.twitter.com/91rjK2Be5y
— Alfonso (@AlfCharts) May 15, 2023
US vs. Rest of the world.
This ratio made new ATHs in Oct, but with bearish RSI divergence.
By Jan, the ratio fell sharply. **RSI hit 30 for the first time since 2006.**
Think GLOWbal. pic.twitter.com/iwmT5nBFzf
— Brian G (@alphacharts) May 15, 2023
Counter-trend setups hold more risk, but natural gas is tempting, above its 10-week MA with a DeMARK "buy" signal (denoted by the "13" on the chart) holding implications for momentum to continue to improve near-term #fairleadstrategies pic.twitter.com/5TkdfnsbaT
— Katie Stockton, CMT (@StocktonKatie) May 15, 2023
After nearly a full year of nonstop selling in natural gas, we're finally getting some sideways stabilization, rejection of new lows, and short-term momentum up.
Could offer a nice multi-week swing up with stops in the low 6's. (long some) $UNG pic.twitter.com/l3gWjFfWG4
— Evan Medeiros (@evanmedeiros) May 15, 2023
Not all crashes in markets are bad. This is a good crash that hopefully continues. Fertilizer prices are down 59% from their peak last yr, at lowest levels since Jan 2021. Great news given their high correlation to food prices, should continue to see lower food inflation ahead. pic.twitter.com/8emYBe7GYA
— Charlie Bilello (@charliebilello) May 15, 2023
In Case You Missed Itβ¦
Trendlines over Headlines with Guest Todd Sohn β The Chart Report
In this episode, Todd Sohn, ETF & Technical Strategist at Strategas Research, joined us to discuss the narrow leadership in the S&P 500, the outlook for Energy Stocks, Banks, Gold, and more!
The Buzz π Edition No. 11 β The Chart Report
Check out the latest edition of The Buzz β our new report where we identify and profit from the most talked about stocks on social media.
Technical Tuesdays π with The Chart Report β Twitter Spaces
Set a reminder to join us on Twitter Spaces tomorrow at 11:30 AM ET.