Daily Chart Report 📈 Wednesday, May 15, 2024
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Today’s Summary
Wednesday, May 15, 2024
Indices: Nasdaq +1.49% | S&P 500 +1.17% | Russell 2000 +1.14% | Dow +0.88%
Sectors: All 11 sectors closed higher. Technology led for the third straight day, gaining +2.25%. Consumer Staples lagged but still rose +0.06%.
Commodities: Crude Oil futures rose +0.78% to $78.63 per barrel. Gold futures rose +1.48% to $2,395 per oz.
Currencies: The US Dollar Index dropped -0.70% to $104.28.
Crypto: Bitcoin gained +7.64% to $66,242. Ethereum rose +5.36% to $3,035.
Volatility: The Volatility Index dropped -7.32% to 12.44.
Interest Rates: The US 10-year Treasury yield dropped to 4.344%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi).
- The S&P 500 ETF ($SPY) closed higher for the 10th straight day, marking the longest winning streak in over a decade and the third-longest on record.
- More importantly, $SPY broke out to an all-time high for the first time since March 28th. This officially marks the end of a -5.5% pullback within an ongoing uptrend.
- This wasn’t just any old breakout; it was a Breakaway Gap, the most bullish type of breakout. A Breakaway Gap occurs when price gaps above or below a well-defined support or resistance level.
The takeaway: The S&P 500 ($SPY) broke out to an all-time high today for the first time in a month and a half. It gapped above resistance, forming a Breakaway Gap. The bulls were getting a little ahead of themselves in March, but this mild pullback effectively refreshed sentiment to more sustainable levels.
Quote of the Day
“The most bullish thing the market can do is go up.”
– Paul Montgomery
Top Links
Stock Market, Bitcoin & Ethereum Analysis May 15 2024 - Alphatrends
Brian Shannon analyzes recent price action and identifies some key levels to watch in the near term.
Regional Banks and the 23-Month Moving Average - See It Market
Michele Schneider looks at what could be next for Regional Banks ($KRE).
ETFs & Markets with Todd Sohn: How China ETFs Stack Up - Strategas Asset Management
Todd Sohn discusses China-related ETFs as Chinese stocks continue to rebound.
Why Investors Love Being Scared - The Irrelevant Investor
Michael Batnick examines why the bear case is more seductive than the bull case