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Todayâs Summary
Tuesday, May 16, 2023
Indices: Nasdaq +0.09% | S&P 500 -0.64% | Dow -1.01% | Russell 2000 -1.44%
Sectors: Technology was the only sector that closed positive, inching up just +0.11%. Real Estate lagged, falling -2.67%.
Commodities: Crude Oil futures fell -0.35% to $70.86 per barrel. Gold futures dropped -1.47% to $1,993 per oz.
Currencies: The US Dollar Index rose +0.18% to $102.60.
Crypto: Bitcoin fell -0.58% to $27,009. Ethereum rose +0.41% to $1,824.
Interest Rates: The US 10-year Treasury yield rose to 3.504%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
The Technology Sector $XLK is breaking out of a 15-month base relative to the S&P 500. pic.twitter.com/CE2qf1IkQZ
— Alfonso (@AlfCharts) May 16, 2023
Todayâs Chart of the Day was shared by Alfonso Depablos (@AlfCharts). The Technology sector closed at a new 52-week high on an absolute basis today after breaking resistance around $150. Alfonso points out that it’s also breaking out on a relative basis, with $XLK/$SPY pushing up against all-time highs. This ratio has formed a solid base over the past year and a half, and it looks poised for a new leg higher. Technology is by far the largest sector within the S&P 500, representing more than a quarter of the index. While it’s bullish to see the largest sector breaking out on an absolute and relative basis, it would be more constructive to see other sectors participating in new highs as well.
Quote of the Day
âEverybody in the world is a long-term investor until the market goes down.â
– Peter Lynch
Top Links
NASDAQ Outperforming DJIA by Most Since 1991 – Almanac Trader
Jeff Hirsch points out that the Nasdaq is outpacing the Dow by the widest margin in three decades.
Small Speculators are Loaded for Bear – and That May Be a Good Thing – SentimenTrader
Jay Kaeppel examines the large net short position among small speculators and what it could mean for the major indices.
Tech, Glorious Tech – The Weekly Grind
Sam McCallum shares some noteworthy charts to keep an eye on right now.
Severe Silver Cross Index Negative Divergence a Tip Off to Severe Decline? – StockCharts.com
Erin Swenlin looks at the bearish divergence between the S&P 500 and the Equal-Weight S&P 500.
Track These Levels as the DXY Rallies – All Star Charts
Ian Culley highlights some key levels to watch on the US Dollar Index.
Top Tweets
S&P 500 $SPY – not much in the way of meaningful change as of Tuesday's close. pic.twitter.com/4vr5O7bIGK
— Chris Ciovacco (@CiovaccoCapital) May 16, 2023
Yesterday was 6th trading day in row and 25th in past 30 when S&P 500 had a sub-1% move, "quietestâ such 30-day streak since November 2021
âŠ@SPDJIndicesâ© pic.twitter.com/jdBc3R13yr— Liz Ann Sonders (@LizAnnSonders) May 16, 2023
The Dow has hit a 30-day low while the Nasdaq 100 edges up to a fresh 9-month high. Interesting. The 20-day (1 'trading month') correlation between $NDX and $DJIA once again a rare negative pic.twitter.com/evyyIB4hOh
— John Kicklighter (@JohnKicklighter) May 16, 2023
Nasdaq is outperforming the Dow Jones by 18.34% year-to-date, the largest outperformance in more than 30 years pic.twitter.com/M5WF0Kjzur
— Barchart (@Barchart) May 16, 2023
Yo, Charts – if a bull market is characterized by a consistent period of few new lows what do you call the current environment? pic.twitter.com/zv9Q2jw7w2
— da Chart Life (@daChartLife) May 16, 2023
Historical note: During the 2011 debt ceiling crisis, most of the damage was done *after* an agreement to raise the debt ceiling was reached. pic.twitter.com/B7sHNpvWer
— Walter Deemer (@WalterDeemer) May 16, 2023
institutional investors are overweight cash and underweight equities… definitely fuel for an upside breakout in stocks… @BofAML pic.twitter.com/Ys9j09fRxl
— David Cox, CMT, CFA (@DavidCoxRJ) May 16, 2023
The SPDR Technology Sector ETF $XLK looks to be attempting a break out today.
Closing prices matter.$QQQ $SPX $SPY pic.twitter.com/RYfh53DqtQ
— Sam McCallum (@Honeystocks1) May 16, 2023
Is $XRT going to pull a $KRE? pic.twitter.com/oOKCsOicw6
— Mike Zaccardi, CFA, CMT đ (@MikeZaccardi) May 16, 2023
which way are rates going pic.twitter.com/Y5hCpWryTQ
— J.C. Parets (@allstarcharts) May 16, 2023
Commodities are always my favorite real-time inflation indicator. Now down -26% year over year.
Is there more mean reversion to come? pic.twitter.com/3nUni8aFbD
— Cullen Roche (@cullenroche) May 16, 2023
$SPY When a few people in the group project do all the work but everyone still gets an A: pic.twitter.com/veYpFiNYE5
— TrendSpider (@TrendSpider) May 16, 2023
In Case You Missed ItâŠ
Trendlines over Headlines with Guest Todd Sohn – 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 đ Edition No. 11 – The Chart Report
Check out the latest edition of The Buzz – our new report where we identify and profit from the most talked about stocks on social media.
Technical Tuesdays đ with The Chart Report – Twitter Spaces
Here’s the recording from today’s Twitter Spaces.