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Today’s Summary
Friday, May 21st, 2021
Indices: US Stocks were mixed in today’s session. The Dow rose 124 points or 0.36%. The S&P 500 closed flat (0.08%), while the Nasdaq slipped 0.48%. The Russell 2000 moved higher by 0.34%.
Sectors: 7 of the 11 sectors closed higher. Financials led, rising 0.99%. Tech lagged, falling 0.55%.
Commodities: Crude Oil futures moved higher by 2.65% to $61.94 per barrel. Gold slipped 0.28% to $1,877 per ounce.
Currencies: The US Dollar Index gained 0.31%.
Interest Rates: The 10-year US Treasury fell to 1.620%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$SILJ looks like we are going to close the week at another new high and highest level going back almost 5 years Just starting to break out of the consolidation. I like it and you bet I'm long some pic.twitter.com/BjbKSyph2a
— Gregory Krupinski (@G_krupins) May 21, 2021
Today’s Chart of the Day was shared by Greg Krupinski (@G_krupins). It’s a chart of the Junior Silver Miners ETF, $SILJ, over the past three years. The top holdings in this ETF include Pan American Silver Corp. ($PAAS), Hecla Mining Company ($HL), and First Majestic Silver Corp. ($FR). Precious Metals are starting to look more attractive recently, as they’ve begun to outperform stocks and other assets. Greg points out that $SILJ just booked its highest weekly close in nearly five years. It tripled off the March 2020 low, before entering into a consolidation period for the majority of the past year. We’re now breaking out of a 10-month base within an uptrend, suggesting price could move meaningfully higher in the coming weeks/months.
Quote of the Day
“Gratitude is a powerful catalyst for happiness. It’s the spark that lights a fire of joy in your soul.”
– Amy Collette
Top Links
Weekly Market Performance – Markets Resilient Amid Inflation – LPL Financial Research
The team at LPL Financial Research highlights some key takeaways from this week’s price action.
Copper Price Reversal Could Send Negative Message To U.S. Economy – Kimble Charting Solutions
Chris Kimble points out that a potential reversal in Copper prices could spell trouble.
We’re Seeing A Bullish Reversal In Oversold Stocks: Fairlead’s Katie Stockton – BNN Bloomberg
In this clip, Katie Stockton offers her technical perspective on Growth vs. Value, Gold Miners, and more.
Stock Market & Bitcoin Analysis for Week Ending May 21st, 2021 – AlphaTrends
Brian Shannon reviews this week’s price action in Crypto and Stocks.
Post-Election Year June: Third Worst S&P 500 Month – Almanac Trader
Seasonality expert, Jeff Hirsch examines how Stocks have historically fared in June of Post-Election years.
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Top Tweets
The S&P 500 has posted gains of 1% or more in 19% of days this year, poised for the fifth-most since 2002.
That's pretty incredible considering the S&P has been at or within 5% of a record high all year.
— Callie Cox (@callieabost) May 21, 2021
$IYT Transports down 2 weeks in a row (as of now) $DJTRAN pic.twitter.com/zWcBh8dKI4
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) May 21, 2021
Technology has responded well to its oversold condition earlier this week, and while relative performance has bounced along with the sector, it’s a long way from changing trend and reestablishing itself as leadership. pic.twitter.com/tyWNK39Yoq
— RenMac: Renaissance Macro Research (@RenMacLLC) May 21, 2021
Is modern $ARKK replicating ancient $QQQ? pic.twitter.com/V4C6PAPX18
— Mark Ungewitter (@mark_ungewitter) May 21, 2021
The US Dollar is hovering ominously just above well-defined intermediate lows and 52-week lows.
Presumption is, it breaks to new lows. We remain sellers.$DXY pic.twitter.com/Cul2QGFj3B
— Carter Braxton Worth (@CarterBWorth) May 21, 2021
Copper/Gold Ratio, Daily. Breaking down.
Red vertical line = May 17. Barron's magazine cover "The I-Word. Inflation is heating up fast – and could last longer than many think" pic.twitter.com/0jMJLO5W6E
— Brian G (@alphacharts) May 21, 2021
How about this potential double bottom in Gold relative to the Commodity Index? $GLD$GC_F / $CRB Index pic.twitter.com/EgpUTBduGR
— R. Alfonso Depablos (@AlfCharts) May 21, 2021
Iron Ore anyone…? $TIO_F pic.twitter.com/RMLhfT2kd0
— Steven Strazza (@sstrazza) May 21, 2021
Is previous support at ~$42000 now becoming resistance? pic.twitter.com/pveWYMBaa1
— Ian McMillan, CMT (@the_chart_life) May 21, 2021
$BTC losing level after level.
Another test of 30k seems likely. pic.twitter.com/8XpR6Tn9QZ
— Axelroark (I'm not a trader I just chart a lot) (@axelroark) May 21, 2021
it's interesting that it kind of *feels* like big moves in Bitcoin are pushing the stock market around, but correlation is basically zip these days pic.twitter.com/LZTl8Po6zT
— Michael P. Regan (@Reganonymous) May 21, 2021
You’re all caught up now. Thanks for reading!