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Today’s Summary
Tuesday, May 30, 2023
Indices: Nasdaq +0.40% | S&P 500 +0.00% | Dow -0.15% | Russell 2000 -0.32%
Sectors: 4 of the 11 sectors closed higher. Consumer Discretionary led, rising +0.67%. Consumer Staples lagged, falling -1.14%.
Commodities: Crude Oil futures dropped -4.42% to $69.46 per barrel. Gold futures rose +1.69% to $1,977 per oz.
Currencies: The US Dollar Index was flat and continues to trade at $104.06.
Crypto: Bitcoin was flat and is currently trading at $27,740. Ethereum rose +0.31% to $1,900.
Interest Rates: The US 10-year Treasury yield dropped to 3.690%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). Broadcom ($AVGO) broke out to record highs last week, as it caught a sympathy bid from $NVDA. This was a textbook breakout from an 18-month base, but the rally hit a brick wall today. It was up more than +13% this morning, but it ended the day down -1.33%. Today’s reversal left the daily candle looking like a ‘shooting star.’ This bearish candlestick formation signals an exhaustion of buyers. Today’s reversal occurred at a confluence of two key Fibonacci levels – the 1.618% extension of last year’s decline, and the 423.6% extension of the Covid decline. It’s been a wild few days for $AVGO, but it will likely continue to be in the spotlight this week as the company reports earnings on Thursday.
Quote of the Day
“The stock market is human nature on parade.”
– William O’Neil
(R.I.P. 1933-2023)
Top Links
What, Me Worry? – Day Hagan Asset Management
Art Huprich highlights some potential risks to the bull case.
Why Down & Sideways Markets are Bullish – Of Dollars and Data
Nick Maggiulli quantifies periods of sideways price action and their future returns.
Sector Rotation vs. Weak Breadth – All Star Charts
JC Parets looks at the difference between weak breadth and sector rotation.
The Stock Market Game Changer – Joe Fahmy
Joe Fahmy shares his thoughts on artificial intelligence stocks.
In Case You Missed It…
Are We in a Bull Market? | The Morning Show
We joined The Morning Show today to discuss some of the most noteworthy charts and themes across the markets.
Technical Tuesdays with The Chart Report
Here’s our Twitter Spaces from earlier today, where we discussed Tech leadership, breadth, potential rotation, and more.
Can’t Have a Party Without Chips | Trendlines over Headlines
In this week’s episode, JC Parets of All Star Charts returned to the show to discuss semiconductors, Japan, crypto and more!
Top Tweets
You’re all caught up now. Thanks for reading!