Daily Chart Report ? Thursday, May 30th, 2019
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Today’s Summary
Thursday, May 30th, 2019
Indices: US stocks closed higher in today’s session, with the Dow Jones Industrial Average advancing 43 points or 0.17%. The Russell 2000 was the weakest of the major indices, falling 0.30%.
Sectors: Technology led, gaining 0.62%. Energy lagged falling 1.27%.
Commodities: WTI Crude Oil futures dropped 3.89% to settle at $56.59 per barrel. Gold futures were higher by 0.54%, and are trading around $1,293 per ounce.
Currencies: The US Dollar Index was unchanged.
Interest Rates: The US 10-year Treasury Yield fell to a 20-month low of 2.217%
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared on Twitter by @bostonchaahhts. It’s a candlestick chart of the S&P 500 sitting right at a flat 200-day moving average. He calls this chart a “hot mess” because the flat 200-day moving average suggests a trendless, choppy market environment. Markets become harder to predict in the absence of a trend. As you can see, we’ve been unable to establish a clear uptrend or downtrend for over a year now. The only thing one can expect from this sort of environment is sideways, messy price action.
Quote of The Day
“In any sector, trade the leading stock – the one showing the strongest trend”
– Jesse Livermore (American Investor)
In this report, we cover Katie Stockton’s current outlook on the US Equity market. Katie thinks the S&P 500 could continue to weaken in the short-term, but is bullish longer-term and thinks the 2720 level will act as support.
SOX close to Bear Market Might be a Tell on the S&P 500 – Dan Russo – Bloomberg
Dan Russo of Chaikin Analytics joined host Abigail Doolittle on Bloomberg yesterday to talk Semiconductor stocks and how they could potentially weigh-down the broader market. He also gives his thoughts on Bonds and the Real Estate sector.
Did We Just Complete a H&S Top in $SPX? – Julius de Kempenaer – StockCharts.com
There has been a lot of chatter about a potential head & shoulders top forming on the chart of the S&P 500 right now. In this piece, Julius de Kempenaer examines this chart pattern and gives his downside price target.
Time for a June Swoon? – LPL Financial Research
Here’s a research note from LPL Financial that takes a look at how the market typically performs in the month of June. They point out that June is the second worst performing month on average for the S&P 500 and that its especially weak after a big drop in May.
Playing Corn’s Pop – Real Vision
John Roque of Wolfe Research was featured on Real Vision’s Trade Ideas segment today where he presented his bullish thesis on Corn.
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