Daily Chart Report ? Wednesday, May 13th, 2020

Market Mood Today: RISK-OFF
- But not as much as you might think
- Yes, $SPX -1.8% & $BKX -4.7%
- But $SPX 2800 range held
- And the yen barely moved

Thoughts For Tomorrow
- Will 2800 $SPX hold...
- Or will $XLF break weigh?
- Heartbreaking jobless claims
- Practice gratitude

— Abigail Doolittle (@TheChartress) May 13, 2020

So we've got a lower high in most major averages and the Nasdaq 100 closing at a 3 day low.

The weakest areas continue to get sold and finally some profit-taking in leaders.

But can we have a severe selloff without Gold, Bonds, and Yen making new highs?

Watching those closely

— Tom Bruni, CPA, CMT (@BruniCharting) May 12, 2020

We suspect this is a market in the throes of a
consolidation following a +35% rally, and while
we don’t perceive sentiment to pose a serious
threat as it did in January, low put/call ratios
are a tactical concern as weaker seasonality sets
in. pic.twitter.com/1NwQliPGDC

— Strategas (@StrategasRP) May 13, 2020

MRCI down seasonal on the DOW lasts until June 26. You can read the details of this trade stat at https://t.co/1LfygLZaRA (no, I am not paid, lol, but am a fan of free resources!!!) pic.twitter.com/bChZXkZVQd

— Linda Raschke (@LindaRaschke) May 12, 2020

Transports Out of Gas? - Looking like a head and shoulders top in $TRAN $DJT just as S&P 500 gets turned away at 2950 again. A break of neckline around 7800 would point to a drop to around 6900 on this chart, about a 14% slide from here. $SPY $SPX Watching for confirmation pic.twitter.com/ahGsDsG8D5

— Michael Sroga, CMT (@M_Sroga) May 12, 2020

DJ Euro Stoxx50 beginning to roll over
When short, be short the weakest in category. When long, be long the strongest (NASDAQ)
Corrected only 48% of decline
Close below 1745 could bring bears out of hibernation$EX_F pic.twitter.com/6xGJlGevhW

— Peter Brandt (@PeterLBrandt) May 13, 2020

The Volatility of Volatility ($VVIX) index has seen an impressive charge these past two days. Here it is with the 2-day rate of change below and the $SPX overlaid in blue pic.twitter.com/1P6npwMYIY

— John Kicklighter (@JohnKicklighter) May 13, 2020

$BKX/$NDX ratio vs 200 DMA

Not many times in last 30yrs with a wider divergence pic.twitter.com/hZ9B3vKKRp

— Jonathan Krinsky,CMT (@jkrinskypga) May 13, 2020

you can try to pitch my on your thesis about why real estate is a-ok but this chart tells me what I need to know. any other opinion is meaningless (to me). if “big” REITs have stock prices like this, the market is speaking. all we have to do is listen. pic.twitter.com/j1GUn5WAdM

— David Cox, CMT, CFA (@DavidCoxRJ) May 13, 2020

Made a new chart pic.twitter.com/82clj7ITFO

— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) May 13, 2020