Daily Chart Report ? Friday, May 22nd, 2020
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Today’s Summary
Friday, May 22nd, 2020
Indices: US Stocks were mostly higher in today’s session. The Dow Jones Industrial Average was more or less flat, changing just 9 points or 0.04%. The S&P 500 and Nasdaq rose 0.24% and 0.43%, respectively. Small-Caps outperformed, gaining 0.59%.
Sectors: Real Estate led, rising 2.19%. Energy lagged for the second day in a row, falling 0.62%.
Commodities: The July Crude Oil futures contract moved lower by 1.98% to $33.25 per barrel. Gold futures gained 0.79% to $1,736 per ounce.
Currencies: The US Dollar Index moved higher by 0.38%.
Interest Rates: The US 10-year Treasury yield slipped to 0.664%.
**Reminder: The US Stock Market and Bond Market will be closed on Monday in observance of Memorial Day**
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 on Twitter by John Kicklighter (@JohnKicklighter). It’s a daily candlestick chart of the S&P 500 index over the past eight months. As John points out, the index is heading into the long weekend at a tricky spot. Price is right below a confluence of resistance from the 100-day and 200-day moving averages. As you probably know, the 200-day moving average is the most widely watched technical indicator out there. Price is currently less than 2% away from testing it, so you can be sure all eyes will be on it next week. It would be a big win for the bulls if price can push through this congestion area around 3,000-3,100.
Quote of the Day
“Take calculated risks. That is quite different from being rash.”
– George S. Patton (US Army General)
Top Links
What Happened in the Market This Week? – NYSE
In this video, Market Maker, Jay Woods discusses this week’s price action in stocks.
Options Traders Have Been Very Confident -SentimenTrader
Jason Goepfert weighs-in on the low reading in the Put/Call Ratio.
Stock Market Analysis for Week Ending 5/22/20 – AlphaTrends.Net
Here’s Brian Shannon’s weekly video in which he lays out some levels of interest to keep an eye on next week.
Doc Copper Counter-Trend Rally Could Peak Here, Says Joe Friday – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of Copper.
Where Do We (Investors) Stand – David Cox
In this quick video, Portfolio Manager, David Cox takes a look at some noteworthy technical developments going on across the markets.
Top 10 Tweets
$SPX +3.2% for the week. Highest close since the 1st week of March. Working its way higher in this range for 6 weeks. 200-d still untouched pic.twitter.com/gNAuwLajz5
— ukarlewitz (@ukarlewitz) May 22, 2020
You’re all caught up now. Thanks for reading!