Daily Chart Report ? Tuesday, May 26th, 2020
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Today’s Summary
Tuesday, May 26th, 2020
Indices: US Stocks kicked off the abbreviated week on a positive note with the Dow Jones Industrial Average advancing 530 points or 2.17%. The Nasdaq inched up 0.17%, while the S&P 500 gained 1.23%. Small-Caps outperformed with the Russell 2000 jumping 2.77%.
Sectors: Financials led, gaining 5.20%. Health Care lagged, slipping 0.18%.
Commodities: The July Crude Oil futures contract inched lower by just 0.17% to $33.35 per barrel. Gold futures fell 1.30% to $1,706 per ounce.
Currencies: The US Dollar Index dropped 0.80%.
Interest Rates: The US 10-year Treasury yield rose to 0.701%.
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 Andrew Thrasher (@AndrewThrasher). The S&P 500 spent the majority of today’s session above its 200-day moving average and was on track for its first close above it in 56 trading days. Unfortunately for the bulls, we ended up closing just a hair below it. Since 1950, there have only been two prior instances where the S&P 500 spent at least 50-days below the 200-day moving average, tested it intraday but failed to close above it. The first was in May 1982, and the second was in May 2008. This is a crucial test for the index. The bulls need price to close and hold above it for a few sessions to confirm a breakout. For more on this, check out this other chart from Andrew.
Quote of the Day
– Paul Tudor Jones II (Hedge Fund Manager)
Top Links
The S&P 500 Breaks 3,000…Again – Crossing Wall Street
Here’s a quick note from Eddy Elfenbein, in which he takes the pulse of today’s market.
Copper Indications – SunSoft Analytics
Bhagyashree Urdhwareshe shares her thoughts on the recent strength in Copper.
Why I’m DART-ing Away From Retail Trading Data – All Star Charts
Steve Strazza weighs-in on the recent surge in retail trading activity.
I Hated Buying Equities in April…But I Did it Anyway – PortfolioWise
Dan Russo discusses the importance of recognizing your cognitive biases when it comes to trading/investing.
The Dips Keep Getting Bought – Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon and Ivanhoff highlight some of the strongest stocks, trends, and themes across the market.
Top 10 Tweets
You’re all caught up now. Thanks for reading!