Daily Chart Report ? Friday, May 29th, 2020
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Today’s Summary
Friday, May 29th, 2020
Indices: US Stocks were mixed in Friday’s session. The Dow Jones Industrial Average closed more or less flat, changing just 18 points or 0.07%. The S&P 500 and Nasdaq rose 0.48% and 1.29%, respectively. The Russell 2000 closed lower by 0.47%.
Sectors: Technology led, gaining 1.26%. Financials lagged, falling 1.14%.
Commodities: The July Crude Oil futures contract moved higher by 4.78% to $35.32 per barrel. Gold futures rose 0.85% to $1,743 per ounce.
Currencies: The US Dollar Index slipped 0.17%.
Interest Rates: The US 10-year Treasury yield fell to 0.658%.
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 Chris Cain (@PythonTrader). It’s a scatter plot showing all the components in the S&P 500. The X-axis shows the 2-week performance, and the Y-axis shows the 6-month performance (excluding the past two weeks). You may have noticed an ongoing rotation out of the leaders and into the beaten-down areas of the market recently. Stocks that had been doing well stopped doing well, and stocks that had been doing poorly have caught a bid. The downward sloping regression line illustrates that the lower the 6-month momentum was, the higher the trailing 2-week return has been (and vice versa). We asked Chris what this means for the broader market, he explained: “To me, this shows a broadening of participation and is bullish.”
Quote of the Day
– Marty Zweig (Trader)
Top Links
What Happened in the Market This Week? – NYSE
In this video, Market Maker, Jay Woods gives a quick recap of this week’s price action in stocks.
Strong Breadth Surge – LPL Financial Research
The team at LPL Financial Research explains the short-term and long-term implications of the recent surge in breadth.
A Wide Spread Between Trends – SentimenTrader
Jason Goepfert examines the wide disparity between the % of S&P 500 stocks above their 50-day moving average and 200-day moving average.
Where Do We (Investors) Stand? – David Cox
In this quick video, Portfolio Manager, David Cox takes a look at some of the noteworthy technical developments going on across the markets.
DJIA Up Seven Straight on June’s First Trading Day – Almanac Trader
Seasonality Expert, Jeff Hirsch, discusses how the major indices have historically performed on the first trading day in June.
Top 10 Tweets
GOLDMAN: “At 20%, the current aggregate index weight of the five stocks with the largest market caps is the highest in history .. Broader participation in the rally will be needed in order for the aggregate S&P 500 index to climb meaningfully higher.” (Kostin)
(2/2) pic.twitter.com/kMYsDESZpO
— Carl Quintanilla (@carlquintanilla) May 29, 2020