Daily Chart Report ? Tuesday, May 11th, 2021
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Today’s Summary
Tuesday, May 11th, 2021
Indices: US Stocks closed lower in today's session with the Dow Jones Industrial Average dropping 474 points or 1.36%. The S&P 500 fell 0.87%, while the Nasdaq managed to close flat (0.08%). The Russell 2000 slipped 0.26%.
Sectors: Materials was the only sector that closed higher, rising 0.33%. Energy lagged, dropping 2.57%.
Commodities: Crude Oil futures moved higher by 0.82% to $65.45 per barrel. Gold futures were flat and continue to trade around $1,836 per ounce.
Currencies: The US Dollar Index inched lower by 0.12%.
Interest Rates: The 10-year US Treasury continued higher to 1.625%.
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 by Andrew Thrasher (@AndrewThrasher). Andrew highlights one bright spot within yesterday's ugly price action. The S&P 500 logged its first 1% drop in 35 trading days yesterday, which was the longest streak without a 1% decline since November 2019. However, 44% of the stocks within the S&P 500 reached 52-week highs, marking the highest percentage of new 52-week highs in over 20-years. In other words, there was a new high in new highs even while the index dropped 1%. If this is a major cyclical top, you'd expect to see a deterioration in new highs, rather than an expansion in new highs like what we saw yesterday.
Quote of the Day
"It’s only when the tide goes out that you learn who’s been swimming naked."
– Warren Buffett
Top Links
Record Highs in 52-Week Highs - Bespoke
Bespoke takes a look at the expansion in new 52-week highs.
Non-Confirmations Show Creeping Correction That Could Expand - StockCharts.com
Arthur Hill points out that several major indices are diverging from the S&P 500 including, the Nasdaq 100, the Russell 2000, Semiconductors, and Software.
Technology's Weakness Extends Beyond the Largest Stocks - Potomac Fund Management
Dan Russo examines the strongest and weakest sectors of the S&P 500.
Fixed Income, Commodities & Currencies - My Conversation w/ Paul Ciana, CMT Bank of America Merrill Lynch - Technical Analysis Radio
In this podcast, Paul Ciana and JC Parets discuss some of the noteworthy developments outside of stocks.
‘With Big Upside Reward Comes Big Trading Risk’: Oppenheimer on Latest Crypto Moves - CNBC
In this clip, Ari Wald offers his technical perspective on Cryptocurrencies.
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