Daily Chart Report ? Wednesday, May 12th, 2021
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Today’s Summary
Wednesday, May 12th, 2021
Indices: US Stocks continued lower in today's session with the Dow falling 682 points or 1.99%. The S&P 500 and Nasdaq dropped 2.14% and 2.67%, respectively. The Russell 2000 underperformed, tumbling 3.26%.
Sectors: 10 of the 11 sectors closed lower. Energy was the only sector that closed higher, rising 0.48%. Consumer Discretionary lagged, dropping 3.39%.
Commodities: Crude Oil futures moved higher by 0.96% to $66.08 per barrel. Gold futures dropped 0.72% to $1,823 per ounce.
Currencies: The US Dollar Index gained 0.67%.
Interest Rates: The 10-year US Treasury continued higher to 1.702%.
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 Katie Stockton (@StocktonKatie). A lot of analysts have been pointing to this chart recently. It's an analog chart comparing the current recovery (white) to the 2009 recovery (pink). As we know, history doesn't always repeat exactly so analog charts need to be taken with a grain of salt. That being said, the current recovery has tracked the 2009 recovery very well so far. Coming off the 2009 low, the S&P 500 rallied about 80% over the course of about 14 months before stalling out for the next 6 months. Here we are today, up about 80% in the past 14 months since the March 2020 low. Keep in mind we're also facing seasonal headwinds as we enter the "worst six months" for the S&P 500 (May-November). Will the S&P 500 continue following the path of the 2009 recovery? If so, we could be due for some turbulence in the coming months.
Quote of the Day
“That men do not learn very much from the lessons of history is the most important of all the lessons of history.”
– Aldous Huxley
Top Links
Apple (AAPL) Falls From the Tree - Bespoke
Bespoke points out that the largest stock in the world just closed below its 200-day moving average for the first time in more than a year.
ARK ETF About to Fall Another 30%? - Kimble Charting Solutions
Chris Kimble takes a look at a bearish pattern forming on the chart of the popular ARK innovation ETF, $ARKK.
2021 is not 2020 - All Star Charts
JC Parets explains why he's short the Nasdaq.
Why Big Tech is Tuesday's Main Focus - StockCharts.com
Mish Schnieder lays out some key levels to watch in the remainder of the week.
Gold Stocks Glitter Despite a Pause for Broader Equity Averages - Potomac Fund Management
Dan Russo shares his thoughts on this week's price action and points out that gold stocks are showing relative strength.
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