Daily Chart Report ? Monday, May 17th, 2021
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Today’s Summary
Monday, May 17th, 2021
Indices: US Stocks closed slightly lower to start the week. The Dow inched lower by 54 points or 0.16%. The S&P 500 and Nasdaq slipped 0.25% and 0.38%, respectively. The Russell 2000 outperformed and managed to close higher by 0.11%.
Sectors: 4 of the 11 sectors closed higher. Energy led, gaining 2.32%. Utilities lagged, falling 0.82%.
Commodities: Crude Oil futures rose 1.55% to the highest level in more than two years at $66.38 per barrel. Gold futures jumped 1.60% to $1,868 per ounce.
Currencies: The US Dollar Index inched lower by 0.10%.
Interest Rates: The 10-year US Treasury rose to 1.652%.
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 Ian McMillan (@the_chart_life). It's a ratio chart of Gold Futures vs. Bitcoin over the past year. A few weeks ago, Ian pointed out that Ethereum was breaking out vs. Bitcoin, and that pair has gone vertical since then. Now, Ian is pointing out that Gold is starting to breaking out relative to Bitcoin. In a comment to the Chart Report, Ian said, "This one is interesting from a sentiment perspective. I've had old friends reach out to me recently wondering when they should buy Bitcoin. Meanwhile, nobody is asking me when to buy Gold despite the fact that it has actually outpaced Bitcoin by a decent margin over the past month (Gold +7% vs. BTCUSD -30% over the past month). It's hard for me to get excited about Bitcoin right now when even one of the most unloved assets (Gold) is beginning to outperform it."
Quote of the Day
“Amateurs know the rules, but experts know the exceptions.”
– Ralph Acampora
Top Links
Cash & Champagne - All Star Charts
JC Parets shares his thoughts on the current market environment.
Recovery Stocks On the Move Again - Momentum Monday
In their weekly Momentum Monday show, Howard Lindzon and Ivanhoff highlight the hottest stocks, trends and themes across the markets.
Active Manager Sentiment Sinks - Bespoke
Bespoke examines the recent drop in bullish sentiment.
Shake & Bake - The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some noteworthy technical developments on their radar.
Stocks and the Hot Vax Summer - Ally Invest
Here's a good read for financial advisors, in which Callie Cox explains how investors should approach the summer doldrums.
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Top Tweets
$GDX closes at its highest level since Nov '20. pic.twitter.com/BTzrnIwOca
— Shane C. Murphy (@murphycharts) May 17, 2021
You’re all caught up now. Thanks for reading!