Daily Chart Report ? Tuesday, May 18th, 2021
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Today’s Summary
Tuesday, May 18th, 2021
Indices: US Stocks closed lower in today’s session with the Dow Jones Industrial Average falling 267 points or 0.78%. The S&P 500 and Nasdaq dropped 0.85% and 0.78%, respectively. The Russell 2000 slipped 0.73%.
Sectors: 2 of the 11 sectors closed higher. Real Estate led, inching up 0.19%. Energy lagged, falling 2.32%.
Commodities: Crude Oil futures fell 1.16% to $65.50 per barrel. Gold futures were flat and continue to trade around $1,868 per ounce.
Currencies: The US Dollar Index dropped 0.45% to a four-month low.
Interest Rates: The 10-year US Treasury fell to 1.637%.
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 Nautilus Research(@NautilusResearch). It’s a chart of Gold over the past six decades. There’s been a lot of chatter about Gold this week, and rightfully so. The yellow metal reached a five-month high around $1,870 per ounce today. Also, It’s begun to outperform Stocks and even Bitcoin over the past month. You may remember, Gold broke out to an all-time high last summer for the first time in nine years. A lot of chart watchers were expecting a multi-year bull market for Gold from there given the massive base it had formed. However, the rally was very short-lived. It rallied about 7% over the course of just 8 days before topping out around $2,070. It then spent the majority of the past year correcting nearly 20% from its highs. Nautilus points out that each generational breakout in the past has seen a similar type of ‘stumble’ or corrective phase before the rally gained traction. Price is still about 10% below its all-time high, but it’s looking like the bull market in Gold that everyone was anticipating last summer could be back on the table.
Quote of the Day
“When everyone is looking for gold, it’s a good time to be in the pick and shovel business.”
– Mark Twain
Top Links
Short Their Optimism – All Star Charts
JC Parets highlights some tell-tale signs of excessive optimism in the stock market.
One Eye on “Reflation” Sectors, One Eye on Defensive Sectors – Potomac Fund Management
Dan Russo examines the strongest/weakest sectors within the S&P 500.
GDX Bull Flag Breakout Sends Bullish Message to Gold Mining Stocks – Kimble Charting Solutions
Chris Kimble breaks down a chart of the Gold Mining ETF, $GDX.
Renaissance Macro’s Jeff deGraaf Discusses Bitcoin’s Pullback – CNBC
In this clip, Jeff deGraaf offers his technical perspective on Bitcoin.
These Are The Key Support Levels Bitcoin and Ether Need to Hold to Prevent Further Downside, Technical Analyst Says – Business Insider
Katie Stockton lays out some key price levels to watch in Bitcoin.
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You’re all caught up now. Thanks for reading!