Daily Chart Report ? Monday, May 24th, 2021
Sponsored By:
Today’s Summary
Monday, May 24th, 2021
Indices: US Stocks kicked off the week on a positive note with the Dow Jones Industrial Average advancing 186 points or 0.54%. The S&P 500 and Nasdaq rose 0.99% and 1.41%, respectively. The Russell 2000 closed higher by 0.54%.
Sectors: 10 of the 11 sectors closed higher. Communications led, rising 1.80%. Utilities was the only sector to close lower, inching down 0.18%.
Commodities: Crude Oil futures jumped 3.85% to $66.03 per barrel. Gold rose 0.26% to $1,882 per ounce.
Currencies: The US Dollar Index fell 0.22%.
Interest Rates: The 10-year US Treasury moved lower to 1.603%.
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 Steve Strazza (@sstrazza). The chart shows the US Dollar/Chilean Peso currency pair over the past 12-years (USD/CLP), along with an inverted chart of Copper futures. Chile is the largest Copper producer out there. As a result, the Chilean Peso is a good indicator for Copper prices. When the Chilean Peso is strengthening vs. the US Dollar, Copper prices tend to be rising and vice versa. In a comment to The Chart Report, Steve said, “A lot of people are expecting Copper to continue higher here. And I get it, it’s in a strong uptrend and breaking out of a decade-long base. But this correlation is as tight as it gets, and as long as USD/CLP it’s above 700 like it is now, Copper probably won’t be able to continue much higher.”
Quote of the Day
“Work gives you meaning and purpose, and life is empty without it.”
– Stephen Hawking
Top Links
Value to Growth Rotation is Slowing Down – StockCharts
Julius de Kempenaer examines the tug-of-war between Growth and Value.
The Latest #Bitcoin Activity: Willie Delwiche Assesses What’s Next – TD Ameritrade Network
In this clip, Willie Delwiche offers his perspective on the recent Bitcoin volatility.
Setups in Tech – Alpha Charts
Brian at AlphaCharts takes a look at some attractive setups in Tech.
Bitcoin Volatility Explodes – Bespoke
Bespoke puts the recent Crypto volatility into perspective.
Tim Apple – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the major technical development across the markets.
Top Tweets
You’re all caught up now. Thanks for reading!