Daily Chart Report ? Tuesday, May 25th, 2021

Today’s Summary
Tuesday, May 25th, 2021

Indices: US Stocks closed slightly lower in today’s session with the Dow slipping 82 points or 0.24%. The S&P 500 fell 0.21%, while the Nasdaq was more or less flat (0.03%). The Russell 2000 underperformed, falling 0.97%.

Sectors: 4 of the 11 sectors closed higher. Consumer Discretionary led, rising 0.32%. Energy lagged, dropping 2.03%.

Commodities: Crude Oil futures were flat (0.09%), and continue to trade around $65.99 per barrel. Gold futures rose 0.72% to a four-month high of $1,898 per ounce.

Currencies: The US Dollar Index slipped 0.18% to a four-month low.

Interest Rates: The 10-year US Treasury yield fell to 1.559%.

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 Greg Rieben (@gregrieben). It’s a weekly candlestick chart of  WTI Crude Oil futures over the past three years. Greg points out that Crude Oil is testing an important level of around $66 per barrel. This level has acted as resistance three times over the past two years. Generally speaking, the more times a level is tested, the more likely it is to break through. Think of it like hitting a brick wall with a sledgehammer. You might not break through the wall on the first attempt, but each time you hit it, the wall becomes weaker and weaker until you eventually smash through it. It’s also worth noting that Crude Oil’s bullish seasonal pattern doesn’t peak until late September. So, a move higher throughout the Summer months would be in line with seasonality. Will the fourth time be the charm for Crude Oil? Or, will $66 act as resistance once again? Stay tuned!

Quote of the Day

“The greatest value of a picture is when it forces us to notice what we never expected to see.”

– John Tukey