Daily Chart Report ? Thursday, May 27th, 2021
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Today’s Summary
Thursday, May 27th, 2021
Indices: US Stocks were mostly higher in today’s session. The Dow rose 142 points or 0.41%. The S&P 500 inched up 0.12%, while the Nasdaq was unchanged (0.01%). The Russell 2000 outperformed, gaining 1.06%.
Sectors: 6 of the 11 sectors closed higher. Industrials led, rising 1.37%. Utilities lagged, falling 0.67%.
Commodities: Crude Oil futures continued higher by 0.97% to $66.85 per barrel. Gold futures inched lower by just 0.14% to $1,899 per ounce.
Currencies: The US Dollar Index was flat (0.05%).
Interest Rates: The 10-year US Treasury yield rose to 1.606%.
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 Andrew Adams (@DayTraderGator). It’s a daily candlestick chart of the Russell 2000 ETF, $IWM, over the past nine months. The Russell 2000 has perked up over the past two sessions and is now outperforming the broader market by a decent margin this week. It has been in a consolidation phase since February. Not surprisingly, this consolidation occurred at the 1.618% Fibonacci extension of the Covid crash. The past few months have been a choppy mess but as Andrew notes, price and momentum have refused to break down in a meaningful way. We’re now firmly above the 50-day moving average, and all-time highs are less than 4% higher from here. Fresh highs would be a clear indication that this consolidation period is over, and that a new uptrend is developing.
Quote of the Day
The stock market is human nature on parade.”
– William O’Neil
Top Links
More and More Investors Are Looking For A Correction – Bespoke
Bespoke analyzes the results of the latest sentiment surveys.
Looking for Short-Term Breadth Metrics to Improve – Potomac Fund Management
Dan Russo highlights some key points about the current market environment.
One Russell 2000 Signal Could Point To a Summertime Rally, Analyst Says – CNBC
Ari Wald offers his technical perspective on the Russell 2000.
Why the Russell 2000 (IWM) Needs to Clear $222.14 – StockCharts
Mish Schneider shares her thoughts on the Russell 2000.
Bearish Or Bullish: What Systemic Risk? – All Star Charts
JC Parets and Julie Alexandria discuss some of the latest developments in Stocks and Crypto.
Top Tweets
You’re all caught up now. Thanks for reading!