Daily Chart Report ? Friday, May 28th, 2021
Sponsored By:
Today’s Summary
Friday, May 28th, 2021
Indices: US Stocks were little changed ahead of the long weekend. The Dow inched higher by 65 points or 0.19%. The S&P 500 and Nasdaq were both pretty flat (0.08% and 0.09%). The Russell 2000 underperformed, inching lower by 0.18%.
Sectors: 7 of the 11 sectors closed higher. Real Estate led, rising 0.67%. Communications lagged, slipping 0.33%.
Commodities: Crude Oil futures fell 0.33% to $66.63 per barrel. Gold futures rose 0.41% to the highest level in nearly five months at $1,906 per ounce.
Currencies: The US Dollar Index was flat (0.06%).
Interest Rates: The 10-year US Treasury yield slipped to 1.591%.
**Reminder** The US Stock Market and Bond Market will both be closed on Monday, May 31st, in observance of Memorial Day. Enjoy the long weekend!
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 Michael Antonelli (@BullandBaird). It’s a daily bar chart of the popular Ark Innovation ETF, $ARKK, over the past eight months. The top holdings in this ETF include Tesla ($TSLA), Teledoc ($TDOC), Roku ($ROKU), Square ($SQ), and Shopify ($SHOP). Due to its heavy weighting toward growth/tech stocks, this ETF has become a good proxy for the average retail portfolio out there. Michael points out that the 50-day moving average (blue) and the 200-day moving average (blue) have pinched together to form a confluence of resistance around $115. We haven’t seen the infamous Death Cross just yet, but you know it’s coming. $ARKK kissed the 200-day in today’s session, but we closed the week at $112, below both moving averages. If we happen to get above these two moving averages in the near term, the risk is to the upside. But as long as we’re below, the risk is to the downside. Keep an eye on how $ARKK behaves next week!
Quote of the Day
"This nation will remain the land of the free only so long as it is the home of the brave."
– Elmer Davis
Top Links
Weekly Market Performance - Commodity Strength - LPL Financial Research
The team at LPL highlights some key takeaways from this week's price action.
What if These Don't Resolve Higher? - All Star Charts
JC examines some tight consolidations that have formed in Materials ($XLB), and Financials ($XLF).
#ASKDAVID - David Cox
In this quick video, David Cox shares his perspective on some noteworthy technical developments.
Stocks' Hot Vax Summer Might Feel a Little Cold and Rocky: Strategist - Yahoo Finance
Callie Cox of Ally Invest weighs in on the Summer doldrums.
A ‘Bloody Crypto’ Memorial Day Weekend? Some Bitcoin Bulls Are Dreading the Long U.S. Holiday Break - Market Watch
Katie Stockton outlines the levels she's watching on Bitcoin this weekend.
Top Tweets
You’re all caught up now. Thanks for reading!