Daily Chart Report ? Thursday, May 12th, 2022
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Today’s Summary
Thursday, May 12th, 2022
Indices: Russell 2000 +1.24% | S&P 500 -0.13% | Nasdaq 100 -0.18% | Dow -0.33%
Sectors: 6 of the 11 sectors closed higher. Communications led, gaining +1.09%. Tech lagged, falling -1.03%.
Commodities: Crude Oil futures rose +0.40% to $106.13 per barrel. Gold futures dropped -1.57% to a three month low of $1,825 per ounce.
Currencies: The US Dollar Index gained +0.72% to its highest level since 2002.
Crypto: Bitcoin fell -1.30% to $28,612. Ethereum dropped -7.43% to $1,918.
Interest Rates: The US 10-year Treasury yield moved lower for the fourth straight day to 2.852%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Louis Spector (@EastCoastCharts). It's a daily candlestick chart of Apple Inc. ($AAPL) over the past two years. Apple has held up relatively well this year, however, it's finally starting to cave this week with the stock closing at a six-month low today. Louis points out that its currently testing a crucial level around $135-$140. Keep in mind, this is the largest stock in both the S&P 500 and the Nasdaq 100. It has a bigger impact on the S&P 500 than the entire Energy sector. The indices are already in a delicate place and do not need another heavyweight breaking down. Will buyers step in at this key level, or, will Apple be the final shoe to drop?
Quote of the Day
"One of the things you learn in this business is humility because you see your mistakes the next day."
- Walter Schloss
Top Links
Frowny Faces - All Star Charts
JC Parets takes a look at some of the topping patterns that have formed.
Apple's Fall is Endemic of a Bear Market, Says Renaissance Macro's Jeff DeGraaf - CNBC
Jeff DeGraaf shares his thoughts on the recent weakness in $AAPL.
Sentiment Just Like Other Bear Markets - Bespoke
Bespoke breaks down the results of the most recent AAII Sentiment Survey.
Is the Commodities Bull Market Nearing Another Breakout Buy Signal? - Kimble Charting Solutions
Chris Kimble points out that the Commodities ETF, $DBC, is attempting to breakout again.
Oh Great, Here Comes Friday the 13th - LPL Financial Research
The team at LPL Financial Research offers some interesting stats that put the recent weakness into perspective.
Top Tweets
You’re all caught up now. Thanks for reading!