Daily Chart Report ? Friday, May 13th, 2022
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Today’s Summary
Friday, May 13th, 2022
Indices: Nasdaq 100 +3.70% | Russell 2000 +3.06% | S&P 500 +2.39% | Dow +1.47%
Sectors: All 11 sectors closed higher by 1% or more. Consumer Discretionary led, gaining +3.94%. Health Care lagged, but still rose +1.06%.
Commodities: Crude Oil futures moved higher by +4.11% to $110.49 per barrel. Gold futures dropped -0.90% to a three-month low of $1,808 per ounce.
Currencies: The US Dollar Index snapped a six-day winning streak, falling -0.27%.
Crypto: Bitcoin rose +1.75% to $29,401. Ethereum gained +4.22% to $2,037.
Interest Rates: The US 10-year Treasury yield rose to 2.922%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Brian Shannon (@alphatrends). It’s a daily candlestick chart of the S&P 500 ETF ($SPY) since the beginning of the pandemic. Brian points out that $SPY rebounded right at the Volume Weighted Average Price (VWAP) from Covid lows. This is essentially the average price ($384) that buyers and sellers have transacted at since the last bear market ended. Other indices, like the Nasdaq and the Russell 2000, remain below their respective VWAPs from the Covid low. So, the coast isn’t exactly clear, but this is a much-needed victory for the bulls. If $SPY eventually breaks this VWAP it would be a major red flag.
Quote of the Day
“Sometimes the questions are complicated and the answers are simple.”
– Dr. Seuss
Top Links
VWAP Stikes Again – The Chart Report
In this video, Steve Strazza and I recap this week’s price action and take a look at what could be next for the markets.
Being Short or Defensive in the Downtrend – TD Ameritrade Network
Legendary trader, Jerry Parker shares his thoughts on recent price action.
Breaking Down the Major Averages | 5 Charts – LPL Financial Research
Ryan Detrick and Scott Brown highlight five noteworthy charts to keep an eye on.
Tech Tries to Thrust – StockCharts.com
Greg Schnell examines the carnage in Tech stocks.
The Two Types of Bear Markets – A Wealth of Common Sense
Ben Carlson examines the difference between recessionary bear markets and non-recessionary bear markets.
Top Tweets
You’re all caught up now. Thanks for reading!