Daily Chart Report ? Monday, May 16th, 2022
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Today’s Summary
Monday, May 16th, 2022
Indices: Dow +0.08% | S&P 500 -0.39% | Russell 2000 -0.52% | Nasdaq 100 -1.16%
Sectors: 4 of the 11 sectors closed higher. Energy led by a wide margin, gaining +2.64%. Consumer Discretionary lagged, falling -2.16%.
Commodities: Crude Oil futures rose +3.36% to $114.20 per barrel. Gold futures gained +0.32% to $1,814 per ounce.
Currencies: The US Dollar Index fell -0.27%.
Crypto: Bitcoind moved lower by -4.19% to $29,980. Ethereum dropped -5.36% to $2,030.
Interest Rates: The US 10-year Treasury yield fell to 2.886%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by John Roque (@daChartLife). It's a ratio chart of the Energy sector vs. the Tech sector. The Energy sector continues to be the only place to hide, closing at multi-year highs on both an absolute and relative basis today. It's up more than 50% year-to-date, while the next best sector (Utilities) is up less than 1%. On the other hand, the beloved Tech sector is down more than 22% over the same period. As dramatic as the rotation into Energy has already been, John points out that it could be in its early innings. This sector was shunned by investors over the past decade, as they preferred the more innovative, ESG-friendly stocks that we're outperforming. Now that those stocks are underperforming, will investors chase performance in the only sector that's working?
Quote of the Day
"In a bear market, you have to use sharp countertrend rallies to sell.”
- Bruce Kovner
Top Links
IPOs Rarer and Hurting - Bespoke
Bespoke takes a look at the cooling of the IPO market.
This Chart Says More Downside For S&P 500 - StockCharts.com
David Keller explains that market breadth is suggesting further weakness for the S&P 500.
No Love for Stocks or Bonds, Commodities Hang Tight - Potomac Fund Management
Dan Russo highlights the few pockets of strength within the market.
The Best Days - The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the most important technical developments to be aware of right now.
Microstrategy Stock Crash Gets Crypto Bulls Attention, Key Support Test In Play! - Kimble Charting Solutions
Chris Kimble points out that Crypto stock, Microstrategy ($MSTR), is testing long-term support after a 90% decline.
Top Tweets
You’re all caught up now. Thanks for reading!