Daily Chart Report ? Wednesday, May 18th, 2022
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Today’s Summary
Wednesday, May 18th, 2022
Indices: Russell 2000 -3.56% | Dow -3.57% | S&P 500 -4.04% | Nasdaq 100 -5.06%
Sectors: All 11 sectors closed lower. Utilities led, but still fell -0.97%. Consumer Discretionary lagged, tumbling -6.54%.
Commodities: Crude Oil futures dropped -4.92% to $106.87 per barrel. Gold futures fell -0.21% to $1,819 per ounce.
Currencies: The US Dollar Index gained +0.60%.
Crypto: Bitcoin fell -3.88% to $29,243. Ethereum dropped -5.85% to $1,966.
Interest Rates: The US 10-year Treasury yield moved lower to 2.889%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Alfonso Depablos (@AlfCharts). It's a weekly candlestick chart of the Dow Jones Transportation Average over the past five years. Transports suffered their worst decline in nearly two years today and closed at a fresh 52-week low. More importantly, Alfonso points out that it sliced through crucial support around 14,000. Transports are an important bellwether for both the Stock Market and the Economy. This weakness is nothing new, but it's gotten worse, and it continues to be a major red flag.
Quote of the Day
"I decided to let my stop loss decide."
- Nicholas Darvas
Top Links
Six Things to Know About Bear Markets - LPL Financial Research
The team at LPL Financial Research shares some stats about bear markets.
Overwhelming Supply of Stocks - All Star Charts
JC Parets offers his outlook on the S&P 500.
Is It Finally Time to Target the S&P 500 After 6 Weeks of Losses? - Schaeffer's Investment Research
Rocky White examines how the S&P 500 has historically performed after six consecutive down weeks.
Walmart's Stock Decline Hits Major Price Support...Bulls Hopping So!!
Chris Kimble breaks down a chart of Walmart ($WMT) after two days of brutal selling.
Stock Market Video Analysis 5/18/22 - AlphaTrends
In this quick video, Brian Shannon analyzes recent price action and lays out some levels of interest to watch in the remainder of the week.
Top Tweets
You’re all caught up now. Thanks for reading!