Daily Chart Report ? Thursday, May 19th, 2022
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Today’s Summary
Thursday, May 19th, 2022
Indices: Russell 2000 +0.08% | Nasdaq 100 -0.44% | S&P 500 -0.58% | Dow -0.75%
Sectors: 3 of the 11 sectors closed higher. Materials led, gaining +0.71%. Consumer Staples lagged, falling -1.78%.
Commodities: Crude Oil futures moved higher by +2.66% to $109.89 per barrel. Gold futures rose +1.38% to $1,841 per ounce.
Currencies: The US Dollar Index dropped -1.00%.
Crypto: Bitcoin rebounded +5.24% to $30,171. Ethereum rose +4.92% to $2,006.
Interest Rates: The US 10-year Treasury yield fell to 2.839%.
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 Sykes (@haumicharts). A couple of weeks ago, the Dollar Index broke through long-term resistance around $104, hitting its highest level in two decades. However, Louis points out that it’s beginning to look like a failed breakout. As we know, failed breakouts are often followed by sharp moves in the opposite direction, which in this case is lower. The Dollar’s relentless rise has put pressure on Stocks, and other risk assets this year. A potentially weaker Dollar could be the catalyst that bulls need for a rebound rally in the coming weeks.
Quote of the Day
“In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about it.”
– Seth Klarman
Top Links
Sentiment Little Changed – Still Bearish – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Fibonacci Retracement Levels – Almanac Trader
Jeff Hirsch lays out some key Fibonacci levels to watch on the S&P 500.
Unique Commodity Indicator Pointing to Treasury Bond Rally – Kimble Charting Solutions
Chris Kimble points out that the Copper/Gold Ratio is hinting at a pullback in Interest Rates.
Bonds Reach a Critical Inflection Point – All Star Charts
The team at All Star Charts takes a look at a potential rebound for Bonds.
Top Tweets
You’re all caught up now. Thanks for reading!