Daily Chart Report ? Tuesday, May 24th, 2022
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Today’s Summary
Tuesday, May 24th, 2022
Indices: Dow +0.15% | S&P 500 -0.81% | Russell 2000 -1.56% | Nasdaq 100 -2.20%
Sectors: 5 of the 11 sectors closed higher. Utilities led, gaining +2.00%. Communications lagged, dropping -3.55%.
Commodities: Crude Oil futures slipped -0.47% $109.77 per barrel. Gold futures rose +0.95% to $1,865 per ounce.
Currencies: The US Dollar Index fell -0.32%.
Crypto: Bitcoin rose +1.78% to $29,583. Ethereum inched higher by +0.38% to $1,979.
Interest Rates: The US 10-year Treasury yield fell to 2.754%.
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 Steve Strazza (@sstrazza). The Consumer Discretionary sector is now the worst-performing sector year-to-date, down 32.5%. This is an extremely important sector for both the Stock Market and the Economy because it reflects the appetite for consumption. Steve points out that it’s down more than 20% vs. the S&P 500 for the first time in more than a decade. The past two times that Consumer Discretionary entered into bear market territory on a relative basis like this were in 2007 and 2000. Both instances marked major tops in the S&P 500. Could Discretionary stocks once again be hinting at another waterfall decline for the S&P 500?
Quote of the Day
“Speculation is dealing with the uncertain conditions of the unknown future. Every human action is a speculation in that it is embedded in the flux of time.”
– Ludwig von Mises
Top Links
The Market Will Do What the Market Will Do – Tom Basso
Market Wizard, Tom Basso shares his thoughts on the current environment.
Massive Sector Performance Spreads – Bespoke
Bespoke looks at the huge spread between the best-performing sector and the worst-performing sector.
Looking for Less Bad | Who Charted? – Potomac Fund Management
In this video, Dan Russo and Drew Wells highlight six noteworthy charts in six minutes.
Can Treasury Bonds (TLT) Reverse Higher From Historic Oversold Level? – Kimble Charting Solutions
Chris Kimble points out that TLT is attempting to print a large bullish reversal candle on the monthly chart.
Quiet Trading Before Memorial Day, Thursday Best – Almanac Trader
Seasonality expert, Jeff Hirsch examines how stocks have historically performed before Memorial Day.
Top Tweets
You’re all caught up now. Thanks for reading!