Daily Chart Report ? Thursday, May 26th, 2022
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Today’s Summary
Thursday, May 26th, 2022
Indices: Nasdaq 100 +2.79% | Russell 2000 +2.17% | S&P 500 +1.99% | Dow +1.61%
Sectors: 10 of the 11 sectors closed higher. Consumer Discretionary led, gaining +4.90%. Real Estate was the only sector that closed lower, slipping -0.11%.
Commodities: Crude Oil futures rose +3.41% to $114.09 per barrel. Gold futures ticked higher by +0.07% to $1,848 per ounce.
Currencies: The US Dollar Index fell -0.31%.
Crypto: Bitcoin inched higher by +0.20% to $29,570. Ethereum dropped -5.40% to $1,836.
Interest Rates: The US 10-year Treasury yield inched higher to 2.751%
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 Shane Murphy (@murphycharts). It’s a daily candlestick chart of the Russell 2000 over the past five years. A couple of weeks ago, Shane pointed out that the Russell 2000 was testing a major level around 1750-1700. This level acted as resistance in 2018 and 2020, and now it’s acting as support, with the Russell up 7% from its recent lows. As we know, Small-Caps often lead the broader market higher or lower, so this is encouraging for the bulls. However, the index is still 25% off its highs, and there is a lot of overhead supply to clear. The next resistance level to watch is around 1950. This level was support in January, February, and March until it eventually broke in April. 1950 also coincides with the VWAP from the Covid lows, so we’ll see how the index behaves if it gets to that key level in the near term.
Quote of the Day
“You should be far more concerned with your current trajectory than with your current results.”
– James Clear
Top Links
One of the Worst Starts Ever After 100 Days, But There Is Hope – LPL Financial Research
Ryan Detrick looks at how the S&P 500 has historically performed in the remainder of the year after a horrible first 100 days.
Bulls Back Below 20% – Bespoke
Bespoke analyzes the results of the latest AAII Sentiment Survey.
Finally Something Postive to Say About Breadth – Potomac Fund Management
Dan Russo points out some signs of breadth improvement.
This Week in Charts (5/26/22) – Charlie Bilello
In this video, Charlie Bilello walks through several noteworthy charts.
Top Tweets
You’re all caught up now. Thanks for reading!