Daily Chart Report ? Friday, May 27th, 2022
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Today’s Summary
Friday, May 27th, 2022
Indices: Nasdaq 100 +3.30% | Russell 2000 +2.70% | S&P 500 +2.47% | Dow +1.76%
Sectors: All 11 sectors closed higher by more than 1%. Consumer Discretionary led, for the third straight day, gaining +3.43%. Consumer Staples lagged but still rose +1.16%.
Commodities: Crude Oil futures moved higher by +0.86% to $115.07 per barrel. Gold futures rose +0.53% to $1,852 per ounce.
Currencies: The US Dollar Index slipped -0.12%.
Crypto: Bitcoin fell -1.45% to $28,770. Ethereum dropped -2.48% to $1,746.
Interest Rates: The US 10-year Treasury yield inched lower by 2.743%.
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 Gold vs. Bitcoin over the past year and a half. Bitcoin is on track for its ninth consecutive down week for the first time in its history. It’s currently trading at a fresh 52-week low of 28,300, which is below crucial support around $29-30k. John points out that even Gold is breaking out relative to Bitcoin, which is notable because Gold hasn’t been particularly strong lately either. This ratio has formed an 18-month base in favor of Gold. What’s the point in buying Bitcoin at these prices if even the weakest assets are breaking out relative to it?
Quote of the Day
“It’s easier to win an argument with a genius than an idiot.”
– Gurwinder Bhogal
Top Links
Was That The Low? – The Chart Report
In this week’s show, Steve Strazza and I discuss this week’s rebound.
It’s Over – Bespoke
Bespoke points out that the S&P 500 finally snapped its seven-week losing streak.
Heavy Metal – Potomac Fund Management
Dan Russo shares his outlook on Metals.
Fill the Gap Podcast with Bill Miller IV, CMT, CFA – CMT Association
In this podcast, The CMT Association sits down with money manager, Bill Miller IV.
Stocks Weaker After Memorial Day Recent Years – Almanac Trader
Seasonality expert, Jeff Hirsch examines how stocks have historically performed after Memorial Day.
Top Tweets
You’re all caught up now. Thanks for reading!