Daily Chart Report ? Tuesday, May 31st, 2022
Sponsored By:
Today’s Summary
Tuesday, May 31st, 2022
Indices: Nasdaq 100 -0.31% | S&P 500 -0.63% | Dow -0.67% | Russell 2000 -1.26%
Sectors: Consumer Discretionary was the only sector that closed higher, gaining +0.51%. Materials lagged, falling -1.52%.
Commodities: Crude Oil futures slipped -0.35% to $114.67 per barrel. Gold futures fell -0.48% to $1,848 per ounce.
Currencies: The US Dollar Index rose +0.48%.
Crypto: Bitcoin was unchanged at $31,719. Ethereum dropped -2.72% to $1,942.
Interest Rates: The US 10-year Treasury yield rose to 2.848%.
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 Ian McMillan (@the_chart_life). The Russell 2000 has rebounded 9% after successfully testing long-term support. However, it's still down more than 23%, and as Ian points out, it remains stuck under an important resistance level around 1900. This level was support in January, February, and March, but it eventually broke in April. It also coincides with the VWAP from the Covid lows (blue). If it can break above 1900, the next major resistance level is about 10% higher around 2100. If it gets rejected here, it would suggest further pain for the broader market. Either way, there will be some valuable information to be gleaned from how this test plays out.
Quote of the Day
“There's a psychological benefit to tossing the bums out: The names disappear from the monthly brokerage statements; we're no longer reminded of our mistakes.”
- Peter Lynch
Top Links
Will There Be A June? Maybe, But Maybe Not - LPL Financial Research
Ryan Detrick shares some insights on how the S&P 500 has historically performed in June.
Massive Top Formation Compleated - StockCharts.com
Julius de Kempenaer breaks down a long-term chart of Growth vs. Value.
A Nice Rebound That Does Nothing to Change the Prevailing Trends - Potomac Fund Management
Dan Russo highlights the strongest/weakest sectors of the S&P 500.
Beach Ball - The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the most noteworthy technical developments to keep an eye on in the near term.
Chart of the Day: 9 Weeks in a Row... - All Star Charts
JC Parets takes a look at Bitcoin sentiment after a record nine-week losing streak.
Top Tweets
You’re all caught up now. Thanks for reading!