Chart of the Day - Monday, May 15, 2023

Today’s Chart of the Day was shared by Arun Chopra (@FustionptCapital). If this market has been putting you to sleep lately, you're not alone. Arun points out that the most important assets and indices have stalled at major long-term levels with no decisive resolution. The S&P 500, Gold, and Bonds ($TLT) have been testing resistance for months now. Meanwhile, the US Dollar Index is stabilizing after finding support around $101. Further upside from the Dollar will likely put pressure on the other three. Perhaps they're waiting to see how the debt ceiling debacle plays out. Perhaps they're waiting on the Fed. Or, perhaps, this is just the process of absorbing overhead supply. Regardless of the reason, many key assets continue to be in wait-and-see mode, but the lines in the sand are quite clear.