Daily Chart Report π Monday, May 15, 2023
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Todayβs Summary
Monday, May 15, 2023
Indices: Russell 2000 +1.19% | Nasdaq +0.55% | S&P 500 +0.30% | Dow +0.14%
Sectors: 7 of the 11 sectors closed higher. Materials led, gaining +0.85%. Utilities lagged, falling -1.26%.
Commodities: Crude Oil futures gained +1.53% to $71.11 per barrel. Gold futures inched higher by +0.14% to $2,023 per oz.
Currencies: The US Dollar Index fell -0.27% to $102.42.
Crypto: Bitcoin rose +1.52% to $27,343. Ethereum gained +1.38% to $1,825.
Interest Rates: The US 10-year Treasury yield rose to 3.508%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Arun Chopra (@FustionptCapital). If this market has been putting you to sleep lately, youβre not alone. Arun points out that the most important assets and indices have stalled at major long-term levels with no decisive resolution. The S&P 500, Gold, and Bonds ($TLT) have been testing resistance for months now. Meanwhile, the US Dollar has stabilized after finding support around $101. Further upside from the Dollar will likely put pressure on the other three. Perhaps theyβre waiting to see how the debt ceiling debacle plays out. Perhaps theyβre 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.
Quote of the Day
βThe most important lessons in investing are learned in the tough times.β
β Howard Marks
Top Links
Ending the Sloppy Choppy Phase β StockCharts.com
David Keller outlines what heβs watching to confirm the onset of a new trend in the
S&P 500 after weeks of sideways price action.
Four Reasons Iβm Positive on the Market β Joe Fahmy
Joe Fahmy shares his optimistic view of current market conditions.
Midway Through May, DJIA Logs its Second Daily Gain β Almanac Trader
Jeff Hirsch points out that the last four days of May have historically been a bright spot.
The Commodities Landscape in 10 Charts β Grindstone Intelligence
Austin Harrison highlights ten noteworthy charts in the Commodities space.
Economic Slowdown, Falling Interest Rates and Inflation? This Ratio Says Yes! β Kimble Charting Solutions
Chris Kimble examines the Copper/Gold Ratio and what it could suggest about Stocks, Yields, and the Economy.
Top Tweets
In Case You Missed Itβ¦
Trendlines over Headlines with Guest Todd Sohn β The Chart Report
In this episode, Todd Sohn, ETF & Technical Strategist at Strategas Research, joined us to discuss the narrow leadership in the S&P 500, the outlook for Energy Stocks, Banks, Gold, and more!
The Buzz π Edition No. 11 β The Chart Report
Check out the latest edition of The Buzz β our new report where we identify and profit from the most talked about stocks on social media.
Technical Tuesdays π with The Chart Report β Twitter Spaces
Set a reminder to join us on Twitter Spaces tomorrow at 11:30 AM ET.