Daily Chart Report π Tuesday, May 16, 2023
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Todayβs Summary
Tuesday, May 16, 2023
Indices: Nasdaq +0.09% | S&P 500 -0.64% | Dow -1.01% | Russell 2000 -1.44%
Sectors: Technology was the only sector that closed positive, inching up just +0.11%. Real Estate lagged, falling -2.67%.
Commodities: Crude Oil futures fell -0.35% to $70.86 per barrel. Gold futures dropped -1.47% to $1,993 per oz.
Currencies: The US Dollar Index rose +0.18% to $102.60.
Crypto: Bitcoin fell -0.58% to $27,009. Ethereum rose +0.41% to $1,824.
Interest Rates: The US 10-year Treasury yield rose to 3.504%.
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 Alfonso Depablos (@AlfCharts). The Technology sector closed at a new 52-week high on an absolute basis today after breaking resistance around $150. Alfonso points out that it's also breaking out on a relative basis, with $XLK/$SPY pushing up against all-time highs. This ratio has formed a solid base over the past year and a half, and it looks poised for a new leg higher. Technology is by far the largest sector within the S&P 500, representing more than a quarter of the index. While it's bullish to see the largest sector breaking out on an absolute and relative basis, it would be more constructive to see other sectors participating in new highs as well.
Quote of the Day
βEverybody in the world is a long-term investor until the market goes down.β
- Peter Lynch
Top Links
NASDAQ Outperforming DJIA by Most Since 1991 - Almanac Trader
Jeff Hirsch points out that the Nasdaq is outpacing the Dow by the widest margin in three decades.
Small Speculators are Loaded for Bear - and That May Be a Good Thing - SentimenTrader
Jay Kaeppel examines the large net short position among small speculators and what it could mean for the major indices.
Tech, Glorious Tech - The Weekly Grind
Sam McCallum shares some noteworthy charts to keep an eye on right now.
Severe Silver Cross Index Negative Divergence a Tip Off to Severe Decline? - StockCharts.com
Erin Swenlin looks at the bearish divergence between the S&P 500 and the Equal-Weight S&P 500.
Track These Levels as the DXY Rallies - All Star Charts
Ian Culley highlights some key levels to watch on the US Dollar Index.
Top Tweets
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Trendlines over Headlines with Guest Todd Sohn - The Chart Report
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The Buzz π Edition No. 11 - The Chart Report
Check out the latest edition of The Buzz - our new report where we identify and profit from the most talked about stocks on social media.
Technical Tuesdays π with The Chart Report - Twitter Spaces
Here's the recording from today's Twitter Spaces.