Daily Chart Report 📈 Wednesday, May 17, 2023
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Today’s Summary
Wednesday, May 17, 2023
Indices: Russell 2000 +2.21% | Dow +1.24% | Nasdaq +1.22% | S&P 500 +1.19%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, rising +2.08%. Utilities lagged, falling -0.36%.
Commodities: Crude Oil futures rose +2.78% to $72.83 per barrel. Gold futures fell -0.41% to $1,985 per oz.
Currencies: The US Dollar Index rose +0.25% to $102.86.
Crypto: Bitcoin gained +1.36% to $27,404. Ethereum was flat (-0.11%) and continues to trade at $1,822.
Interest Rates: The US 10-year Treasury yield rose to 3.570%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Frank Cappelleri (@FrankCappelleri). The Regional Banking ETF ($KRE) rose +7.36% today, marking its best day in over two years. Frank points out that $KRE has established its first higher-lower since it began crashing in March. The low on May 4th came on record high volume, signaling capitulation. That low was successfully retested a week later on both an intraday and closing basis. While this bodes well for Regional Banks in the short term, the long term trend remains lower. It’s still in a 50% drawdown, and it has a lot of overhead supply to work through.
Quote of the Day
“Who owns the future? This is the question at the heart of every stock market.”
– John Landgraf
Top Links
The Market Doesn’t Care What We Think – Trading Adventures
Andy Moss reviews price action so far this week.
Four More Reasons the Bulls Are Smiling – Carson Group
Ryan Detrick highlights four potentially bullish developments for stocks.
What’s Happening In The Stock Market Today? | The Morning Show – Stock Market TV
Here’s the inaugural episode of The Morning Show with JC Parets, Steve Strazza, Spencer Israel, and more.
Superior NYFANG+ Performance Leaves S&P 500 in the Dust – StockCharts.com
Julius de Kempenaer examines the performance of the NYSE FANG+ index.
In Case You Missed It…
https://youtu.be/fp_Gg88v9F0
In this week’s episode of Trendlines over Headlines, 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!