Daily Chart Report π Thursday, May 18, 2023
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Todayβs Summary
Thursday, May 18, 2023
Indices: Nasdaq +1.81% | S&P 500 +0.94% | Russell 2000 +0.58% | Dow +0.34%
Sectors: 7 of the 11 sectors closed higher. Technology led, rising +2.05%. Real Estate lagged, falling -0.63%.
Commodities: Crude Oil futures fell -1.22% to $71.94 per barrel. Gold futures dropped -1.26% to $1,960 per oz.
Currencies: The US Dollar Index rose +0.64% to $103.52 β its highest in nearly two months.
Crypto: Bitcoin dropped -2.14% to $26,818. Ethereum fell -1.19% to $1,801.
Interest Rates: The US 10-year Treasury yield rose to a two-month high of 3.650%.
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 Nautilus Research (@NautilusCap). The Nasdaq 100 registered its first 52-week high in over a year today. The table shows the prior instances over the past four decades and the forward returns for the Nasdaq and S&P 500. Itβs rare for the Nasdaq to go more than a year without a new 52-week high, so the sample size is small, but the returns are strong. Both indices have always been higher 3, 6, and 12 months later. Of course, thereβs no guarantee that history will repeat itself, but it would be hard to argue that this is bearish.
Quote of the Day
βTo expect the unexpected shows a thoroughly modern intellect.β
β Oscar Wilde
Top Links
Nasdaq Outperforms DJIA by a Bull Market β Bespoke
Bespoke points out that the Nasdaq is outpacing the Dow by more than 20% year-to-date.
Betting on More Rotation β All Star Charts
JC Parets shares his thoughts on recent price action.
Analysts are Bearish While Risk-On Explodes β StockCharts.com
Mish Schneider examines several key risk ratios and what they suggest for the broader market.
Fundstratβs Mark Newton Says Large-Cap Tech is Getting Closer to Stalling Out β CNBC
In this clip, Mark Newton shares his technical outlook on Crude Oil, Energy Stocks, and the Nasdaq.
In Case You Missed Itβ¦
https://youtu.be/fp_Gg88v9F0
In this weekβs 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!