Daily Chart Report 📈 Friday, May 19, 2023

May 19, 2023

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Today’s Summary
Friday, May 19, 2023

Indices: S&P 500 -0.14% | Nasdaq -0.22% | Dow -0.33% | Russell 2000 -0.62%

Sectors: 4 of the 11 sectors closed higher. Energy led, rising +0.77%. Consumer Discretionary lagged, falling -0.84%.

Commodities: Crude Oil futures fell -0.35% to $71.69 per barrel. Gold futures rose +1.11% to $1,982 per oz.

Currencies: The US Dollar Index fell -0.32% to $103.19.

Crypto: Bitcoin inched higher by +0.25% to $26,886. Ethereum rose +0.62% to $1,812.

Interest Rates: The US 10-year Treasury yield rose to a two-month high of 3.678%.

Here are the best charts, articles, and ideas being shared on the web today!

Chart of the Day

One for the road. Have a good weekend everybody $SPY $TLT pic.twitter.com/Zb1UKhXjr9
— Austin Harrison, CFA, CMT (@meanstoatrend) May 19, 2023

Today’s Chart of the Day was shared by Austin Harrison (@meanstoatrend). The S&P 500 broke out to nine-month highs on an absolute basis this week. Austin points out that it’s also breaking out relative to Bonds ($SPY/$TLT). This ratio closed at all-time highs after emerging from a seven-month base within a secular uptrend. If Stocks are in a bull market, you want to see them outperforming their alternative, and that’s exactly what we’re starting to see.

Quote of the Day

“Sometimes a loss is the best thing that can happen. It teaches you what you should have done next time.”

– Snoop Dogg

Trendlines > Headlines

https://youtu.be/uJDz5g3Qq8g

In this week’s episode, Jay Kaeppel of SentimenTrader joins us to share his take on current market conditions. We discuss Sentiment, Positioning, Commodities, Gold, and more!

Top Tweets

$SPY The S&P 500 secures its highest weekly close in 9 months! 🟩 pic.twitter.com/ijSK8VYpnm
— TrendSpider (@TrendSpider) May 19, 2023

Weekly $SPX update: headed for the highest closing levels since last August. Whether warranted or not, debt ceiling optimism and AI drove the gains this week. pic.twitter.com/iZ8s3Z2c3r
— Michael Turvey (@MikeTurveyCS) May 19, 2023

I found 14 other times the NASDAQ-100 made a new 52-wk high after going at least 6 months without one.

You tell me, but these tend to happen in uptrends I think. Higher a yr later all 14 times.

Note, this just happened yesterday (after nearly 18 months w no new high). pic.twitter.com/VnfLfP0shm
— Ryan Detrick, CMT (@RyanDetrick) May 19, 2023

As of yesterday’s close, S&P 500 has now retraced slightly more than 50% of its decline since January 2022
[Past performance is no guarantee of future results] pic.twitter.com/giG8b8FkMx
— Liz Ann Sonders (@LizAnnSonders) May 19, 2023

Semis $SMH strong breakout week, to a 15-month weekly closing high. pic.twitter.com/fqnu2jFnLX
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) May 19, 2023

I know the "only a few stocks driving returns" narrative sounds scary but according to Empirical Research, there really isn't much to read into forward returns when trailing performance has been concentrated in the top of the market. pic.twitter.com/vqbmcYYitB
— Tony Welch, CFA, CFP®, CMT (@tonywelch17) May 19, 2023

We still haven't seen a VIX close below 15 since the pandemic began. The VIX has now closed above 15 for 826 trading days dating back to January 2020 just before COVID hit. Throughout the 2010s the VIX was below 15 more than it was above it. pic.twitter.com/upOoHKNDyW
— Bespoke (@bespokeinvest) May 19, 2023

Short vol has been a good trade over the last two months. Has it run out of time? pic.twitter.com/yWLztQGRFs
— Jim Carroll (@vixologist) May 19, 2023

Bonds $AGG down 6 days in a row. pic.twitter.com/zOSRTeFbAT
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) May 19, 2023

Rates heading back up or what? pic.twitter.com/yeVFSdQyfE
— J.C. Parets (@allstarcharts) May 19, 2023

Artificial Intelligence is only a "baby bubble" when compared to historical asset price surges pic.twitter.com/orwVvW4rFd
— Barchart (@Barchart) May 19, 2023

You’re all caught up now. Thanks for reading!

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