Daily Chart Report π Monday, May 22, 2023
Powered By:
Todayβs Summary
Monday, May 22, 2023
Indices: Russell 2000 +1.22% | Nasdaq +0.34% | S&P 500 +0.02% | Dow -0.42%
Sectors: 6 of the 11 sectors closed higher. Communications led, rising +0.91%. Consumer Staples lagged, falling -1.51%.
Commodities: Crude Oil futures rose +0.50% to $72.05 per barrel. Gold futures fell -0.22% to $1,977 per oz.
Currencies: The US Dollar Index was flat (+0.04%) and continues to trade at $103.24.
Crypto: Bitcoin rose +0.41% to $26,861. Ethereum gained +0.73% to $1,819.
Interest Rates: The US 10-year Treasury yield rose for the seventh consecutive day to a two-month high of 3.719%.
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 John Roque (@daChartLife). Japan has been ripping higher recently, with the Nikkei closing at a fresh 33-year high today. As you might know, the bubble in Japanese equities that took place in the 1980s was one of the most epic speculative manias in the history of financial markets. The Nikkei peaked in the early 90s, and it still hasn't revisited the peak. John points out that the path of least resistance is higher for the Nikkei as it's breaking out from a 30-month base within a multi-year uptrend. He adds that the MACD (lower pane) has been in positive territory for more than a decade, which it hasn't done since 1981. It's still down -20% from it's peak, and it hasn't broken out in US Dollars terms yet. But at this point, there's not much resistance between current prices and the former highs.
Quote of the Day
"If you can give up your ego and listen to what the markets are telling you, you can have a huge source of information."
- Jeffery Yass
Trendlines > Headlines
https://youtu.be/uJDz5g3Qq8g
In this weekβs episode, Jay Kaeppel of SentimenTrader joins us to share his take on current market conditions. We discuss Sentiment, Positioning, Commodities, Gold, and more!
Top Links
The Stock Market Usually Goes Up (But Sometimes it Goes Down) - A Wealth of Common Sense
Ben Carlson breaks down how often the US Stock Market has had positive returns.
Elevated Gold Prices Face Bigger Sell of If Support Fails - See It Market
Chris Kimble looks at the recent weakness in Gold.
Is This Ark Fund Finally a Buy for the Long Term? - AlphaTrends
In this video, Brian Shannon analyzes a chart of the ARK Fintech Innovation ETF, $ARKF.
The Morning Show - Stock Market TV
Here's today's episode of The Morning Show featuring, JC Parets, Steve Strazza, Spencer Israel, Kimmy Sokoloff, and Jay Woods.
Technical Tuesdays π with The Chart Report
Set a reminder to join us on Twitter Spaces tomorrow at 11:30 AM ET!