Daily Chart Report 📈 Tuesday, May 23, 2023
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Today’s Summary
Tuesday, May 23, 2023
Indices: Russell 2000 -0.43% | Dow -0.69% | S&P 500 -1.12% | Nasdaq -1.28%
Sectors: Energy was the only positive sector, rising +1.07%. Consumer Staples lagged, falling -1.51%.
Commodities: Crude Oil futures rose +1.19% to $72.91 per barrel. Gold futures inched lower by -0.14% to $1,975 per oz.
Currencies: The US Dollar Index rose +0.27% to $103.52.
Crypto: Bitcoin rose +1.33% to $27,212. Ethereum gained +1.98% to $1,854.
Interest Rates: The US 10-year Treasury yield snapped a seven day winning streak, falling to 3.696%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Arun Chopra (@FusionptCapital). It’s a 15-min candlestick chart of S&P 500 futures over the past two weeks. The S&P 500 has been rejected at 4200 (white line) so many times over the past year that it’s almost comical. It looked like it was finally ready to crack last week as price poked its head above it. However, it’s been unable to sustain a meaningful breakout above it. S&P 500 futures managed to close slightly above it on Thursday, but the index ($SPX) and the ETF ($SPY) never officially closed above their respective 4200 levels. Arun points out that we’re back below it after today’s decline, which puts the S&P 500 at risk of a failed breakout. It hasn’t been confirmed just yet, but downside follow through in the remainder of the week would do the trick. The S&P 500 will continue to be rangebound until this level is reclaimed.
Quote of the Day
“If the line doesn’t hold, it’s time to fold.
But…
If the line does hold, it’s time to be bold.”
– Jay Kaeppel
Top Links
Two More Bullish Pieces of Evidence – Carson Group
Ryan Detrick highlights a couple of bullish data points.
Breadth Still Stinks – Grindstone Intelligence
Austin Harrison checks up on market breadth.
Consumer Staples Stocks Have Broken Key Support – Here’s What You Need To Know – StockCharts.com
Mary Ellen McGonagle looks at the recent weakness the Consumer Staples sector.
Thursday Best Day Ahead of Memorial Day – Almanac Trader
Jeff Hirsch examines how the major indices have historically performed before Memorial Day weekend.
In Case You Missed It…
We’re Talking Stocks | The Morning Show – Stock Market TV
We joined JC Parets and Steve Strazza on The Morning Show earlier today to discuss the most important trends and themes across the markets.
Technical Tuesdays 📈 with The Chart Report
Here’s the recording from our Twitter Spaces discussion today.
Trendlines over Headlines with Jay Kaeppel – The Chart Report
Catch up on the latest episode of Trendlines over Headlines, where we breakdown the markets with Jay Kaeppel of SentimenTrader.