Daily Chart Report 📈 Friday, May 26, 2023
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Today’s Summary
Friday, May 26, 2023
Indices: Nasdaq +2.58% | S&P 500 +1.30% | Russell 2000 +1.05% | Dow +1.00%
Sectors: 8 of the 11 sectors closed higher. Technology led, rising +2.84%. Energy lagged, falling -0.39%.
Commodities: Crude Oil futures gained +1.17% to $72.67 per barrel. Gold futures were flat and continue to trade around $1,944 per oz.
Currencies: The US Dollar Index was flat and continues to trade at $104.22.
Crypto: Bitcoin rose +0.91% to $26,718. Ethereum rose +1.25% to $1,829.
Interest Rates: The US 10-year Treasury yield inched lower to 3.810%.
**Reminder: The US Stock Market and Bond Market will be closed on Monday, May 29th, for Memorial Day.**
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 Sam McCallum (@HoneyStocks1). The S&P 500 gained just +0.32% this week, but it finally closed above the notorious 4200 level, marking a fresh nine-month high. Bulls need to see this level start acting as support in the near term. If it does, the next major upside objective will be the August highs, around 4300. Breadth continues to be unimpressive, with only 44% of S&P 500 components above their 200-DMA (as of Friday’s close). Typically you want to see >50% to confirm a bullish phase. As Sam explains, it would be constructive to see rotation and broader participation at this point.
Trendlines > Headlines
https://youtu.be/VKqEoyahP2U
Check out the latest episode of Trendlines over Headlines!
This week, JC Parets of All Star Charts returns to the show to help us break down the markets. We discuss the S&P 500, Nasdaq, Semiconductors, the Dollar, Rates, Japan, Crypto, and more!
Quote of the Day
“Whenever I’m about to do something, I think, ‘Would an idiot do that?’ And if they would, I do not do that thing.”
– Dwight K. Schrute
Top Links
Why a Strong First 100 Days is a Good Thing – Carson Group
Ryan Detrick points out that strength in the first 100-trading days has historically been a positive sign for the rest of the year.
Stock Market Analysis for Week Ending 5/26/23 – Alphatrends
Brian Shannon reviews this week’s price action and highlights a few key levels to watch in the near term.
Tech in Orbit – Bespoke
Bespoke highlights the Tech sector’s stark outperformance.
Doc Copper Break Of Support Suggest Softer Economy, Says Joe Friday – Kimble Charting Solutions
Chris Kimble examines the weakness in Copper.
Market Weaker After Memorial Day Recent Years – Almanac Trader
Jeff Hirsch looks at how the major indices have historically performed the week after Memorial Day.
Top Tweets
You’re all caught up now. Thanks for reading!