Daily Chart Report π Monday, May 13, 2024
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Todayβs Summary
Monday, May 13, 2024
Indices: Nasdaq +0.21% | Russell 2000 +0.11% | S&P 500 -0.02% | Dow -0.21%
Sectors: 2 of the 11 sectors closed higher. Technology led, gaining +0.47%. Industrials lagged, falling -0.42%.
Commodities: Crude Oil futures rose +1.10% to $79.12 per barrel. Gold futures dropped -1.35% to $2,343 per oz.
Currencies: The US Dollar Index fell -0.10% to $105.21.
Crypto: Bitcoin gained +2.39% to $62,934. Ethereum gained +0.76% to $2,950.
Volatility: The Volatility Index rose +8.20% to 13.59.
Interest Rates: The US 10-year Treasury yield inched lower to 4.488%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Michael Nauss (@MichaelNaussCMT).
- GameStop ($GME) surged +74.4%today, logging its 4th best day on record. It closed at a 52-week high for the first time since the peak in January 2022.
- Despite todayβs rally, $GME closed -20.3% below its intraday high and -65% from its all-time high. Michael points out that $GME kissed the AVWAP from the peak (purple) before pulling back this morning.
- This AVWAP is currently around $36. It essentially represents the average cost basis since the peak. It has been a meaningful inflection point over the past three years. This will be a key level to watch in the near term.
The takeaway: Meme stocks woke up today, with GameStop ($GME) having one of its best days ever. It was up more than +100% this morning before reversing at a polarizing level. Reclaiming this AVWAP would put buyers in control of the trend, but that hasnβt happened yet.
Quote of the Day
βThe whole world is simply nothing more than a flow chart for capitalβ
β Paul Tudor Jones
Top Links
Stonks! β Trading AdventuresAndy Moss highlights some notable charts to watch this week.
Shorts Surge β Bespoke
Bespoke looks at the recent squeeze in heavily shorted stocks.
How to Play the Meme Stock Game β All Star Charts
JC Parets and Steve Strazza share their strategy for identifying short squeezes.
Weak May Monthly OpEx Week -DJIA Down 12 of Last 15 β Almanac Trader Jeff Hirsch examines how stocks have historically performed around May OpEx Week.
Know Your Market History β The Weekly Trend
David Zarling and Ian McMillan discuss the current market environment.
Top Tweets
Youβre all caught up now. Thanks for reading!