Daily Chart Report π Tuesday, May 14, 2024
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Todayβs Summary
Tuesday, May 14, 2024
Indices: Russell 2000 +1.14% | Nasdaq +0.68% | S&P 500 +0.48% | Dow +0.32%
Sectors: 9 of the 11 sectors closed higher. Technology led, gaining +0.89%. Consumer Staples lagged, falling -0.19%.
Commodities: Crude Oil futures fell -1.39% to $78.02 per barrel. Gold futures rose +0.72% to $2,360 per oz.
Currencies: The US Dollar Index fell -0.18% to $105.02.
Crypto: Bitcoin fell -2.21% to $61,543. Ethereum fell -2.36% to $2,881.
Volatility: The Volatility Index fell -1.32% to 13.41.
Interest Rates: The US 10-year Treasury yield dropped to 4.443%.
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 Ian Culley (@IanCulley).
- Copper futures traded in uncharted territory today after breaching the all-time highs from February 2022. They settled at $4.895 per pound, marking the 2nd highest daily close ever.
- It has built a two-year base similar to the one it broke out from in 2020. Momentum is strong, with the RSI printing a three-year high today. Ian points out that a weekly close above $4.92 would open the door to $5.92, or +20% in potential upside.
- Some interpret Copperβs recent strength as a bullish sign of economic activity, while others see this as another inflationary headwind. Regardless, this is bullish for Copper-related ETFs ($CPER, $COPX) and copper stocks ($FCX, $SCCO, $IVN, etc.). This also confirms what weβre seeing in China and Emerging Markets, as China is the worldβs largest consumer of Copper.
The takeaway: Copper is flirting with all-time highs after completing a 2-year base. Copper Miners ($COPX) were clearly trying to tell us something last week.
Quote of the Day
"He who wishes to be rich in a day will be hanged in a year."
β Leonardo da Vinci
Top Links
The Bears Are Back, Why Thatβs a Good Thing β Carson Research
Ryan Detrick shares some bullish food for thought.
What Huge 3-Week Gains Mean for the Stock Market β Capp Thesis
Frank Cappelleri examines the recent price action in the S&P 500.
Utility Sector Momentum Stands Alone β Thrasher Analytics
Andrew Thrasher looks at the extreme momentum/breadth in the Utilities Sector ($XLU).
Short Squeezes Are Back β All Star Charts
JC Parets and Steve Strazza show you everything you need to know about short squeezes and how to identify them before they happen.
Know What You Own β Grindstone Intelligence
Austin Harrison points out that sector ETFs are often weighted differently than sector indexes.
Top Tweets
$XLU pic.twitter.com/CKNSjXbkqD
β Andrew Thrasher, CMT (@AndrewThrasher) May 14, 2024