Daily Chart Report 📈 Friday, May 17, 2024

Does an 11-yr high count as a breakout? Hi-Ho #silver pic.twitter.com/L2QcjDYNN3

— RenMac: Renaissance Macro Research (@RenMacLLC) May 17, 2024

Dow 40K is here! This is a price weighted index that doesn’t include dividends. Including dividends, we would be talking about the Dow Total Return index approaching 100K! (It crossed 99K today) pic.twitter.com/B03ioZm2Sx

— Cetera Investment Management (@ceteraIM) May 17, 2024

Yes, a sample size of 3...

One yr after Dow 10k, 20k, and 30k did you know stocks were up more than 20% on avg and higher each time? Yep, it is true.

Many fear new highs, but history says new highs tend to open the door for more new highs.#Dow40K pic.twitter.com/U41xRUyE8w

— Ryan Detrick, CMT (@RyanDetrick) May 17, 2024

$VIX 11-handle - lowest since November 2019 pic.twitter.com/T8LGgOF6bM

— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) May 17, 2024

The S&P 500's on pace to finish the month of May at a new all-time high monthly close & higher by 10%+ through the first 5 months of the year.

After such a strong start to the year, what can the S&P 500 possibly have in store for the remainder of the year?

A lot, actually. pic.twitter.com/i44dsoUIBu

— Steve Deppe, CMT (@SJD10304) May 17, 2024

Silver futures are heading toward their highest weekly close since early 2013. $SI_F $SLV pic.twitter.com/qfUZYwhZs6

— Ian Culley, CMT (@IanCulley) May 17, 2024

With the caveat that the sample size is only 2, historically speaking, silver breaking above 30 IS a big deal (as long as it stays above 30). @sentimentrader pic.twitter.com/lnof9FJ8nP

— Jay Kaeppel (@jaykaeppel) May 17, 2024

SILVER -- and a HI HO Silver Away
The initial target based on the chart principle of measured moves in the nearby contract is $35.50. If given the opportunity I will take some profits at this level. $SLV $SI_F pic.twitter.com/kxSXiFu0gC

— Peter Brandt (@PeterLBrandt) May 17, 2024

https://t.co/zFVYbtzRtI wanted to see relative strength from silver. Well silver is already +17.5% MTD which is its best monthly return in 11 years (excluding May and July 2020 when it was rebounding off crash lows). Look at this monthly chart and MACD. pic.twitter.com/s11DpXVYue

— brian.joyce.nasdaq (@Nasdaqbjoyce) May 17, 2024

If someone new to charting were to ask me for an example of a breakout, I wouldn't look further than pulling up today's #silver breakout 📈 pic.twitter.com/aUDfcD8iFg

— CEO Technician (@CEOTechnician) May 17, 2024

The MSCI China ETF is now outperforming the S&P 500 on the year after rallying over 30% from its low in January. $MCHI $SPY pic.twitter.com/JvM9ISCYJQ

— Charlie Bilello (@charliebilello) May 17, 2024

Tupperware won the meme wars this week$TUP up 71%$AMC up $51%$KOSS up 50%
...$GME up 27% pic.twitter.com/PXlGSAsSu6

— jaredblikre.ai (@SPYJared) May 17, 2024