Daily Chart Report 📈 Monday, May 20, 2024

$ETHUSD

Best daily return since Nov 2022!
The power of an ETF possibility... pic.twitter.com/vguyJcw1C4

— conradseric, CMT, CAIA, CEFA (@conradseric) May 20, 2024

The Dow $DJIA is showing a bearish engulfing candle at record highs so far today.

Still time to go and the trend is undoubtedly up, but this isn't what bulls wanted to see to start the week from a price action perspective. pic.twitter.com/7lS7UN0CHe

— Matt Weller CFA, CMT (@MWellerFX) May 20, 2024

Interesting day for US equities.

The S&P 500 was little moved on the day and is less than a point off the record high close from Wednesday.

Meanwhile, the Nasdaq jumps 0.7% to a fresh record and Dow suffers its biggest drop in 3 weeks (-0.5%). $NDQ - $DJIA ratio jumps: pic.twitter.com/3uzOsx0a1q

— John Kicklighter (@JohnKicklighter) May 20, 2024

The Dow has been higher 1-, 3-, 6-, and 12-months later every single time after previous 10k milestones.

One year after 10k? Up 10.2%.
One year after 20k? Up 31.5%.
One year after 30k? Up 19.1%.

Bottom line, don't fear 40k. pic.twitter.com/CbxgLocoWH

— Ryan Detrick, CMT (@RyanDetrick) May 20, 2024

Nothing out there as bullish as new highs.$SPX $NDX $DJX pic.twitter.com/SoqeCxTkcD

— Shane C. Murphy (@murphycharts) May 20, 2024

When they tell you it is a random walk, remind them that it isn't. pic.twitter.com/ZEQGx4mZ9f

— Willie Delwiche, CMT, CFA (@WillieDelwiche) May 20, 2024

$DBC commodities. High of the year. pic.twitter.com/YJMzMkud6A

— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) May 20, 2024

Buy signal confirmation in $URA today pic.twitter.com/zh2nHRfeMq

— Peter Brandt (@PeterLBrandt) May 20, 2024

An absolute face ripper in Ethereum $ETH! Today's 19.25% move is the largest since 2021. Sooo thrusty. pic.twitter.com/6EAoFTQuHW

— Sam Gatlin (@sam_gatlin) May 21, 2024

#ETHEREUM #ETH $ETH pic.twitter.com/eWOdvFsKm2

— Frank Cappelleri (@FrankCappelleri) May 20, 2024

Ether caught an instant bid above its 50-day MA, tripling the day's return - the rally may be overdone, but we're expecting near-term outperformance vs #bitcoin given signs of upside exhaustion in the ratio ahead of the SEC decision re: Ether ETFs #fairleadstrategies pic.twitter.com/TkRZrJM3Gq

— Katie Stockton, CMT (@StocktonKatie) May 20, 2024

If you smooth out the sentiment data you can almost predict when Wall Street will flip etc.

It's less so about the analysis as the public pressure etc

Over time you should learn how to filter these opinions (bc there can be insights) for whatever is relevant to you.$MS $ES_F pic.twitter.com/td46l9wtQe

— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) May 20, 2024

If this doesn't get your spidey sense tingling, then you either have a very long (or very short) time frame, or you haven't been around very long.

When it gets too easy either way, it *almost* always becomes "less easy." pic.twitter.com/WDbNHAxr2K

— Jason Goepfert (@jasongoepfert) May 20, 2024