Daily Chart Report π Tuesday, May 21, 2024
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Todayβs Summary
Tuesday, May 21, 2024
Indices: S&P 500 +0.25% | Nasdaq +0.21% | Dow +0.17% | Russell 2000 -0.20%
Sectors: 6 of the 11 sectors closed higher. Utilities led, gaining +0.90%. Energy lagged, falling -0.49%.
Commodities: Crude Oil futures fell -0.81% to $78.66 per barrel. Gold futures fell -0.52% to $2,426 per oz.
Currencies: The US Dollar Index was unchanged at $104.62.
Crypto: Bitcoin fell -1.77% to $70,136. Ethereum rose +3.51% to $3,791.
Volatility: The Volatility Index fell -2.39% to a four-year low of 12.14.
Interest Rates: The US 10-year Treasury yield fell to 4.414%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Sam Gatlin (@sam_gatlin).
- All eyes are on Nvidia ($NVDA) as the company reports earnings tomorrow evening. However, other Mega-Caps are perking up again.
- Sam points out that Microsoft ($MSFT), the largest stock in the S&P 500, broke out to all-time highs today after consolidating for the past two months.
- Other Mega-Caps, like $GOOGL, are also breaking out to record highs.
The takeaway: The reaction to $NVDA earnings will be important, but itβs not the only stock keeping the indices afloat.
Quote of the Day
"A big part of my process is taking signals
from markets. I've always believed markets
are smarter than I am."
β Stanley Druckenmiller
Top Links
Thoughts on Dow 40,000 - Carson Research
Ryan Detrick shares his thoughts on Dow 40k.
The Most Persistent Stock Market Trend - CappThesis
Frank Cappelleri breaks down recent price action in the S&P 500.
Silver Bull Market Starting? Watch This Rare Bullish Signal! - Kimble Charting Solutions
Chris Kimble highlights the rally in Silver.
Dollar Down? The 10-Year Says βYes!β - All Star Charts
Ian Culley looks at the recent price action in the US Dollar and the 10-year yield.
Crypto Rises and Shorts Shatter - Bespoke
Bespoke examines last week's short squeeze and this week's crypto strength.