Daily Chart Report π Friday, May 24, 2024
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Todayβs Summary
Friday, May 24, 2024
Indices: Nasdaq -0.44% | S&P 500 -0.74% | Dow -1.53% | Russell 2000 -1.60%
Sectors: All 11 sectors closed lower. Tech led but still fell -0.81%. Real Estate lagged, dropping -2.12%.
Commodities: Crude Oil futures fell -0.90% to $76.87 per barrel. Gold futures dropped -2.33% to $2,337 per oz.
Currencies: The US Dollar Index rose +0.13% to $105.05.
Crypto: Bitcoin fell -1.70% to $67,945. Ethereum rose +1.22% to $3,782.
Volatility: The Volatility Index rose +3.90% to 12.78.
Interest Rates: The US 10-year Treasury yield rose to 4.477%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Gregory Krupinski (@G_krupins).
- The S&P 500 closed higher for the fifth consecutive week, although it was essentially unchanged (+0.03%). More importantly, itβs at all-time highs along with other key groups like Semis and Homebuilders.
- While many risk-on groups are leading, Greg points out that Transports have continued to lag. The Transportation ETF ($IYT) just had its worst week since October, dropping -3.42% to a fresh year-to-date low.
- $IYT is testing a pivotal level around $63. This level represents the January lows, the 200-day moving average, and the neckline of a potential Head & Shoulders pattern.
The takeaway: Transports ($IYT) are threatening to break down while other risk-on groups, like Semis and Homebuilders, are at all-time highs. Watch how $IYT behaves around $63 next week.
Quote of the Day
"Life is a tragedy when seen in close-up,
but a comedy in long-shot."
β Charlie Chaplin
Top Links
NVIDIA Reigns Supreme While Majority of Stocks Decline on the Week - Trade Risk
Evan Medieros highlights some key takeaways from this week's price action.
Semis - 20% in Five Weeks - Bespoke
Bespoke looks at the latest thrust in Semiconductor stocks.
Surge in TSLA and Strong AMZN Not Enough - StockCharts
Julius de Kempenaer examines recent sector rotation.
Are Cracks Starting to Appear as Stocks Fly Into the Holiday Weekend? - Ciovacco Capital Management
Chris Ciovacco analyzes the current market environment.