Daily Chart Report 📈 Thursday, May 30, 2024

$SPX:

🔴 Tops in red led to drawdowns of at least 5%.

🔵 Tops in blue did not.

What is more likely this time?

Red or blue. pic.twitter.com/V37vY9XVxx

— Frank Cappelleri (@FrankCappelleri) May 30, 2024

Be alert to the potential break of uptrends on the S&P 500 (SPY), S&P Mid Cap 400 Growth (MDY), S&P Small Cap ( IJR), and iShares Micro-Cap (IWC). #stockmarket pic.twitter.com/HkCNfMQZF4

— Bonnie Gortler (@Optiongirl) May 30, 2024

The S&P 500 fills the gap and tags the 20-day moving average

Strange day, strong breadth all-day
Advancers: 3,680
Decliners: 2,085

Potentially an end-of-month sell program$SPY pic.twitter.com/qc1nX6rzUf

— Wall Street Wingman (@WallStWingman) May 30, 2024

Market Down - Breadth Up

The % of stocks in the S&P 500 above their 20, 50, and 200 day moving averages all increased today, suggesting the mega-caps took a rest while the large-caps caught a bid. All while the market closed right near its 21-Day EMA - constructive.$SPX $NDX pic.twitter.com/I1vUh4Bp4i

— Brian Bond, CMT (@BrianBond) May 30, 2024

Extreme moments of relative underperformance in the equal-weight S&P 500 Index (SPW) to the actual S&P 500 Index (SPX) have often coincided with market bottoms and market tops (see SPW/SPX relative strength chart below). $SPW $SPX pic.twitter.com/bd4z5jvdjj

— Carter Braxton Worth (@CarterBWorth) May 30, 2024

$DIA $INDU

Since its peak, the DOW decline over the past 8 sessions is among the worst cumulative one over the past 2 years. pic.twitter.com/UewJuGNAQX

— conradseric, CMT, CAIA, CEFA (@conradseric) May 30, 2024

$IWM bullish head and shoulders continuation pattern?

Target would be about $230 pic.twitter.com/5UlSgEpjai

— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) May 30, 2024

IWM vs S&P 500 Bouncing near RS support, ala Oct of last year? We nailed the turn at that time. The weighting of the Russell 2000 is only 5% or less of the Russell 1000. It takes very little to move the Russell 2000. Just watching at this point. pic.twitter.com/5T5mllIIiF

— David Nicoski CMT (@davevermilion) May 30, 2024

$NVDA made a new ATH but closed lower today - off 4.6% from the high. The last time that happened was March 8th (a huge 10% reverse) leading to a 22% decline over the next 6 weeks: pic.twitter.com/vaiOPbsQhC

— Optuma (@Optuma) May 30, 2024

$NVDA: Bearish Reversal Signal – Watch for a Break Below $1100$NVDA is showing a potential bearish reversal, marked by a Bollinger two-bar reversal setup

🔹Bearish Two-Bar Reversal Setup: This pattern suggests a potential reversal from the recent highs, indicating that $NVDA… pic.twitter.com/M22EnqAmIj

— Fadi Dawood (@FadiD86) May 30, 2024

funny pic.twitter.com/JM1aAKid3y

— J.C. Parets (@allstarcharts) May 30, 2024

Trapped longs? #copper pic.twitter.com/e7cSQWbwkV

— Jason Shapiro (@Crowded_Mkt_Rpt) May 30, 2024

Lol copper is f*cked in the short term. #copper pic.twitter.com/CtBtl5ZL2F

— Brandon Beylo (@marketplunger1) May 30, 2024