Daily Chart Report π Friday, May 31, 2024
Powered By:
Todayβs Summary
Friday, May 31, 2024
Indices: Dow +1.51% | S&P 500 +0.80% | Russell 2000 +0.66% | Nasdaq 100 -0.01%
Sectors: All 11 sectors closed higher. Energy led, rising +2.49%. Tech lagged, inching higher by +0.16%.
Commodities: Crude Oil futures fell -1.18% to $76.99 per barrel. Gold futures fell -0.87% to $2,346 per oz.
Currencies: The US Dollar Index fell -0.11% to $104.63.
Crypto: Bitcoin fell -1.26% to $67,477. Ethereum rose +0.31% to $3,759.
Volatility: The Volatility Index had its worst day since October, dropping -10.72% to 12.91.
Interest Rates: The US 10-year Treasury yield fell to 4.502%.
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 Caleb Franzen (@CalebFranzen).
- The S&P 500 avoided a failed breakout in the final 10 minutes of the week by reclaiming the March highs, around 5,250, today. It was down as much as -0.84% this afternoon but closed +0.80%.
- This reversal was exactly what the bulls needed. Especially given the negative breadth and momentum divergences that have developed recently. Those divergences still exist, but price action is more important.
- The index still closed lower on the week by -0.51% but higher on the month by +4.80%. This was the best May for the S&P 500 in over a decade, and it engulfed the prior monthβs candle.
The takeaway: The S&P 500 repaired a lot of technical damage today. It still closed slightly lower this week but notably higher this month. The index is less than 1% from record highs as June kicks off on Monday.
Quote of the Day
"Know how to listen, and you will profit even from those who talk badly."
- Plutarch
Top Links
S&P500 Tests & Holds March Breakout Highs as Energy Stocks Lead - Trade Risk
Evan Medeiros breaks down this week's price action.
June Better in Election Years: Average Gains Range From 0.9% DJIA to 1.9% Nasdaq - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in June during election years.
Why There Won't Be a June Swoon - Carson Research
Ryan Detrick examines the outlook for stocks in the month ahead.
Higher Rates & Their Impact on Trading Strategy - Schwab Network
Jerry Parker shares his thoughts on the current market environment.
Learning Is My New Drug | Jason Perz Is Off The Charts - StockMarketTV
Jason Perz sits down with Steve Strazza and Sean McGlauglin to talk charts, trading, and more.
Top Tweets