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Chart of the Day – Friday, May 24, 2024

🏆 Today’s 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, it’s 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.

The post Chart of the Day – Friday, May 24, 2024 appeared first on The Chart Report.

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