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Daily Chart Report 📈 Friday, May 17, 2024

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Today’s Summary
Friday, May 17, 2024

Indices: Dow +0.34% | S&P 500 +0.12% | Russell 2000 -0.03% | Nasdaq 100 -0.06%

 8 of the 11 sectors closed higher. Energy led by a decent margin, gaining +1.40%. Consumer Staples lagged, falling -0.24%.

Commodities: Crude Oil futures rose +0.44% to $79.58 per barrel. Gold futures gained +1.34% to an all-time high of $2,417 per oz.

Currencies: The US Dollar Index was unchanged at $104.50.

Crypto: Bitcoin rose +2.37% to $66,800. Ethereum gained +5.01% to $3,092.

Volatility: The Volatility Index dropped -3.46% to a four-year low of 11.98.

Interest Rates: The US 10-year Treasury yield rose to 4.422%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

🏆 Today’s Chart of the Day was shared by Renaissance Macro Research (@RenMacLLC).

  • Silver broke out to its highest level in over a decade today, surging +6%. This was its best week in over three years, gaining +11%.
  • It has built a three-year base from which to launch higher. This pattern also resembles a Head & Shoulders Bottom. A measured move suggests a price target of around $35.

The takeaway: Silver broke out to an 11-year high today after shattering resistance at $30. It’s resolving higher from a three-year accumulation pattern, and the next upside objective is $35. This also validates the bull market for precious metals.

Quote of the Day

“Can you take me higher?”

– Creed

Top Links

Meme Stocks, Walmart Earnings, and Fresh Stock Market Highs – Trade Risk
Evan Medeiros breaks down this week’s price action.

Historic Moves in the Utilities Sector – Bespoke
Bespoke examines the Utilities sector’s explosive rally.

Silver Breakout May Lead to Historic Price Rally, Says Joe Friday! – Kimble Charting Solutions
Chris Kimble highlights the breakout in Silver.

Copper Hits New All Time High – All Star Charts
Ian Culler highlights the breakout in Copper.

Is This the Magic Upward Break Everybody Was Waiting For? – StockCharts
Julius de Kempenaer looks for evidence of rotation.

Top Tweets

You’re all caught up now. Thanks for reading!

The post Daily Chart Report 📈 Friday, May 17, 2024 appeared first on The Chart Report.

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