No Image Available

Daily Chart Report 📈 Friday, May 31, 2024

Powered By:

Today’s 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

🏆 Today’s 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 month’s 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


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

The post Daily Chart Report 📈 Friday, May 31, 2024 appeared first on The Chart Report.

Want the latest?

Sign up for Patrick Dunuwila's Newsletter below:

Subscribe Here