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Daily Chart Report 📈 Thursday, May 16, 2024

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Today’s Summary
Thursday, May 16, 2024

Indices: Dow -0.10% | S&P 500 -0.21% | Nasdaq 100 -0.21% | Russell 2000 -0.63%

 3 of the 11 sectors closed higher. Consumer Staples led by a wide margin, gaining +1.42%. Materials lagged, falling -0.72%.

Commodities: Crude Oil futures rose +0.76% to $79.23 per barrel. Gold futures fell -0.39% to $2,386 per oz.

Currencies: The US Dollar Index rose +0.20% to $104.49.

Crypto: Bitcoin fell -1.49% to $65,252. Ethereum dropped -2.95% to $2,946.

Volatility: The Volatility Index fell -0.24% to 12.44.

Interest Rates: The US 10-year Treasury yield rose to 4.375%.

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 Matt Weller (@MWellerFX).

  • Matt points out that risk assets had a mini reversal today after the 10-year yield found support at 4.3%.
  • 4.3% will be a significant test for the 10-year yield and the broader market. This level was resistance in Feb/March but it broke out in April as inflation fears resurfaced.
  • A breakdown would be very bullish for stocks and other risk assets like gold and crypto. On the other hand, a rebound could put pressure on these areas.

The takeaway: The 10-year yield is testing a potential inflection point around 4.3%. A breakdown would be very bullish for risk assets, while a rebound would be bearish

Quote of the Day

“There is nothing more deceptive than an obvious fact.”

Arthur Conan Doyle

Top Links

✅ New Highs – Trading Adventures
Andy Moss highlights some key takeaways from this week.

A Special Type of All-Time High – The Irrelevant Investor
Michael Batnick points out that the S&P 500 just logged its 30th -5% pullback since 2009.

My Bespoke Charts – Jotting on Charts
Grant Hawkridge shares his charting process using examples from today’s market.

Bonds Trigger a Tactical Buy – All Star Charts
Ian Culley points out that Bonds are setting up for a potential rebound.

Top Tweets

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

The post Daily Chart Report 📈 Thursday, May 16, 2024 appeared first on The Chart Report.

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