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Daily Chart Report 📈 Thursday, May 30, 2024

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Today’s Summary
Thursday, May 30, 2024

Indices: Russell 2000 +1.00% | S&P 500 -0.60% | Dow -0.86% | Nasdaq -1.06%

Sectors: 9 of the 11 sectors closed higher. Real Estate led, rising +1.44%. Tech lagged by a notable margin, dropping -2.28%.

Commodities: Crude Oil futures fell -1.67% to $77.91 per barrel. Gold futures rose +1.08% to $2,367 per oz.

Currencies: The US Dollar Index fell -0.35% to $104.74.

Crypto: Bitcoin rose +1.15% to $68,338. Ethereum fell -0.40% to $3,747.

Volatility: The Volatility Index gained +1.33% to 14.46.

Interest Rates: The US 10-year Treasury yield dropped to 4.550%.

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 Andrew Thrasher (@AndrewThrasher).

  • The S&P 500 is currently down -2.28% this week, putting it on track for its worst week since March and its third-worst week of 2024.
  • The index closed slightly below its former highs today, which are around 4,250. A weekly close below this critical level would confirm a failed breakout. As we know, failed breakouts can get ugly fast.
  • Andrew also points out that 14-week RSI has formed a bearish momentum divergence. Price made all-time highs last week, while RSI couldn’t even reach overbought territory (above 70).

The takeaway: The S&P 500 is in a precarious spot. The bulls must reclaim 4,250 tomorrow to avoid a failed breakout while breadth and momentum are diverging.

Quote of the Day

“Many men go fishing all of their lives without knowing that it is not fish they are after.”

– Henry David Thoreau

Top Links

Identifying the Bull Trap: Potential S&P 500 Warning Signs Ahead – NQ Futures Trader
Yuriy Matso examines the potential failed breakout developing in the S&P 500.

Divergence and Its Impact on the Market: Stocks in Translation – Yahoo Finance
Jay Woods offers his technical perspective on the recent trends in the market.

State of the Market – Leavitt Brothers
Jason Leavitt breaks down the current market environment for stocks.

Seasonal and Technical Setup for the S&P 500 – LPL Financial Research
Adam Turnquist examines the technical and seasonal outlook for the S&P 500.

ETFs & Markets with Todd Sohn: Revisionist (Market) History – Strategas Asset Management
Todd Sohn highlights the growing influence of Semiconductors within the S&P 500.

Top Tweets

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

The post Daily Chart Report 📈 Thursday, May 30, 2024 appeared first on The Chart Report.

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