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Daily Chart Report 📈 Tuesday, May 28, 2024

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Today’s Summary
Tuesday, May 28, 2024

Indices: Nasdaq +0.32% | S&P 500 +0.02% | Russell 2000 -0.14% | Dow -0.55%

Sectors: 3 of the 11 sectors closed higher. Energy led, gaining +1.03%. Industrials lagged, falling -1.22%.

Commodities: Crude Oil futures rose +2.71% to $79.83 per barrel. Gold futures inched lower by +0.94% to $2,357 per oz.

Currencies: The US Dollar Index was flat (+0.03%) at $104.61.

Crypto: Bitcoin fell -1.53% to $68,327. Ethereum fell -1.29% to $3,841.

Volatility: The Volatility Index rose +4.53% to 12.91.

Interest Rates: The US 10-year Treasury yield rose to 4.554%

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 Ian McMillan (@the_chart_life).

  • From top to bottom are daily charts of the Nasdaq 100 ($QQQ), the Russell 2000 ($IWM), and the Dow (DIA) over the past three months.
  • Ian points out that the Nasdaq is comfortably above its March highs, while the Russell 2000 and the Dow are trapped below their respective March highs.
  • The bulls took a victory lap two weeks ago as the Dow crossed 40k for the first time in history. However, the Dow has relapsed below 40k and its March highs, marking a potential Failed Breakout. Meanwhile, the Russell 2000 remains so anemic that it never even broke out.

The takeaway: The major indices look pretty different right now, depending on how much Tech exposure they have. Tech-heavy indexes like the Nasdaq and the S&P 500 remain intact, while the other major indexes have considerable damage to repair.

Quote of the Day

“Knowing the future is not important.
Knowing the trend is.”

– Jim Roppel

Top Links

The Stock Market Isn’t Rigged and Consumers Are Just Fine – Carson Research
Ryan Detrick pushes back against the bear case for stocks.

Are Semiconductor Stocks Targeting Much Higher Prices? – Kimble Charting Solutions
Chris Kimble looks at what could be next for Semiconductor stocks.

Four S&P 500 Charts – CappThesis
Frank Cappelleri breaks down the recent price action in the S&P 500.

Transportation ETF (IYT) Is Crashing Without Breaking News – See it Market
Michele Schneider examines the continued weakness in transportation stocks and more.

Top Tweets

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

The post Daily Chart Report 📈 Tuesday, May 28, 2024 appeared first on The Chart Report.

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