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Daily Chart Report 📈 Wednesday, May 29, 2024

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Today’s Summary
Wednesday, May 29, 2024

Indices: Nasdaq -0.70% | S&P 500 -0.74% | Dow -1.06% | Russell 2000 -1.48%

Sectors: All 11 sectors closed lower. Communications led, but still fell -0.53%. Energy lagged, falling -1.77%.

Commodities: Crude Oil futures fell -0.75% to $79.23 per barrel. Gold futures dropped -0.65% to $2,341 per oz.

Currencies: The US Dollar Index rose +0.48% to $105.12.

Crypto: Bitcoin fell -1.12% to $67,564. Ethereum dropped -2.04% to $3,762.

Volatility: The Volatility Index gained +10.53% to 14.27.

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 Jay Ligon (@TheeDisruptor).

  • The S&P 500 is only -1.0% off all-time highs, and yet it’s skating on thin ice as it tests the March highs. Closing below would qualify as a Failed Breakout.
  • The recent strength from $NVDA and other Mega-Cap stocks has masked some of the weakness beneath the surface of the S&P 500.
  • While the index reached all-time highs in May, fewer members were above their 200-day moving averages. The percentage of stocks above their 20-day and 50-day moving averages has also been diverging.

The takeaway: The S&P 500 is still +10% above its 200-day moving average, but the index is testing a critical level, while breadth has been deteriorating and diverging for several weeks.

Quote of the Day

“A group of people who think differently is a market.
A group of people who think alike is a mob.”

– Naval

Top Links

June Almanac: Third Best S&P 500 Month in Election Years – Almanac Trader
Jeff Hirsch examines how stocks have historically performed in June.

A Tale of Two Indices – Bespoke
Bespoke looks at the dispersion between the S&P 500 and the Dow.

Understanding Dow Theory Signals for the Current Market – See it Market
David Keller discusses Dow Theory and and what it suggests about the current market right now.

Bonds are Still Crashing – All Star Charts
JC Parets highlights some noteworthy technical developments.

Top Tweets

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

The post Daily Chart Report 📈 Wednesday, May 29, 2024 appeared first on The Chart Report.

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