Daily Chart Report 📈 Tuesday, May 14, 2024
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Today’s Summary
Tuesday, May 14, 2024
Indices: Russell 2000 +1.14% | Nasdaq +0.68% | S&P 500 +0.48% | Dow +0.32%
Sectors: 9 of the 11 sectors closed higher. Technology led, gaining +0.89%. Consumer Staples lagged, falling -0.19%.
Commodities: Crude Oil futures fell -1.39% to $78.02 per barrel. Gold futures rose +0.72% to $2,360 per oz.
Currencies: The US Dollar Index fell -0.18% to $105.02.
Crypto: Bitcoin fell -2.21% to $61,543. Ethereum fell -2.36% to $2,881.
Volatility: The Volatility Index fell -1.32% to 13.41.
Interest Rates: The US 10-year Treasury yield dropped to 4.443%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Copper ripped right through those former highs back in 2020. It looks like it’s doing the same today.
A weekly close above 4.92 sets a potential target of 5.92. $HG_F $FCX $SCCO pic.twitter.com/DnaWucY5zy
— Ian Culley, CMT (@IanCulley) May 14, 2024
Today’s Chart of the Day was shared by Ian Culley (@IanCulley).
- Copper futures traded in uncharted territory today after breaching the all-time highs from February 2022. They settled at $4.895 per pound, marking the 2nd highest daily close ever.
- It has built a two-year base similar to the one it broke out from in 2020. Momentum is strong, with the RSI printing a three-year high today. Ian points out that a weekly close above $4.92 would open the door to $5.92, or +20% in potential upside.
- Some interpret Copper’s recent strength as a bullish sign of economic activity, while others see this as another inflationary headwind. Regardless, this is bullish for Copper-related ETFs ($CPER, $COPX) and copper stocks ($FCX, $SCCO, $IVN, etc.). This also confirms what we’re seeing in China and Emerging Markets, as China is the world’s largest consumer of Copper.
The takeaway: Copper is flirting with all-time highs after completing a 2-year base. Copper Miners ($COPX) were clearly trying to tell us something last week.
Quote of the Day
“He who wishes to be rich in a day will be hanged in a year.”
– Leonardo da Vinci
Top Links
The Bears Are Back, Why That’s a Good Thing – Carson Research
Ryan Detrick shares some bullish food for thought.
What Huge 3-Week Gains Mean for the Stock Market – Capp Thesis
Frank Cappelleri examines the recent price action in the S&P 500.
Utility Sector Momentum Stands Alone – Thrasher Analytics
Andrew Thrasher looks at the extreme momentum/breadth in the Utilities Sector ($XLU).
Short Squeezes Are Back – All Star Charts
JC Parets and Steve Strazza show you everything you need to know about short squeezes and how to identify them before they happen.
Know What You Own – Grindstone Intelligence
Austin Harrison points out that sector ETFs are often weighted differently than sector indexes.
Top Tweets
Ah yes….summer pic.twitter.com/Ks8SsGzCh4
— Arun S. Chopra CFA CMT
(@FusionptCapital) May 14, 2024
SPX not quite there, but a new ATH for the Nasdaq Composite $COMPQ pic.twitter.com/eLaENJQeyZ
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) May 14, 2024
$SPY $SPX $ES_F 9 green days in a row into CPI…. pic.twitter.com/pm5WpVbBp7
— Jake Wujastyk (@Jake__Wujastyk) May 14, 2024
The S&P 500 fund, $SPY, is about to enjoy a 9-day win streak and an all-time high.
That’s never happened before.
The last 8-day win streak and record high essentially was the bull market peak.
The other two were nowhere close. pic.twitter.com/KnoA2uRtSs
— Jason Goepfert (@jasongoepfert) May 14, 2024
$XLU pic.twitter.com/CKNSjXbkqD
— Andrew Thrasher, CMT (@AndrewThrasher) May 14, 2024
In a MAGS world, do small-caps matter anymore? 3rd longest streak without a new all-time high. pic.twitter.com/bAPQFi5wKh
— Todd Sohn (@Todd_Sohn) May 14, 2024
Price is trending!
The weekly congestion index on $RUT is at its highest level since June ’21. You don’t see this in downtrends. pic.twitter.com/8xzrvSYdY3
— Shane C. Murphy (@murphycharts) May 14, 2024
Important correlation:
Copper prices
Russell 2000 $RUT
Directionally, they tend to move together.
No correlation is perfect (and this one certainly isn’t), but this is a key relationship to keep an eye on. pic.twitter.com/nTPxH8M3Hh
— Caleb Franzen (@CalebFranzen) May 14, 2024
So who/what has the PhD. in economics? Rate cut lol. #copper pic.twitter.com/9lObTHMn7w
— Michael Kahn, CMT (@mnkahn) May 14, 2024
Red HOT copper is burning the glass ceiling! pic.twitter.com/BI5k6u6cJE
— conradseric, CMT, CAIA, CEFA (@conradseric) May 14, 2024
$COPX pic.twitter.com/PzHoKyORhE
— Ian McMillan, CMT (@the_chart_life) May 14, 2024
left: $DXY
middle: $VIX
right: 10-year yields $TNXall below falling 20-day EMAs… pic.twitter.com/lYjYIcR90X
— David Cox, CMT, CFA (@DavidCoxRJ) May 14, 2024
— Nick Schmidt (@NickSchmidt_) May 14, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Tuesday, May 14, 2024 appeared first on The Chart Report.
