Daily Chart Report 📈 Friday, May 31, 2024
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Today’s Summary
Friday, May 31, 2024
Indices: Dow +1.51% | S&P 500 +0.80% | Russell 2000 +0.66% | Nasdaq 100 -0.01%
Sectors: All 11 sectors closed higher. Energy led, rising +2.49%. Tech lagged, inching higher by +0.16%.
Commodities: Crude Oil futures fell -1.18% to $76.99 per barrel. Gold futures fell -0.87% to $2,346 per oz.
Currencies: The US Dollar Index fell -0.11% to $104.63.
Crypto: Bitcoin fell -1.26% to $67,477. Ethereum rose +0.31% to $3,759.
Volatility: The Volatility Index had its worst day since October, dropping -10.72% to 12.91.
Interest Rates: The US 10-year Treasury yield fell to 4.502%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
The S&P 500 $SPX closes the day up +0.81% and above the former YTD highs.
Massive intraday recovery, gaining +1.64% from the lows.
Weekly performance was -0.51%.
Monthly performance for May was +4.8%. pic.twitter.com/FJSznU59Md
— Caleb Franzen (@CalebFranzen) May 31, 2024
Today’s Chart of the Day was shared by Caleb Franzen (@CalebFranzen).
- The S&P 500 avoided a failed breakout in the final 10 minutes of the week by reclaiming the March highs, around 5,250, today. It was down as much as -0.84% this afternoon but closed +0.80%.
- This reversal was exactly what the bulls needed. Especially given the negative breadth and momentum divergences that have developed recently. Those divergences still exist, but price action is more important.
- The index still closed lower on the week by -0.51% but higher on the month by +4.80%. This was the best May for the S&P 500 in over a decade, and it engulfed the prior month’s candle.
The takeaway: The S&P 500 repaired a lot of technical damage today. It still closed slightly lower this week but notably higher this month. The index is less than 1% from record highs as June kicks off on Monday.
Quote of the Day
“Know how to listen, and you will profit even from those who talk badly.”
– Plutarch
Top Links
S&P500 Tests & Holds March Breakout Highs as Energy Stocks Lead – Trade Risk
Evan Medeiros breaks down this week’s price action.
June Better in Election Years: Average Gains Range From 0.9% DJIA to 1.9% Nasdaq – Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in June during election years.
Why There Won’t Be a June Swoon – Carson Research
Ryan Detrick examines the outlook for stocks in the month ahead.
Higher Rates & Their Impact on Trading Strategy – Schwab Network
Jerry Parker shares his thoughts on the current market environment.
Learning Is My New Drug | Jason Perz Is Off The Charts – StockMarketTV
Jason Perz sits down with Steve Strazza and Sean McGlauglin to talk charts, trading, and more.
Top Tweets
Now that is an impressive Friday Finish!!!
Hulk Smash!! pic.twitter.com/LVmDhb6DoV— Jim Carroll (@vixologist) May 31, 2024
$SPX one of the best reversal closes I’ve seen in a while. +86 pts off the low and 85% of stocks higher on the day. End of month/PCE volatility not unexpected. pic.twitter.com/4jyoEAqtso
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) May 31, 2024
Second big outside reversal day in six days — this one to the upside. pic.twitter.com/wbLiwmCk8v
— Walter Deemer (@WalterDeemer) May 31, 2024
$SPX bullish engulfing on the monthly.
Highest monthly close ever. pic.twitter.com/LxH7wpNA7I
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) May 31, 2024
Dow Jones Industrials scores biggest gain since November 2
pic.twitter.com/aqXsMUwOcG
— Barchart (@Barchart) May 31, 2024
Just gotta say — this is NOT a bearish chart. Sorry that the global macro looks so bad to the perma-bears $YM_F #Dow $DJIA pic.twitter.com/k1hMXQ3oKy
— Peter Brandt (@PeterLBrandt) May 31, 2024
$QQQ $NQ $NDX This is giving me early December vibes @fundstrat.
1. Bottom out after a multi-week down move w/ MACD below zero line.
2. Multi-week upside move.
3. Short-term top as the MACD crashes towards signal line.
4. Doji after short-term move down as MACD crosses pic.twitter.com/ualSNsOBnL— Jake Wujastyk (@Jake__Wujastyk) May 31, 2024
Is this the 2H ’24 playbook? pic.twitter.com/PrcozTvUza
— Steven Strazza (@sstrazza) May 31, 2024
Growth had a strong May relative to Value following a string of strong earnings reports from the tech mega-caps. Things could get more difficult in June with large cap Growth/Value running into long-term resistance just as seasonality is about to shift less favorable for Growth. https://t.co/NZIWVoAnIg pic.twitter.com/paoJMwy9KW
— Rob Anderson (@_rob_anderson) May 31, 2024
Europe Financials + RS Chart vs. $SPXTR
Pretty risk on!$EUFN $SPXTR $IXUS pic.twitter.com/2ck62x2cCS
— Shane C. Murphy (@murphycharts) May 31, 2024
1/ Crude Oil & The 200 Day Moving Average.
Once again crude oil is having trouble getting back above it’s 200 day moving average.
You can see that the same thing happened back in November when oil topped out just above $90 and then started to trend lower.
Price fell below… pic.twitter.com/8rYVQUPfvB
— Greg Rieben (@gregrieben) May 31, 2024
Big base or big top? pic.twitter.com/soMzMjnl1c
— Chris Verrone (@verrone_chris) May 31, 2024
$SPY $QQQ pic.twitter.com/4woTDXCQrw
— Sean McLaughlin, NLD
( formerly @chicagosean) (@OptionsSean) May 31, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Friday, May 31, 2024 appeared first on The Chart Report.
