Daily Chart Report 📈 Monday, May 20, 2024
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Today’s Summary
Monday, May 20, 2024
Indices: Nasdaq +0.69% | Russell 2000 +0.32% | S&P 500 +0.09% | Dow -0.49%
Sectors: 4 of the 11 sectors closed higher. Technology led, gaining +1.18%. Financials lagged, falling -1.37%.
Commodities: Crude Oil futures fell -0.35% to $79.30 per barrel. Gold futures rose +0.87% to an all-time high of $2,439 per oz.
Currencies: The US Dollar Index rose +0.12% to $104.62.
Crypto: Bitcoin gaine +7.73% to $71,401. Ethereum surged +19.25% to $3,662.
Volatility: The Volatility Index rose +1.34% to 12.14.
Interest Rates: The US 10-year Treasury yield moved higher to 4.449%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Best daily return since Nov 2022!
The power of an ETF possibility… pic.twitter.com/vguyJcw1C4— conradseric, CMT, CAIA, CEFA (@conradseric) May 20, 2024
Today’s Chart of the Day was shared by Eric Conrads (@conradseric).
- The second-largest cryptocurrency, Ethereum ($ETHUSD), surged +19.25% today, marking its best day since May 2021.
- $ETHUSD blasted through a 10-week downtrend line as traders speculate that the SEC could approve a spot Ethereum ETF this week.
- It’s currently testing resistance at $3,700. Breaking above 3,700 would open the door to the March highs, around $4,050. Ethereum also looks poised to outperform Bitcoin in the near term.
The takeaway: Ethereum surged over +19% today, breaking a 10-week downtrend line. It looks ready to resume its uptrend and outperform Bitcoin in the near term.
Quote of the Day
“It’s not the daily increase but daily decrease. Hack away at the unessential.”
– Bruce Lee
Top Links
Extreme Nasdaq Extremes – Bespoke
Bespoke looks at the volatility in the Nasdaq.
Tech & Small Caps Historically Best Week Before Memorial Day – Almanac Trader
Jeff Hirsch examines how stocks have historically performed around Memorial Day.
Most New Highs in Years – All Star Charts
JC highlights evidence of broadening participation in the stock market.
The Percentage Life – The Weekly Trend
Ian McMillan and David Zarling discuss the noteworthy trends across the markets.
The Free Finance Newsletters I Read All the Time 
– TKer
Here’s a fantastic list of free market-related newsletters from Sam Ro. We’re honored to have made the list!
Top Tweets
The Dow $DJIA is showing a bearish engulfing candle at record highs so far today.
Still time to go and the trend is undoubtedly up, but this isn’t what bulls wanted to see to start the week from a price action perspective. pic.twitter.com/7lS7UN0CHe
— Matt Weller CFA, CMT (@MWellerFX) May 20, 2024
Interesting day for US equities.
The S&P 500 was little moved on the day and is less than a point off the record high close from Wednesday.
Meanwhile, the Nasdaq jumps 0.7% to a fresh record and Dow suffers its biggest drop in 3 weeks (-0.5%). $NDQ – $DJIA ratio jumps: pic.twitter.com/3uzOsx0a1q
— John Kicklighter (@JohnKicklighter) May 20, 2024
The Dow has been higher 1-, 3-, 6-, and 12-months later every single time after previous 10k milestones.
One year after 10k? Up 10.2%.
One year after 20k? Up 31.5%.
One year after 30k? Up 19.1%.Bottom line, don’t fear 40k. pic.twitter.com/CbxgLocoWH
— Ryan Detrick, CMT (@RyanDetrick) May 20, 2024
Nothing out there as bullish as new highs.$SPX $NDX $DJX pic.twitter.com/SoqeCxTkcD
— Shane C. Murphy (@murphycharts) May 20, 2024
When they tell you it is a random walk, remind them that it isn’t. pic.twitter.com/ZEQGx4mZ9f
— Willie Delwiche, CMT, CFA (@WillieDelwiche) May 20, 2024
$DBC commodities. High of the year. pic.twitter.com/YJMzMkud6A
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) May 20, 2024
Buy signal confirmation in $URA today pic.twitter.com/zh2nHRfeMq
— Peter Brandt (@PeterLBrandt) May 20, 2024
An absolute face ripper in Ethereum $ETH! Today’s 19.25% move is the largest since 2021. Sooo thrusty. pic.twitter.com/6EAoFTQuHW
— Sam Gatlin (@sam_gatlin) May 21, 2024
#ETHEREUM #ETH $ETH pic.twitter.com/eWOdvFsKm2
— Frank Cappelleri (@FrankCappelleri) May 20, 2024
Ether caught an instant bid above its 50-day MA, tripling the day’s return – the rally may be overdone, but we’re expecting near-term outperformance vs #bitcoin given signs of upside exhaustion in the ratio ahead of the SEC decision re: Ether ETFs #fairleadstrategies pic.twitter.com/TkRZrJM3Gq
— Katie Stockton, CMT (@StocktonKatie) May 20, 2024
If you smooth out the sentiment data you can almost predict when Wall Street will flip etc.
It’s less so about the analysis as the public pressure etc
Over time you should learn how to filter these opinions (bc there can be insights) for whatever is relevant to you.$MS $ES_F pic.twitter.com/td46l9wtQe
— Arun S. Chopra CFA CMT
(@FusionptCapital) May 20, 2024
If this doesn’t get your spidey sense tingling, then you either have a very long (or very short) time frame, or you haven’t been around very long.
When it gets too easy either way, it *almost* always becomes “less easy.” pic.twitter.com/WDbNHAxr2K
— Jason Goepfert (@jasongoepfert) May 20, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Monday, May 20, 2024 appeared first on The Chart Report.
