Daily Chart Report 📈 Friday, May 17, 2024

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Today’s Summary
Friday, May 17, 2024

Indices: Dow +0.34% | S&P 500 +0.12% | Russell 2000 -0.03% | Nasdaq 100 -0.06%

Sectors: 8 of the 11 sectors closed higher. Energy led by a decent margin, gaining +1.40%. Consumer Staples lagged, falling -0.24%.

Commodities: Crude Oil futures rose +0.44% to $79.58 per barrel. Gold futures gained +1.34% to an all-time high of $2,417 per oz.

Currencies: The US Dollar Index was unchanged at $104.50.

Crypto: Bitcoin rose +2.37% to $66,800. Ethereum gained +5.01% to $3,092.

Volatility: The Volatility Index dropped -3.46% to a four-year low of 11.98.

Interest Rates: The US 10-year Treasury yield rose to 4.422%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

Does an 11-yr high count as a breakout? Hi-Ho #silver pic.twitter.com/L2QcjDYNN3

— RenMac: Renaissance Macro Research (@RenMacLLC) May 17, 2024

Today’s Chart of the Day was shared by Renaissance Macro Research (@RenMacLLC).

• Silver broke out to its highest level in over a decade today, surging +6%. This was its best week in over three years, gaining +11%.

• It blasted through resistance around $30/oz., opening the door to significant potential upside. This is rare air for Silver.

• It has built a three-year base from which to launch higher. This pattern also resembles a Head & Shoulders Bottom. A measured move suggests a price target of around $35.

The takeaway: Silver broke out to an 11-year high today after shattering resistance at $30. It’s resolving higher from a three-year accumulation pattern, and the next upside objective is $35. This also validates the bull market for precious metals.

Dow 40K is here! This is a price weighted index that doesn’t include dividends. Including dividends, we would be talking about the Dow Total Return index approaching 100K! (It crossed 99K today) pic.twitter.com/B03ioZm2Sx

— Cetera Investment Management (@ceteraIM) May 17, 2024

Yes, a sample size of 3…

One yr after Dow 10k, 20k, and 30k did you know stocks were up more than 20% on avg and higher each time? Yep, it is true.

Many fear new highs, but history says new highs tend to open the door for more new highs.#Dow40K pic.twitter.com/U41xRUyE8w

— Ryan Detrick, CMT (@RyanDetrick) May 17, 2024

$VIX 11-handle – lowest since November 2019 pic.twitter.com/T8LGgOF6bM

— Mike Zaccardi, CFA, CMT (@MikeZaccardi) May 17, 2024

The S&P 500’s on pace to finish the month of May at a new all-time high monthly close & higher by 10%+ through the first 5 months of the year.

After such a strong start to the year, what can the S&P 500 possibly have in store for the remainder of the year?

A lot, actually. pic.twitter.com/i44dsoUIBu

— Steve Deppe, CMT (@SJD10304) May 17, 2024

Silver futures are heading toward their highest weekly close since early 2013. $SI_F $SLV pic.twitter.com/qfUZYwhZs6

— Ian Culley, CMT (@IanCulley) May 17, 2024

With the caveat that the sample size is only 2, historically speaking, silver breaking above 30 IS a big deal (as long as it stays above 30). @sentimentrader pic.twitter.com/lnof9FJ8nP

— Jay Kaeppel (@jaykaeppel) May 17, 2024

SILVER — and a HI HO Silver Away
The initial target based on the chart principle of measured moves in the nearby contract is $35.50. If given the opportunity I will take some profits at this level. $SLV $SI_F pic.twitter.com/kxSXiFu0gC

— Peter Brandt (@PeterLBrandt) May 17, 2024

https://t.co/zFVYbtzRtI wanted to see relative strength from silver. Well silver is already +17.5% MTD which is its best monthly return in 11 years (excluding May and July 2020 when it was rebounding off crash lows). Look at this monthly chart and MACD. pic.twitter.com/s11DpXVYue

— brian.joyce.nasdaq (@Nasdaqbjoyce) May 17, 2024

If someone new to charting were to ask me for an example of a breakout, I wouldn’t look further than pulling up today’s #silver breakout pic.twitter.com/aUDfcD8iFg

— CEO Technician (@CEOTechnician) May 17, 2024

The MSCI China ETF is now outperforming the S&P 500 on the year after rallying over 30% from its low in January. $MCHI $SPY pic.twitter.com/JvM9ISCYJQ

— Charlie Bilello (@charliebilello) May 17, 2024

Tupperware won the meme wars this week$TUP up 71%$AMC up $51%$KOSS up 50%
…$GME up 27% pic.twitter.com/PXlGSAsSu6

— jaredblikre.ai (@SPYJared) May 17, 2024

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