Daily Chart Report 📈 Monday, May 13, 2024

Patrick Dunuwila The Chart Report

11 months ago

4 MIN READ

Powered By:

Today’s Summary
Monday, May 13, 2024

Indices: Nasdaq +0.21% | Russell 2000 +0.11% | S&P 500 -0.02% | Dow -0.21%

Sectors: 2 of the 11 sectors closed higher. Technology led, gaining +0.47%. Industrials lagged, falling -0.42%.

Commodities: Crude Oil futures rose +1.10% to $79.12 per barrel. Gold futures dropped -1.35% to $2,343 per oz.

Currencies: The US Dollar Index fell -0.10% to $105.21.

Crypto: Bitcoin gained +2.39% to $62,934. Ethereum gained +0.76% to $2,950.

Volatility: The Volatility Index rose +8.20% to 13.59.

Interest Rates: The US 10-year Treasury yield inched lower to 4.488%.

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

Chart of the Day

AVVWAP from the suckers high in $GME is coming into play. pic.twitter.com/xKCwNJTlg1

— Michael Nauss, CMT, CAIA (@MichaelNaussCMT) May 13, 2024

Today’s Chart of the Day was shared by Michael Nauss (@MichaelNaussCMT).

GameStop ($GME) surged +74.4% today, logging its 4th best day on record. It closed at a 52-week high for the first time since the peak in January 2022.

Despite today’s rally, $GME closed -20.3% below its intraday high and -65% from its all-time high. Michael points out that $GME kissed the AVWAP from the peak (purple) before pulling back this morning.

This AVWAP is currently around $36. It essentially represents the average cost basis since the peak. It has been a meaningful inflection point over the past three years. This will be a key level to watch in the near term.

The takeaway: Meme stocks woke up today, with GameStop ($GME) having one of its best days ever. It was up more than +100% this morning before reversing at a polarizing level. Reclaiming this AVWAP would put buyers in control of the trend, but that hasn’t happened yet.

Quote of the Day

“The whole world is simply nothing more than a flow chart for capital”

– Paul Tudor Jones

Top Tweets

Today’s $SPX daily candle is both an ‘inside day’ and left the index virtually unchanged from Friday’s close (5,221.41 vs 5,222.69).

Nonetheless, the the $VIX (in red here) posted its biggest daily jump (8.2%) since April 15th: pic.twitter.com/v3LJN78J9A

— John Kicklighter (@JohnKicklighter) May 13, 2024

The $SPX is coming off a three-week gain of at least +5% for the only the third time since the start of 2023.

The other two happened RIGHT after the key trading lows in March and October last year.

Like now. pic.twitter.com/c3V2CGxRCh

— Frank Cappelleri (@FrankCappelleri) May 14, 2024

The streak continues. pic.twitter.com/LzM1pXuu1r

— Jim Carroll (@vixologist) May 13, 2024

The current election year has been better than average so far. pic.twitter.com/FvkQkSnYUC

— Grant Hawkridge (@granthawkridge) May 13, 2024

Impressive 3-day thrust. H/t @sentimentrader pic.twitter.com/fx3ZDAn3if

— Mark Ungewitter (@mark_ungewitter) May 13, 2024

The Generals are merely resting…

NYSE Fang Plus Index continues to hold its prior cycles vs. $SPX

Nothing bearish about this action, at least not yet.

I’d get more concerned if this ratio starts to break down…$META $AAPL $AMZN $NFLX $MSFT $GOOGL $TSLA $NVDA $SNOW $AVGO pic.twitter.com/yPU6oRRszL

— Justin Spittler (@JSpitTrades) May 13, 2024

The near 10yr low in VVIX (VIX of the VIX) is “”the clearest expression of the disappearing demand” for downside protection, according to McElligott of Nomura.$VVIX $VIX pic.twitter.com/vdePQN1PjZ

— Andrew Thrasher, CMT (@AndrewThrasher) May 13, 2024