Daily Chart Report 📈 Thursday, May 16, 2024

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Today’s Summary
Thursday, May 16, 2024

Indices: Dow -0.10% | S&P 500 -0.21% | Nasdaq 100 -0.21% | Russell 2000 -0.63%

Sectors: 3 of the 11 sectors closed higher. Consumer Staples led by a wide margin, gaining +1.42%. Materials lagged, falling -0.72%.

Commodities: Crude Oil futures rose +0.76% to $79.23 per barrel. Gold futures fell -0.39% to $2,386 per oz.

Currencies: The US Dollar Index rose +0.20% to $104.49.

Crypto: Bitcoin fell -1.49% to $65,252. Ethereum dropped -2.95% to $2,946.

Volatility: The Volatility Index fell -0.24% to 12.44.

Interest Rates: The US 10-year Treasury yield rose to 4.375%.

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

Chart of the Day

US 10yr yields bouncing off the key 4.31% zone is driving a small Turnaround Thursday effect across markets:
$DXY now positive after falling this morning
$SPX now negative after rising this morning
$GLD now negative after rising this morning pic.twitter.com/rFR8l4B8Jv

— Matt Weller CFA, CMT (@MWellerFX) May 16, 2024

Today’s Chart of the Day was shared by Matt Weller (@MWellerFX).

• Matt points out that risk assets had a mini reversal today after the 10-year yield found support at 4.3%.

• 4.3% will be a significant test for the 10-year yield and the broader market. This level was resistance in Feb/March but it broke out in April as inflation fears resurfaced.

• A breakdown would be very bullish for stocks and other risk assets like gold and crypto. On the other hand, a rebound could put pressure on these areas.

The takeaway: The 10-year yield is testing a potential inflection point around 4.3%. A breakdown would be very bullish for risk assets, while a rebound would be bearish

Top Tweets

#NQ_F, 1d

Bearish reversal today from the all time highs.

What’s next?

Depends what happens tomorrow and the early next week. pic.twitter.com/TN0o8TQDBi

— Yuriy Matso (@yuriymatso) May 16, 2024

Even with the S&P at new all-time highs, it isn’t that extended above its 50-day moving average. Still has room to run before this reading becomes overbought.

Chart: S&P 500 50-DMA Spread (%) pic.twitter.com/47jjiEOHJf

— Bespoke (@bespokeinvest) May 16, 2024

long $XLE technical play

note how the 50 day MA has been solid support for a least a week.. MACD turning up again… buy now.. add on breakout over that downtrend line.. pic.twitter.com/sWctIHpOo4

— Stockspy (@Stockspy1) May 16, 2024

ETFs are a great tool for assessing investor sentiment… this week’s price action from the old “meme” names provoked us to perform a quick check-up on the sentiment state of equities, particularly compared to January 2021. Meme Craze 2.0 isn’t near the scale of the original 1.0. pic.twitter.com/7yvxUZhE9J

— Todd Sohn (@Todd_Sohn) May 16, 2024

It’s not just the USA… ACWI markets at 52-week highs at their highest level since January 2021…

hello bears? pic.twitter.com/yHWKqY3ZA5

— Grant Hawkridge (@granthawkridge) May 16, 2024

the emerging markets have been strong, but a reminder that we’re still at the squinting stage… $EEM $SPX pic.twitter.com/uo9dWlpLe3

— David Cox, CMT, CFA (@DavidCoxRJ) May 16, 2024

Interesting spot for $TLT… horizontal S/R, rate of trend resistance (intermediate term), and 200 day moving average… pic.twitter.com/YTSnaVllCS

— Ian McMillan, CMT (@the_chart_life) May 16, 2024

It’s time for Silver to catch up, right? pic.twitter.com/LRUIuf6XC0

— Alfonso Depablos, CMT (@AlfCharts) May 16, 2024

Resistance was too strong to overcome at the declining 20 DMA and YTD VWAP in #Ethereum $ETHE $ETH.X pic.twitter.com/VfaRohGDPw

— Brian Shannon, CMT (@alphatrends) May 16, 2024

The most active stock on the NASDAQ today: pic.twitter.com/Qf0S2qIKQy

— Walter Deemer (@WalterDeemer) May 16, 2024

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