Daily Chart Report 📈 Thursday, May 30, 2024
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Today’s Summary
Thursday, May 30, 2024
Indices: Russell 2000 +1.00% | S&P 500 -0.60% | Dow -0.86% | Nasdaq -1.06%
Sectors: 9 of the 11 sectors closed higher. Real Estate led, rising +1.44%. Tech lagged by a notable margin, dropping -2.28%.
Commodities: Crude Oil futures fell -1.67% to $77.91 per barrel. Gold futures rose +1.08% to $2,367 per oz.
Currencies: The US Dollar Index fell -0.35% to $104.74.
Crypto: Bitcoin rose +1.15% to $68,338. Ethereum fell -0.40% to $3,747.
Volatility: The Volatility Index gained +1.33% to 14.46.
Interest Rates: The US 10-year Treasury yield dropped to 4.550%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
The week isn’t over, but bulls don’t want to see us finish tomorrow below April’s closing high along with a bearish momentum divergence. $SPX pic.twitter.com/88b1RwfbBa
— Andrew Thrasher, CMT (@AndrewThrasher) May 30, 2024
Today’s Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher).
- The S&P 500 is currently down -2.28% this week, putting it on track for its worst week since March and its third-worst week of 2024.
- The index closed slightly below its former highs today, which are around 4,250. A weekly close below this critical level would confirm a failed breakout. As we know, failed breakouts can get ugly fast.
- Andrew also points out that 14-week RSI has formed a bearish momentum divergence. Price made all-time highs last week, while RSI couldn’t even reach overbought territory (above 70).
The takeaway: The S&P 500 is in a precarious spot. The bulls must reclaim 4,250 tomorrow to avoid a failed breakout while breadth and momentum are diverging.
Quote of the Day
“Many men go fishing all of their lives without knowing that it is not fish they are after.”
– Henry David Thoreau
Top Links
Identifying the Bull Trap: Potential S&P 500 Warning Signs Ahead – NQ Futures Trader
Yuriy Matso examines the potential failed breakout developing in the S&P 500.
Divergence and Its Impact on the Market: Stocks in Translation – Yahoo Finance
Jay Woods offers his technical perspective on the recent trends in the market.
State of the Market – Leavitt Brothers
Jason Leavitt breaks down the current market environment for stocks.
Seasonal and Technical Setup for the S&P 500 – LPL Financial Research
Adam Turnquist examines the technical and seasonal outlook for the S&P 500.
ETFs & Markets with Todd Sohn: Revisionist (Market) History – Strategas Asset Management
Todd Sohn highlights the growing influence of Semiconductors within the S&P 500.
Top Tweets
$SPX:
Tops in red led to drawdowns of at least 5%.
Tops in blue did not.
What is more likely this time?
Red or blue. pic.twitter.com/V37vY9XVxx
— Frank Cappelleri (@FrankCappelleri) May 30, 2024
Be alert to the potential break of uptrends on the S&P 500 (SPY), S&P Mid Cap 400 Growth (MDY), S&P Small Cap ( IJR), and iShares Micro-Cap (IWC). #stockmarket pic.twitter.com/HkCNfMQZF4
— Bonnie Gortler (@Optiongirl) May 30, 2024
The S&P 500 fills the gap and tags the 20-day moving average
Strange day, strong breadth all-day
Advancers: 3,680
Decliners: 2,085Potentially an end-of-month sell program$SPY pic.twitter.com/qc1nX6rzUf
— Wall Street Wingman (@WallStWingman) May 30, 2024
Market Down – Breadth Up
The % of stocks in the S&P 500 above their 20, 50, and 200 day moving averages all increased today, suggesting the mega-caps took a rest while the large-caps caught a bid. All while the market closed right near its 21-Day EMA – constructive.$SPX $NDX pic.twitter.com/I1vUh4Bp4i
— Brian Bond, CMT (@BrianBond) May 30, 2024
Extreme moments of relative underperformance in the equal-weight S&P 500 Index (SPW) to the actual S&P 500 Index (SPX) have often coincided with market bottoms and market tops (see SPW/SPX relative strength chart below). $SPW $SPX pic.twitter.com/bd4z5jvdjj
— Carter Braxton Worth (@CarterBWorth) May 30, 2024
Since its peak, the DOW decline over the past 8 sessions is among the worst cumulative one over the past 2 years. pic.twitter.com/UewJuGNAQX
— conradseric, CMT, CAIA, CEFA (@conradseric) May 30, 2024
$IWM bullish head and shoulders continuation pattern?
Target would be about $230 pic.twitter.com/5UlSgEpjai
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) May 30, 2024
IWM vs S&P 500 Bouncing near RS support, ala Oct of last year? We nailed the turn at that time. The weighting of the Russell 2000 is only 5% or less of the Russell 1000. It takes very little to move the Russell 2000. Just watching at this point. pic.twitter.com/5T5mllIIiF
— David Nicoski CMT (@davevermilion) May 30, 2024
$NVDA made a new ATH but closed lower today – off 4.6% from the high. The last time that happened was March 8th (a huge 10% reverse) leading to a 22% decline over the next 6 weeks: pic.twitter.com/vaiOPbsQhC
— Optuma (@Optuma) May 30, 2024
$NVDA: Bearish Reversal Signal – Watch for a Break Below $1100$NVDA is showing a potential bearish reversal, marked by a Bollinger two-bar reversal setup
Bearish Two-Bar Reversal Setup: This pattern suggests a potential reversal from the recent highs, indicating that $NVDA… pic.twitter.com/M22EnqAmIj
— Fadi Dawood (@FadiD86) May 30, 2024
funny pic.twitter.com/JM1aAKid3y
— J.C. Parets (@allstarcharts) May 30, 2024
Trapped longs? #copper pic.twitter.com/e7cSQWbwkV
— Jason Shapiro (@Crowded_Mkt_Rpt) May 30, 2024
Lol copper is f*cked in the short term. #copper pic.twitter.com/CtBtl5ZL2F
— Brandon Beylo (@marketplunger1) May 30, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday, May 30, 2024 appeared first on The Chart Report.
