Daily Chart Report 📈 Tuesday, May 21, 2024
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Today’s Summary
Tuesday, May 21, 2024
Indices: S&P 500 +0.25% | Nasdaq +0.21% | Dow +0.17% | Russell 2000 -0.20%
Sectors: 6 of the 11 sectors closed higher. Utilities led, gaining +0.90%. Energy lagged, falling -0.49%.
Commodities: Crude Oil futures fell -0.81% to $78.66 per barrel. Gold futures fell -0.52% to $2,426 per oz.
Currencies: The US Dollar Index was unchanged at $104.62.
Crypto: Bitcoin fell -1.77% to $70,136. Ethereum rose +3.51% to $3,791.
Volatility: The Volatility Index fell -2.39% to a four-year low of 12.14.
Interest Rates: The US 10-year Treasury yield fell to 4.414%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
The largest company in the world is printing fresh all-time highs. pic.twitter.com/iDjdZqcLRG
— Sam Gatlin (@sam_gatlin) May 21, 2024
Today’s Chart of the Day was shared by Sam Gatlin (@sam_gatlin).
- All eyes are on Nvidia ($NVDA) as the company reports earnings tomorrow evening. However, other Mega-Caps are perking up again.
- Sam points out that Microsoft ($MSFT), the largest stock in the S&P 500, broke out to all-time highs today after consolidating for the past two months.
- Other Mega-Caps, like $GOOGL, are also breaking out to record highs.
The takeaway: The reaction to $NVDA earnings will be important, but it’s not the only stock keeping the indices afloat.
Quote of the Day
“A big part of my process is taking signals
from markets. I’ve always believed markets
are smarter than I am.”
– Stanley Druckenmiller
Top Links
Thoughts on Dow 40,000 – Carson Research
Ryan Detrick shares his thoughts on Dow 40k.
The Most Persistent Stock Market Trend – CappThesis
Frank Cappelleri breaks down recent price action in the S&P 500.
Silver Bull Market Starting? Watch This Rare Bullish Signal! – Kimble Charting Solutions
Chris Kimble highlights the rally in Silver.
Dollar Down? The 10-Year Says “Yes!” – All Star Charts
Ian Culley looks at the recent price action in the US Dollar and the 10-year yield.
Crypto Rises and Shorts Shatter – Bespoke
Bespoke examines last week’s short squeeze and this week’s crypto strength.
Top Tweets
24th new all-time high of 2024 for the S&P 500.
On pace for about 62 ATHs, which would be one of the most ever. pic.twitter.com/O6yOImuCDS
— Ryan Detrick, CMT (@RyanDetrick) May 21, 2024
The S&P 500 ended the day at a new all-time high, its 24th of the year. Over the last 12 years, the S&P 500 has hit 371 all-time highs, which is more than any 12-year period in history. $SPXhttps://t.co/l5IYmkeySJ pic.twitter.com/Acy3AJjD6n
— Charlie Bilello (@charliebilello) May 21, 2024
As quickly as the S&P 500 fell 6%, it’s back at a new all-time high. While the S&P 500 equal-weighted index has not made it back to the old highs, 80% of stocks are above their 200-day moving average, which is quite respectable. pic.twitter.com/Vwb96ktiCD
— Jurrien Timmer (@TimmerFidelity) May 21, 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
Confirming the strength with new relative highs… pic.twitter.com/OFBFlR5KFA
— Ian McMillan, CMT (@the_chart_life) May 21, 2024
Strategist forecasts for $SPX reaching the “catch-up” stage with price/rally. It’s not precise enough to call a top, but it identifies a condition where tops often develop. pic.twitter.com/qXIDXGyi1n
— RenMac: Renaissance Macro Research (@RenMacLLC) May 21, 2024
Cybersecurity ETF $CIBR starting to get back on track here… pic.twitter.com/rQlregWhjU
— Justin Spittler (@JSpitTrades) May 22, 2024
DXJ broke out from a 2-month consolidation today pic.twitter.com/pzd4ZcCHeW
— Scott Brown, CMT (@scottcharts) May 21, 2024
Keep an eye on commodities pic.twitter.com/68yVm6gkd5
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) May 21, 2024
Metals like Tin (+36% YTD), Silver (+34% YTD) and Copper (+31% YTD) have been rallying so far in May. pic.twitter.com/ICuYTQLmBM
— Koyfin (@KoyfinCharts) May 21, 2024
Here are some of the most popular stocks that set new record high closing prices today pic.twitter.com/b0lyrWKtVs
— Evan (@StockMKTNewz) May 21, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Tuesday, May 21, 2024 appeared first on The Chart Report.
