Daily Chart Report 📈 Tuesday, May 28, 2024
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Today’s Summary
Tuesday, May 28, 2024
Indices: Nasdaq +0.32% | S&P 500 +0.02% | Russell 2000 -0.14% | Dow -0.55%
Sectors: 3 of the 11 sectors closed higher. Energy led, gaining +1.03%. Industrials lagged, falling -1.22%.
Commodities: Crude Oil futures rose +2.71% to $79.83 per barrel. Gold futures inched lower by +0.94% to $2,357 per oz.
Currencies: The US Dollar Index was flat (+0.03%) at $104.61.
Crypto: Bitcoin fell -1.53% to $68,327. Ethereum fell -1.29% to $3,841.
Volatility: The Volatility Index rose +4.53% to 12.91.
Interest Rates: The US 10-year Treasury yield rose to 4.554%
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Where are we in relation to those mid/late March highs?
Nasdaq 100 $QQQ: above
Russell 2000 $IWM: below
Dow Jones $DIA: below, following a pretty weak initial attempt pic.twitter.com/Tph30p8IWU— Ian McMillan, CMT (@the_chart_life) May 28, 2024
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life).
- From top to bottom are daily charts of the Nasdaq 100 ($QQQ), the Russell 2000 ($IWM), and the Dow (DIA) over the past three months.
- Ian points out that the Nasdaq is comfortably above its March highs, while the Russell 2000 and the Dow are trapped below their respective March highs.
- The bulls took a victory lap two weeks ago as the Dow crossed 40k for the first time in history. However, the Dow has relapsed below 40k and its March highs, marking a potential Failed Breakout. Meanwhile, the Russell 2000 remains so anemic that it never even broke out.
The takeaway: The major indices look pretty different right now, depending on how much Tech exposure they have. Tech-heavy indexes like the Nasdaq and the S&P 500 remain intact, while the other major indexes have considerable damage to repair.
Quote of the Day
“Knowing the future is not important.
Knowing the trend is.”
– Jim Roppel
Top Links
The Stock Market Isn’t Rigged and Consumers Are Just Fine – Carson Research
Ryan Detrick pushes back against the bear case for stocks.
Are Semiconductor Stocks Targeting Much Higher Prices? – Kimble Charting Solutions
Chris Kimble looks at what could be next for Semiconductor stocks.
Four S&P 500 Charts – CappThesis
Frank Cappelleri breaks down the recent price action in the S&P 500.
Transportation ETF (IYT) Is Crashing Without Breaking News – See it Market
Michele Schneider examines the continued weakness in transportation stocks and more.
Top Tweets
SPX is evolving normally, basis post-2008 trend channel. Late-inning context, yet room to run. pic.twitter.com/eQI3VzraSR
— Mark Ungewitter (@mark_ungewitter) May 28, 2024
$SPX We just had a 6% correction last month. We are rallying off that. What are the odds that this rally has legs? Check out this Breadth Indicator. The recent thrust in new highs bodes well for this rally. No guarantees. pic.twitter.com/0Hw74lPUjY
— Alan Cohen (@al_xdpg) May 28, 2024
Highest daily close of all-time for the Nasdaq-100 $NDX.
That usually doesn’t happen in a bear market, does it? pic.twitter.com/pSwFODuaj6
— Caleb Franzen (@CalebFranzen) May 28, 2024
It’s a Semiconductor world pic.twitter.com/ZykHF12Mjq
— Todd Sohn (@Todd_Sohn) May 28, 2024
Nvidia $NVDA —- close to 81% above its 200-day moving average, spent very little time up here over the last decade, and that was when the equity was just a fraction of the current $2.7T valuation. pic.twitter.com/iRJl8TYBbf
— Lawrence McDonald (@Convertbond) May 29, 2024
So which one is it? pic.twitter.com/LYUOvSM5Df
— J.C. Parets (@allstarcharts) May 28, 2024
Dow Transports currently having worst year relative to S&P 500 since 2015 (before that, worst since 1999)
[Past performance is no guarantee of future results] pic.twitter.com/wnjORNIvsH— Liz Ann Sonders (@LizAnnSonders) May 28, 2024
New all-time highs for Irish stocks, which have 3x more industrial exposure than the S&P 500 and 0% tech. $EIRL pic.twitter.com/PnHjdUnRlP
— Alfonso Depablos, CMT (@AlfCharts) May 28, 2024
Silver on track for its largest gain of the year
pic.twitter.com/l4GQ1CqTyP
— Barchart (@Barchart) May 28, 2024
Commodities best day since last October $DBC pic.twitter.com/w9svnBCKcp
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) May 28, 2024
The 10-year yield and US Dollar index have basically had the same exact pattern since last summer. Check out how similar these two charts look: pic.twitter.com/6xXCgKMDNM
— Bespoke (@bespokeinvest) May 25, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Tuesday, May 28, 2024 appeared first on The Chart Report.
