Daily Chart Report 📈 Wednesday, May 15, 2024
Powered By:
Today’s Summary
Wednesday, May 15, 2024
Indices: Nasdaq +1.49% | S&P 500 +1.17% | Russell 2000 +1.14% | Dow +0.88%
Sectors: All 11 sectors closed higher. Technology led for the third straight day, gaining +2.25%. Consumer Staples lagged but still rose +0.06%.
Commodities: Crude Oil futures rose +0.78% to $78.63 per barrel. Gold futures rose +1.48% to $2,395 per oz.
Currencies: The US Dollar Index dropped -0.70% to $104.28.
Crypto: Bitcoin gained +7.64% to $66,242. Ethereum rose +5.36% to $3,035.
Volatility: The Volatility Index dropped -7.32% to 12.44.
Interest Rates: The US 10-year Treasury yield dropped to 4.344%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$SPY gap n go ATH pic.twitter.com/Q8O1g5HIFI
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) May 15, 2024
Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi).
- The S&P 500 ETF ($SPY) closed higher for the 10th straight day, marking the longest winning streak in over a decade and the third-longest on record.
- More importantly, $SPY broke out to an all-time high for the first time since March 28th. This officially marks the end of a -5.5% pullback within an ongoing uptrend.
- This wasn’t just any old breakout; it was a Breakaway Gap, the most bullish type of breakout. A Breakaway Gap occurs when price gaps above or below a well-defined support or resistance level.
The takeaway: The S&P 500 ($SPY) broke out to an all-time high today for the first time in a month and a half. It gapped above resistance, forming a Breakaway Gap. The bulls were getting a little ahead of themselves in March, but this mild pullback effectively refreshed sentiment to more sustainable levels.
Quote of the Day
“The most bullish thing the market can do is go up.”
– Paul Montgomery
Top Links
Stock Market, Bitcoin & Ethereum Analysis May 15 2024 – Alphatrends
Brian Shannon analyzes recent price action and identifies some key levels to watch in the near term.
Regional Banks and the 23-Month Moving Average – See It Market
Michele Schneider looks at what could be next for Regional Banks ($KRE).
ETFs & Markets with Todd Sohn: How China ETFs Stack Up – Strategas Asset Management
Todd Sohn discusses China-related ETFs as Chinese stocks continue to rebound.
Why Investors Love Being Scared – The Irrelevant Investor
Michael Batnick examines why the bear case is more seductive than the bull case
Top Tweets
New ATH close pic.twitter.com/QtHYgPqzZx
— Peter Brandt (@PeterLBrandt) May 15, 2024
To fill this morning’s gaps, $SPY would have to decline to 523.83 and $QQQ to 446.46. How quickly the gaps get filled — if at all – gives us an idea of how strong the underlying trend is. (The fact that the May 3rd gaps weren’t filled, for example, was a tell.) pic.twitter.com/XFPhvSxHle
— Walter Deemer (@WalterDeemer) May 15, 2024
Breadth was 1.8:1 on 60% up-volume. Tech stocks drove most of today’s gains. While the +1% SPX increase isn’t bad, the all-time high remains unconfirmed. Surprising breadth wasn’t better despite the significant drop in interest rates. Only 7% new 52-week highs; prefer to see 12%… pic.twitter.com/MHm51vQA6e
— John Kolovos, CMT, CFA (@John_Kolovos) May 15, 2024
The weight of the evidence is leaning bullish in a strong way
Breadth is expanding… Sentiment is not a headwind, there is no stress from credit spreads, and trends and momentum are strong…
The market is a lot less messy… the majority of stocks are in uptrends pic.twitter.com/q5Lj8wR9Rn
— Grant Hawkridge (@granthawkridge) May 15, 2024
That’s a new all-time high for the Russell3000. Not evidence of a downtrend. pic.twitter.com/ov1rEkY82G
— J.C. Parets (@allstarcharts) May 15, 2024
Are utilities getting a bit ahead of themselves? @sentimentrader pic.twitter.com/ZKqkwaFzcm
— Jay Kaeppel (@jaykaeppel) May 15, 2024
New 52-week highs in the big banks $JPM $C $BAC.
Along with new high in #copper…
This is NOT Bearish!$BNKU pic.twitter.com/rbmZ2ZYY8R
— Enrique Abeyta (@enriqueabeyta) May 15, 2024
trendline from 2020 low has been broken in the 10 year U.S. yield-now testing 200 day average.
This market is working on a massive trend change. $TNX pic.twitter.com/Z8SYs2MU31— Jamie Saettele, CMT (@JamieSaettele) May 15, 2024
Silver shining bright today. Look at that breakout. Volume since April has appreciated significantly.
$SLV $GLD $SIL $GDX pic.twitter.com/h6ONd7HFl1
— Jim Knarr (@ChartMonitor) May 15, 2024
Silver $SLV is pushing up against an important resistance level on the monthly chart. Close to completing this decade-long base. Getting a monthly MACD cross too. pic.twitter.com/9VDbP9XLH1
— Ross J Brown (@RJB_Financial) May 15, 2024
Remember when traders used to look at HYG as one clue about liquidity? Moot issue the past year…weeklies looking more up for now… pic.twitter.com/MT4Ge5qL2S
— Linda Raschke (@LindaRaschke) May 15, 2024
1/ The Golden Ratio Multiplier says we have topped out this cycle…but there’s more to it than that.
This thread focuses on one indicator but explores where Bitcoin is in its long-term journey and whether we’ve topped this cycle. pic.twitter.com/RwRt9oRNAf
— Philip Swift (@PositiveCrypto) May 15, 2024
Fool me once, shame on you.
Fool me twice, shame on me.$BTC pic.twitter.com/6smCydBBQP
— TrendSpider (@TrendSpider) May 15, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Wednesday, May 15, 2024 appeared first on The Chart Report.
