Breakout or Bull Trap? ๐ The Daily Chart Report
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Todayโs Summary
Thursday, May 29, 2025
Indices: S&P 500 +0.40% | Russell 2000 +0.34% | Dow +0.28% | Nasdaq 100 +0.21%
Sectors: 10 of the 11 sectors closed higher. Real Estate led, gaining +0.92%. The only sector that closed lower was Communications, falling -0.81%.
Commodities: Crude Oil fell -1.46% to $60.94 per barrel. Gold rose +0.65% to $3,344 per oz.
Currencies: The US Dollar Index dropped -0.54% to $99.33.
Crypto: Bitcoin is currently down -1.40% to $106,298. Ethereum is down -0.57% to $2,667.
Volatility: The Volatility Index fell -0.57% to 19.19.
Interest Rates: The US 10-year Treasury yield dropped to 4.426%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Today's Chart of the Day was shared by Michael Nauss (@MichaelNaussCMT).
- After emerging from a six-month consolidation last week, Bitcoin has pulled back -5% from last Thursday's record high of $112k.
- Michael points out that Bitcoin is retesting last week's breakout level, around $105kโ$108k. Retests are perfectly normal after a breakout, but if this level gives way, it will qualify as a Failed Breakout.
- As they often say, "From failed moves come fast moves in the opposite direction"โin this case, lower. Michael also notes that a failure here would signal further downside for stocks, as Bitcoin has been an excellent indicator of risk appetite for those willing to listen.
The Takeaway: Bitcoin is retesting its recent breakout level, around $105-$108k. Losing this key level would be a potential issue for both stocks and crypto.
Quote of the Day
"Who owns the future? This is the question at the heart of every stock market."
- John Landgraf
Top Links
Third Year Itch: Bull Market Just Chillin ๐ - The Daily Number
Grant Hawkridge checks in on how the third year of this bull market is progressing.
How All-Time Highs Impact Short-Term Stock Performance - Scheaffer's Investment Research
Rocky White examines how stocks typically fare shortly after reaching a record high.
Market is Overbought and Sentiment is Complacent - CNBC
John Kolovos shares his thoughts on sentiment and the current market environment.
Toyota is a Tech Investor - Alfonso's Daily Note
Alfonso De Pablos points out that Toyota is betting on several Small-Cap tech companies, including $JOBY, $GRAB, $PONY, $UBER, and $AUR.