Breakout or Bull Trap? ๐ The Daily Chart Report
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Todayโs Summary
Thursday, May 29, 2025
Indices: Nasdaq 100 -0.45% | S&P 500 -0.56% | Dow -0.58% | Russell 2000 -1.08%
Sectors: 10 of the 11 sectors closed lower. Real Estate led, closing flat +0.00%. Utilities lagged, dropping -1.40%.
Commodities: Crude Oil rose +1.56% to $61.84 per barrel. Gold fell -0.17% to $3,322 per oz.
Currencies: The US Dollar Index rose +0.32% to $99.88.
Crypto: Bitcoin is currently down -1.39% to $107,470. Ethereum is down -0.45% to $2,650.
Volatility: The Volatility Index rose +1.85% to 19.30.
Interest Rates: The US 10-year Treasury yield rose to 4.475%.
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.