Daily Chart Report 📈 Thursday, May 25, 2023
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Today’s Summary
Thursday, May 25, 2023
Indices: Nasdaq +2.46% | S&P 500 +0.88% | Dow -0.11% | Russell 2000 -0.70%
Sectors: 3 of the 11 sectors closed higher. Technology outperformed by its widest margin in over a decade, rising +3.84%. Energy lagged, dropping -1.78%.
Commodities: Crude Oil futures dropped -3.38% to $71.83 per barrel. Gold futures dropped -1.06% to $1,996 per oz.
Currencies: The US Dollar Index rose +0.31% to a two month high of $104.21.
Crypto: Bitcoin rose +0.47% to $26,451. Ethereum rose +0.38% to $1,807.
Interest Rates: The US 10-year Treasury yield rose to a two month high of 3.823%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$QQQ 50d, 200d, & 200w moving averages.
Which way is the trend? pic.twitter.com/ARzIjsmxVA— ChartingCycles (@ChartingCycles) May 25, 2023
Today's Chart of the Day was shared by @ChartingCycles. The chart shows three moving averages for the Nasdaq 100 ETF ($QQQ) the 50-Day (yellow), the 200-Day (orange), and the 200-Week (red). $QQQ closed at a new 52-week high today, above all three moving averages shown. Price is removed from the chart to emphasize the trend. The long-term trend (200-WMA) was unfazed by last year's 33% drawdown, and it continues to rise. The intermediate trend (200-DMA) has begun to slope higher in recent months after trending lower for a year. Lastly, the short-term trend (50-DMA) has been rising since the end of 2022, reaching its highest level in nearly a year today. When you tune out the noise, the trend is clearly higher across all time frames.Â
Quote of the Day
"The trend is your friend. Big money is made in the stock market by being on the right side of the major moves. The idea is to get in harmony with the market."
- Marty Zweig
Top Links
When Breakouts Work - CappThesis
Frank Cappelleri highlights a few stocks that look similar to how $NVDA looked in January.
NVDA Hits New All-Time Highs After Historic Earnings | The Morning Show - Stock Market TV
In today's episode of The Morning Show, featured guest, Todd Sohn offers his thoughts on breadth and more.
Three stocks to watch ahead of earnings: MRVL, COST, and ULTA - CNBC
In this clip, Ari Wald shares his technical perspective the market and three stocks that reported earnings today - $MRVL, $COST, and $ULTA.
A Teacher and A Student - Potomac Fund Management
Dan Russo reminds us that it's all about supply & demand.
Top Tweets
Daily Mkt Mood: Risk-On/Maybe Mixed
1. $SOX +6.8% for best day of year
2. NVDA +24.4% for best day since 2016
3. Yields surge, bonds tumble
4. Oil -3%, Nat gas -4%
5. China tech -2.2, R2K downWhat a FOMO tech day! One qstn now is whether the chips air pocket fills when NVDA…
— Abigail Doolittle (@TheChartress) May 25, 2023
Today is the 100th trading day of the year.
S&P 500 up more than 7% YTD as of now and this would be the best start to a yr since 2021 and 2019 before that.
When >7% on day 100? Rest of yr up another 9.4% on avg and higher nearly 89% of time. pic.twitter.com/Sl5tFaXPkM
— Ryan Detrick, CMT (@RyanDetrick) May 25, 2023
$QQQ up and over again, repairing the failed breakout look. pic.twitter.com/5zvNu4H2rA
— Andrew Moss, CMT (@Andy__Moss) May 25, 2023
$QQQ is getting close to a positive MACD crossover. Highlighted are the times it was positive during the past 20 years: pic.twitter.com/LwAyuMfL2E
— John Rothe, CMT (@JohnRothe) May 25, 2023
S&P 500 Info Tech companies are up 3.5% while the broader SPX is up 0.6%, buoyed by NVDA's significant AI-related guidance. If that holds, it would be the sector's biggest day of outperformance in almost 15 years. pic.twitter.com/JuA06hSD2N
— Liz Young (@LizYoungStrat) May 25, 2023
Because of $NVDA, only $XLK beat the index today by a whopping 3% - biggest spread since Oct 2008. Highest relative level to $SPX since the dotcom bubble... pic.twitter.com/qpVYe5CdAE
— Optuma (@Optuma) May 25, 2023
The 3-month performance spread between the S&P 500 and the S&P 500 Equalweight is the widest it has been since December 1999. pic.twitter.com/EJq1vVIBGA
— Bespoke (@bespokeinvest) May 25, 2023
The Dow has now joined the Russell 2000 in the "no points for you, thx for playing" zone pic.twitter.com/8Js7pnKkZT
— Callie Cox (@callieabost) May 25, 2023
$NDXE EW NDX nearly 4-months consolidating below its Aug. 2022 high w/ clear trend of higher lows. Now converging closely towards resistance + the tight spread of the weekly Bol Bands (lower panel), suggests this could resolve v soon and maybe close the performance gap w $NDX. https://t.co/b29wrCSM7k pic.twitter.com/H48h9sb2jc
— brian.joyce.nasdaq (@Nasdaqbjoyce) May 25, 2023
Remember last month when everyone was talking about the imminent demise of the US Dollar?
I overlaid the US Dollar google trend Searches vs the Dollar index chart
"bad news" often comes at near term lows pic.twitter.com/6fANYefKlF
— Brian Shannon, CMT (@alphatrends) May 25, 2023
Cracks in credit? $HYG's on pace to record a 4-week losing streak. pic.twitter.com/uCmbH83nUp
— Steve Deppe, CMT (@SJD10304) May 25, 2023
The massive move in $NVDA is generating its first counter-trend signal per Tom DeMark's TD Combo model on the weekly bar chart - it suggests the rally is overdone, but a measured move projects to ~$409 so we'd hold onto positions as long as today's low (i.e., the gap on the daily… pic.twitter.com/zARlnGQAwx
— Katie Stockton, CMT (@StocktonKatie) May 25, 2023
Big stocks can have big trends! pic.twitter.com/XUT6FwjcUG
— Jerry Parker (@rjparkerjr09) May 25, 2023
All of Fintwit this morning $NVDA pic.twitter.com/PFl0WDrCZE
— Dividend Hero (@HeroDividend) May 25, 2023
You’re all caught up now. Thanks for reading!
