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Todayβs Summary
Monday, May 1st, 2023
Indices: Russell 2000 +0.01% | S&P 500 -0.04% | Nasdaq 100 -0.11% | Dow -0.14%
Sectors: 5 of the 11 sectors closed higher. Industrials led, gaining +0.54%. Energy lagged, falling -1.13%.
Commodities: Crude Oil futures moved lower by -1.46% to $75.66 per barrel. Gold futures fell -0.35% to $1,992 per oz.
Currencies: The US Dollar Index rose +0.44% to $102.12.
Crypto: Bitcoin dropped -3.93% to $28,086. Ethereum fell -2.01% to $1,831.
Interest Rates: The US 10-year Treasury yield rose to 3.574%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Did you know that the S&P 500 has closed higher in 9 of the past 10 months of May?
April, July, and November are the only other months to be up as often.
The only drop was the last pre-election year in 2019, down more than 6%. pic.twitter.com/xK3rRO7X1A
— Ryan Detrick, CMT (@RyanDetrick) May 1, 2023
Todayβs Chart of the Day was shared by Ryan Detrick (@RyanDetrick). If youβre like us, youβre probably sick of hearing the phrase, βSell in May and Go Away.β When an indicator or pattern becomes widely publicized, it tends to lose some of its edge. May through October has indeed been the weakest six month stretch for the S&P 500, on average, since 1950. However, Ryan points out that May has been consistently positive over the past decade. It has been higher in nine of the past ten years, for an average gain of +0.9%. As the famous mathematician Benoit Mandelbrot once said β βThe trend has vanished, killed by its very discovery.
Quote of the Day
βOne market paradigm that I take exception to is: Buy low and sell high. I believe far more money is made by buying high and selling at even higher prices.β
β Richard Driehaus
Top Links
S&P 500: The Most Important Level β Lines on Charts
In this post, the author explains why bulls should wait for the S&P 500 to get 5% above its 200-EMA before celebrating.
Pick Your Market Battles β The Weekly Grind
Sam McCallum highlights some noteworthy charts to keep an eye on this week.
May Begins A Very Strong Period for Growth Stocks β StockCharts.com
Tom Bowley points out that the Tech sector has outperformed the S&P in May through August over the past decade.
5 Trade Ideas for Monday: Adobe, FedEx, F5, The Hartford and WWE β Dragonfly Capital
Greg Harmon outlines five potential stocks that are attempting to break short-term resistance.
NBIM Annual Investment Conference 2023 β Stan Druckenmiller
Hereβs a good interview with Stanley Druckenmiller where he shares his thoughts on the current market environment.
Top Tweets
Of course the S&P 500 trades in its second-smallest range of the year just hours after the second-largest bank failure in the USπ
— Callie Cox (@callieabost) May 1, 2023
Talk about a holding pattern pic.twitter.com/Vy4SjhhTko
— Mike Zaccardi, CFA, CMT π (@MikeZaccardi) May 1, 2023
$SPX: The biggest and best-looking bullish patterns have failed.
Can this time be any different? pic.twitter.com/XLYplXGMff
— Frank Cappelleri (@FrankCappelleri) May 1, 2023
The middle of the pre-election year cycle looks sideways…
Thoughts? #stocks $SPY $SPX pic.twitter.com/6vIk8dk2wq
— Grant Hawkridge (@granthawkridge) May 1, 2023
NASDAQ has climbed to its highest since September 2022 but only 3% of members have made a new 6-month high
[Past performance is no guarantee of future results] pic.twitter.com/w7Vd10P4Fd— Liz Ann Sonders (@LizAnnSonders) May 1, 2023
Tech? Yes. But you've gotta own the right Tech…$XLK $RYT $PSCT pic.twitter.com/fyIzzefcPg
— Ian McMillan, CMT (@the_chart_life) May 1, 2023
What's the top-performing stock in the S&P 500 this year?
Facebook – up 102%.$META pic.twitter.com/4eigqxaXD8
— Charlie Bilello (@charliebilello) May 1, 2023
Regional banks break support on the day $JPM buys Republic Bank. Is that a good sign?$KRX $KRE pic.twitter.com/G1O7fFsX1B
— Cam Hui, CFA (@humblestudent@toot.community) (@HumbleStudent) May 1, 2023
King dollar clearing the prior two week highs to start off the week. Forming a higher low on this weekly chart would be quite dollar bullish but it's still early on that call. $UUP $DXY pic.twitter.com/kOpHFcRM09
— Evan Medeiros (@evanmedeiros) May 1, 2023
Is it possible for stocks to rise significantly in an environment where interest rates are rising for years?
Charts show the identical periods (1950-1981). Interest rates (30-yr yield) are shown on the left. Stocks (S&P 500) are shown on the right. #NoAssumptionsEitherWay pic.twitter.com/TGTIty9izv
— Chris Ciovacco (@CiovaccoCapital) May 1, 2023
It's a bull market for sugar y'all $PEP $MDLZ $SGG $SB_F pic.twitter.com/sZA4FGYuNi
— Steven Strazza (@sstrazza) May 1, 2023
Holy Cow! pic.twitter.com/XcLULm1RKW
— J.C. Parets (@allstarcharts) May 1, 2023