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Today’s Summary
Tuesday, May 2, 2023
Indices: Russell 2000 -2.10% | S&P 500 -1.16% | Dow -1.08% | Nasdaq -0.89%
Sectors: Consumer Discretionary was the only sector that closed higher, inching up just +0.10%. Energy lagged by a wide margin, dropping -4.35%.
Commodities: Crude Oil futures slid -5.29% to $71.66 per barrel. Gold futures rose +1.56% to $2,023 per oz.
Currencies: The US Dollar Index fell -0.18% to $101.94.
Crypto: Bitcoin rose +2.36% to $28,741. Ethereum gained +2.53% to $1,877.
Interest Rates: The US 10-year Treasury yield dropped to 3.430%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Tough day for banks.
The Regional Bank ETF $KRE resolved lower from a bearish pennant and hit its lowest level since Nov 2020. pic.twitter.com/QFhbRL1gxM
— Alfonso (@AlfCharts) May 2, 2023
Today’s Chart of the Day was shared by Alphonso Depablos (@AlfCharts). The Regional Bank ETF ($KRE) made another flush lower today, dropping -6.27%. All 145 bank stocks in this ETF closed lower, with $PACW and $WAL leading the decline. After today’s drop, $KRE is officially down more than -50% from its January 2022 highs. Alfonso points out that price is resolving lower from a bearish pennant. The September 2020 lows could potentially act as support, but that’s another -10% lower from here. Even then, you’re catching a falling knife.
Quote of the Day
“Stock moves start with technicals,
are confirmed by fundamentals,
and end with emotion.”
– Darren Chabot
Top Links
May Technical Market Outlook – Grindstone Intelligence
Austin Harrison shares a few noteworthy charts to watch in May.
Recent 21-Year May Seasonal Pattern: Rough Start to Historically Choppy Month – Almanac Trader
Jeff Hirsch looks at May’s seasonal pattern over the past two decades.
The Swiss Franc Carves a Generational Base – All Star Charts
Ian Culley points out that Swiss Franc Futures are attempting to break out from a multi-year base.
Professional Analysis of Markets via Charts: CMT50 – Richard Brath
Richard Brath highlights some insights from the presentations at last week’s CMT Symposium.
Top Tweets
Elevator down, escalator up. $SPX pic.twitter.com/b0F1ig1ILY
— Frank Cappelleri (@FrankCappelleri) May 2, 2023
Website: https://t.co/RRxJAeLcgO pic.twitter.com/kYtBFCOjMi
— Carter Braxton Worth (@CarterBWorth) May 2, 2023
The headlines might be scary….
But there's nothing spooky about the S&P 500 weekly chart. At least, not yet…$SPX still consolidating above the downtrend breakout. pic.twitter.com/fg66iO5Exv
— Justin Spittler (@JSpitTrades) May 2, 2023
The Ratio of US Small Caps to US Large Caps is at the lowest levels since February 2001. $IWM $SPY pic.twitter.com/Dvkwq4gpJk
— Charlie Bilello (@charliebilello) May 2, 2023
Maybe it’s too early to start freaking out about long term support levels in $XLF and $IWM again, but $IWC support is clearly at risk: pic.twitter.com/dAGEptC5aq
— 161point8 (@161point8) May 2, 2023
This is ominous. pic.twitter.com/sn2guETU8m
— Walter Deemer (@WalterDeemer) May 2, 2023
As usual, community banks had it right all along… the rest of the banks are now following lower… do the big 6 go next is the question? $KBE $KRE $QABA pic.twitter.com/Bp30ur5mFB
— Steven Strazza (@sstrazza) May 2, 2023
Yo, Charts – There was an old baseball couplet, “Spahn and Sain, and pray for rain.” Now it’s, “If the Big 7 wane, the market will feel pain.”
@Pdunuwila
@gnoble79
@DougKass
@ritholtz
@TimmerFidelity
@dylangrice pic.twitter.com/3XrNuDlRbI— da Chart Life (@daChartLife) May 2, 2023
$UUP this wasn't a risk-off day. USD down with a dark cloud cover on big volume. pic.twitter.com/uZEUe1pYQH
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) May 2, 2023
2-year Treasury yields down a casual 20bp today
gonna get real weird if the Fed makes hawkish sounds tomorrow pic.twitter.com/LYsrWGVQhE
— Katie Greifeld (@kgreifeld) May 2, 2023
It is interesting to note that crude oil is down over -5% today. Before reading too much into that, note also that it is trading at exactly the same price it did 2, 5, 9, 13, 14, 15, 16, 17 and 18 years ago. #sentimentrader pic.twitter.com/xUTIwelfmp
— Jay Kaeppel (@jaykaeppel) May 2, 2023
Are gold mining stocks putting in a successful retest? $GDX pic.twitter.com/Ymhk4lMbtU
— Ian Culley (@IanCulley) May 2, 2023
Are gold mining stocks putting in a successful retest? $GDX pic.twitter.com/Ymhk4lMbtU
— Ian Culley (@IanCulley) May 2, 2023
It feels like this story isn't getting enough attention…
Carl Icahn's holding company $IEP – which accounts for 85% of his net worth – is down 21% today on a report by short sellers Hindenburg Research. pic.twitter.com/HgOO3whniQ
— Brian Lund (@bclund) May 2, 2023
Updated my plot of bank failures. 😬 https://t.co/atlFhzIMKY pic.twitter.com/tfPNNEUrjb
— Mike Bostock (@mbostock) May 2, 2023