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Todayâs Summary
Friday, May 5, 2023
Indices: Russell 2000 +2.39% | Nasdaq +2.13% | S&P 500 +1.85% | Dow +1.65%
Sectors: All 11 sectors closed higher. Energy led, gaining +2.71%. Utilities lagged but still rose +0.64%.
Commodities: Crude Oil futures rose +4.05% to $71.34 per barrel. Gold futures dropped -1.50% to $2,025 per oz.
Currencies: The US Dollar Index fell -0.16% to $101.28.
Crypto: Bitcoin rose +2.41% to $29,547. Ethereum gained +6.32% to $1,997.
Interest Rates: The US 10-year Treasury yield rose to 3.441%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Little island on $SPY at the moment: pic.twitter.com/u88NyEgFac
— Walter Deemer (@WalterDeemer) May 5, 2023
Todayâs Chart of the Day was shared by Walter Deemer (@WalterDeemer). The S&P 500 fell -0.80% this week, but it ended on a strong note gaining +1.85% on Friday. Walter points out that the S&P 500 ETF, $SPY, has formed a bullish island reversal. This pattern was formed by Thursday’s gap lower and Friday’s gap higher, which left Thursday’s bar isolated below the rest of the week’s price action. Interestingly, this reversal occurred right at the VWAP anchored to the all-time high. Despite this bullish reversal price is still below 4200 (420 in SPY), which has been resistance for months now. That key level remains the next major upside objective for the bulls to achieve.
Quote of the Day
âLearn how to see. Realize that everything connects to everything else.â
– Leonardo da Vinci
Trendlines > Headlines
The latest episode of Trendlines over Headlines is out!
This week, James Bartelloni joined us to talk technicals. James is a former Top Gun pilot turned technician and the founder of BartsCharts.com. We discussed his unorthodox approach to analyzing the markets and took a close look at Banks and the VIX.
Top Links
Are We There Yet? – Trading Adventures
Andy Moss shares his thoughts on the current market environment.
Stock Market & Crypto Analysis May 5, 2023 Alphatrends Anchored VWAP – AlphaTrends
In this quick video, Brian Shannon breaks down this week’s price action and highlights some key levels to watch in the near term.
A Stock Pickers Market – The Weekly Grind
Sam McCallum highlights some noteworthy charts to keep an eye on.
Here’s What to Watch for in Crude – All Star Charts
Ian Culley examines the technical outlook for Crude Oil.
Treasury Bonds Are Setting Up For A Big Move – Kimble Charting Solutions
Chris Kimble points out that Treasury Bonds are at a key inflection point.
Top Tweets
Last week?
The S&P 500 closed 2%+ above its weekly low.
This week?
The S&P 500 closed 2%+ above its weekly low. #Offthelows
— Steve Deppe, CMT (@SJD10304) May 5, 2023
Weekly $SPX update: second week in a row of clawing back early losses, and 5th straight week of little overall change close to close. Not bearish behavior in my experience. Nasdaq weekly trend looks strong. pic.twitter.com/tNuZw5N11h
— Michael Turvey (@MikeTurvey_TDA) May 5, 2023
Sellers have had many chances to take markets down in 2023:
Fed rate hikes
Regional bank failures
Recession headlines daily
1Q earnings concerns$QQQ $SPY 2023 highs intra-week $QQQ closed at 2023 weekly high
Markets holding up well so far + Fed rate hikes likely winding down. pic.twitter.com/3L0ZUibyOm— Larry Tentarelli, Blue Chip Daily (@LMT978) May 5, 2023
Dow Jones just had its 2nd best day of the year with a gain of 1.65% pic.twitter.com/PCrZcGIzS2
— Barchart (@Barchart) May 5, 2023
Q2 so far. $SPX pic.twitter.com/C03BWLUgCs
— Frank Cappelleri (@FrankCappelleri) May 5, 2023
The S&P 500 is over 4100, yet only 47% of S&P 500 members are trading above their 200-day MA. Compare that to last month's 60% and the 73% we saw in February and breadth has deteriorated. Want to see this improve if a rally is going to be durable. pic.twitter.com/BTInywv6Oi
— Liz Young (@LizYoungStrat) May 5, 2023
Yo, Charts – Charts are the Language of Wall Street pic.twitter.com/O3P2Ex9sUh
— da Chart Life (@daChartLife) May 5, 2023
$XLF – 200 week served as support this week.
I think if the world ends, this will close before it's 200 week first. pic.twitter.com/YzU0vPIyPC
— Larry Thompson (@HostileCharts) May 5, 2023
Regional banks $KRE $PACW $WAC and $XLF pic.twitter.com/Sxh9OKsF3K
— Chris Ciovacco (@CiovaccoCapital) May 5, 2023
The "1% of the S&P market cap KRE" holding support. pic.twitter.com/pg1t09K188
— Todd Gordon (@ToddGordonTA) May 5, 2023
This is what demand looks like slowly absorbing overhead supply pic.twitter.com/eV7ieBZNK1
— J.C. Parets (@allstarcharts) May 5, 2023
Ethereum $ETHUSD is back above the âď¸VWAP from the April high, that puts the 2023 high back in play
below 1850 would ruin the oppty IMO pic.twitter.com/uryynlXXGL
— Brian Shannon, CMT (@alphatrends) May 5, 2023
The year is 2050.
Baron Trump is President.
AI does 99% of jobs while humans play Warcraft in the Metaverse all day.
The US has long since defaulted on its debt and IMF SDRs are the world's reserve currency.#Gold is still unable to hold a break above $2075. pic.twitter.com/W0IwCtUtwf
— Matt Weller CFA, CMT (@MWellerFX) May 5, 2023