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Todayโs Summary
Wednesday, May 10, 2023
Indices: Nasdaq +1.11%| Russell 2000 +0.56% | S&P 500 +0.45% | Dow -0.09%
Sectors: 7 of the 11 sectors closed higher. Technology led, gaining +1.22%. Energy lagged, falling -1.13%.
Commodities: Crude Oil futures dropped -1.56% to $72.56 per barrel. Gold futures fell -0.28% to $2,037 per oz.
Currencies: The US Dollar Index fell -0.24% to $101.42.
Crypto: Bitcoin was flat and continues to trade around $27,600. Ethereum fell -0.38% to $1,840.
Interest Rates: The US 10-year Treasury yield fell to 3.443%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
With Aprilโs conclusion, the S&P broke a 12 month losing streak with negative rolling 1yr returns. Similar observations and forward returns below. Rare occurrence. pic.twitter.com/eRoA5DBIvL
— Todd Sohn (@Todd_Sohn) May 10, 2023
Todayโs Chart of the Day was shared by Todd Sohn (@Todd_Sohn). Itโs a monthly chart of the S&P 500 over the past 77 years, with a 12-month rate of change indicator in the lower panel. Todd points out that this momentum indicator flipped into positive territory last month after spending the past year in negative territory. The S&P 500 was higher a year later in all ten prior occurrences, for an average gain of 12.6%. Of course, this doesnโt guarantee that the S&P 500 will be higher a year from now. But it does strengthen the bull case and is certainly not something that often proceeds to weakness.
Quote of the Day
โData visualization is the language of decision-making. Good charts effectively convey information. Great charts enable, inform, and improve decision-making.โ
โ Dante Vitagliano
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
Using the Choppiness Index to See How Stocks Move After Spikes โ Schaefferโs Investment Research
Rocky White examines the Choppiness Index and what it could signal for the S&P 500.
Gold Bulls are Hoping 3rd Time is the Charm! โ Kimble Charting Solutions
Chris Kimble looks at Gold as it makes another attempt at record highs.
Head & Shoulders Patterns All Around โ The Final Bar
In this video, David Keller and Frank Cappelleri discuss the short-term and long-term patterns in the market.
Technical Indicators Suggest Short-Term Bearish Bias on Ether โ Coin Desk
In this quick clip, Katie Stockton breaks down her near-term outlook for Ethereum.
Top Tweets
Six wk $SPX chop continues. But burden of proof on bears imo > EMA(30) & (60) w/positive MACD. No strong conviction for me, so parking cash in money mkt currently until > ~4180. pic.twitter.com/QCnhteZy8Z
— Mountain View Trading (@DanWiserMtnView) May 10, 2023
It's turned into a huge day for the Nasdaq 100 $NDX:
๐ท Odds of another Fed rate hike fall 90% on CPI miss
๐ท 2-year Treasury yield dumps 11bps below 4.00%
๐ท Double bullish engulfing candle
๐ท Broke out to 9-month highs
๐ท1-year highs at 13,700 in sight pic.twitter.com/8b0vndCv1y— Matt Weller CFA, CMT (@MWellerFX) May 10, 2023
Tech sector continues to march higher with another breakout today. pic.twitter.com/lrHHSbb0LF
— Tyler Lovingood (@Tyler_Lovingood) May 10, 2023
energy had been THE strongest sector but the tides have changed… in the last year, technology has now put up a better line $XLK $XLE pic.twitter.com/JRu1giWxwE
— David Cox, CMT, CFA (@DavidCoxRJ) May 10, 2023
Everyone loved Energy and hated Tech into 2023…what did you think would happen ๐ pic.twitter.com/aJg1efmuZR
— Joe Kunkle (@OptionsHawk) May 10, 2023
REITs breaking out would upset some narratives $VNQ pic.twitter.com/cuu3q7uAGp
— Mike Zaccardi, CFA, CMT ๐ (@MikeZaccardi) May 10, 2023
Yo, Charts – โNuff said. Well, just one more thing – it is extremely improbable that a bull market can occur in the US (globally, too) if banks are in a bear market. pic.twitter.com/OkFgSsWkbi
— da Chart Life (@daChartLife) May 10, 2023
Since the beginning of last year Mexico has turned higher versus the US.
Today EWW is at a new all-time high.
That's bull market behavior pic.twitter.com/HAsqXgP2M1
— Willie Delwiche, CMT, CFA (@WillieDelwiche) May 10, 2023
The Dollar is luring us into a sense of deep complacency. Not unreasonable to lose focus with $DXY sporting a deflated 20-day historical range and volatility (ATR), but keep your wits about you pic.twitter.com/MVXDn9KfZH
— John Kicklighter (@JohnKicklighter) May 10, 2023
Just hear me out$SPX pic.twitter.com/RLH1laLRfw
— Dereck's Trades (@derecks_trades) May 9, 2023