Daily Chart Report ? Thursday, May 2nd, 2019
Sponsored By:
Today’s Summary
Thursday, May 2nd, 2019
Indices: US stocks were lower in today’s session with the Dow Jones Industrial Average falling 122 points or 0.46%. The Russell 2000 outperformed the other major indices and closed higher by 0.40%.
Sectors: Healthcare led, closing up 0.43%. Energy lagged for the second day in a row, falling 1.74%.
Commodities: WTI Crude Oil futures fell 3.24% to settle at $61.54. Gold Futures fell 0.97% to $1,271 per ounce.
Currencies: The US Dollar Index rose 0.15%.
Interest Rates: The US 10-year Treasury moved higher to 2.545%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s chart of the day was shared in a research report by Technical Analyst, Jeff Huge. It’s a monthly bar chart of the Brazil ETF, ($EWZ). In the note, Jeff writes: “Price recovered over 90% of its 2018 decline, and appears to be near completing a potential multi-year base formation of the inverted Head & Shoulders variety. A monthly close above $49 will confirm that a new primary uptrend has been established.”
Quote of The Day
“The most effective way to do it is to do it.”
– Amelia Earhart (American Aviator)
Will JNJ Be Able to Pull the Sector Back on its Feet? – StockCharts.com
Healthcare has been the best performing sector over the past five days, but it’s still the worst performing sector YTD. In this piece, Julius de Kempenaer notes that he thinks Johnson & Johnson ($JNJ) could help bring the Healthcare sector back to life.
Top May Be Starting to Form in Oil Prices, BofA Merrill’s Ciana Says – Bloomberg
Paul Ciana of Bank of America Merrill Lynch joined host Abigail Doolittle yesterday on Bloomberg to breakdown what the charts are suggesting for Crude Oil.
$DXY Dollar Decision Time: Up or Down from Here? – Tarek Saab – Fibonacci.com
The US Dollar can’t seem to make up its mind. It seems to be on the verge of a breakout as it flirts with a key resistance zone. In this piece, Tarek Saab of Fibonacci.com gives his thoughts on the chart of the Dollar Index.
Market Commentary – Willie Delwiche – RW Baird
Here’s a great research note from Willie Delwiche of RW Baird. He analyzes breadth, momentum, and sentiment and explains what they’re signaling for the broader market.
It’s May, Time for a Little Bit of a Pause: Stock Trader’s Almanac Editor-in-Chief – CNBC
In this clip from CNBC, Seasonality Expert, Jeff Hirsch answers whether or not investors should “Sell in May and Go Away” this year. He thinks the market will end higher in 2019 but says that it’s probably time for the market to “pause.”
Top 10 Tweets