Daily Chart Report ? Friday, May 1st, 2020
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Today’s Summary
Friday, May 1st, 2020
Indices: US Stocks ended the week on a sour note with the Dow Jones Industrial Average closing lower by 622 points or 2.55%. The S&P 500 and Nasdaq dropped 2.81% and 3.20%, respectively. Small-Caps underperformed with the Russell 2000 falling 3.83%.
Sectors: All 11 sectors closed lower for the second day in a row. Consumer Staples led, but still moved lower by 1.10%. Energy lagged, dropping 5.66%.
Commodities: The June Crude Oil futures contract moved higher by 4.35% to $19.66 per barrel. Gold futures rose 0.89% to $1,709 per ounce.
Currencies: The US Dollar Index was flat.
Interest Rates: The US 10-year Treasury yield inched lower to 0.616%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Aaron Jackson (@ATMcharts). Aaron shows the daily candlestick charts of three key industry groups; Semiconductors ($SOX), Banks ($BKX), and Industrials ($XLI). Aaron points out that all three are sporting a bearish candlestick pattern known as an Island Reversal. An Island Reversal is a candlestick pattern that is formed by two separate gaps, leaving an isolated cluster of candles or ‘island.’ Island Reversals often mark a change in the intermediate-term trend. In this case, price gapped higher on Monday, consolidated for four days, and then gapped lower today. Semis, Banks, and Industrials are all vital areas of the market. The fact that all three are exhibiting this bearish candlestick pattern is not an encouraging development for the Bulls.
Quote of the Day
“Everyone you will ever meet knows something you don’t.”
– Bill Nye (The Science Guy)
Top Links
Markets Still Vulnerable Here: Market Technician – CNBC
Jonathan Krinsky of Bay Crest Partners made an appearance on CNBC today to share his technical outlook on the markets.
The Worst Six Months are Even Worse During (So Far) Bad Years – SentimenTrader
Jason Goepfert takes a look at how “Sell in May & Go Away” has panned out in years when the S&P 500 was down at least 5% heading into May.
Monthly Candlestick Review: Crash Edition – All Star Charts
With April now in the books, JC Parets reviews the monthly candlestick charts of some of the most important asset classes around the globe.
Looking for Strength and Leadership Beyond the S&P 500 – Baird
Here’s a research note from Willie Delwiche of Baird, in which he provides an in-depth analysis of the current market environment.
Stock Market Video Analysis for Week Ending 5/1/20 – AlphaTrend.net
In this video, Brian Shannon lays out key some levels of interest to keep an eye on going into next week.
Top 10 Tweets
You’re all caught up now. Thanks for reading!