Daily Chart Report ? Monday, May 4th, 2020
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Today’s Summary
Monday, May 4th, 2020
Indices: US Stocks closed higher to start the week, with the Dow Jones Industrial Average inching up 26 points or 0.11%. The Nasdaq was the clear outperformer, gaining 1.23%, while the S&P 500 rose 0.43%. The Russell 2000 moved higher by 0.28%.
Sectors: Energy led significantly, gaining 3.46%. Industrials lagged, falling 1.27%.
Commodities: The June Crude Oil futures contract jumped 7.08% to $21.18 per barrel. Gold futures moved higher by 0.58% to $1,711 per ounce.
Currencies: The US Dollar Index rose 0.45%.
Interest Rates: The US 10-year Treasury yield moved higher to 0.638%.
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 by Matt Weller of Forex.com, in an article titled: “The Bitcoin Halving: What Traders Need to Know.” It’s a weekly candlestick chart of Bitcoin priced in US dollars, going back to 2012. In the article, Matt discusses the third Bitcoin “halving” event that is expected to occur around May 11th or 12th. This event is programmed into bitcoin’s code to take place every four years. It essentially reduces the reward given to miners by 50% per block mined. Matt explains: “Bitcoin has thrived in the wake of its previous two halving events (though we’d be remiss not to remind readers that past performance is not necessarily indicative of future returns!). From a purely supply and demand perspective, a bullish reaction to supply cuts makes sense; after all, at current prices, the amount of newly-created bitcoin each day (which is usually sold into the market by miners) will drop from $16M to closer to $8M. In this way, it’s not surprising that the previous two bitcoin halvings kicked off huge rallies of 10,000% and 2,500%, respectively.” Click here to check out the full article.
Quote of the Day
“The greatest teacher, failure is.”
– Yoda (Star Wars)
Top Links
Weekly S&P 500 #ChartStorm – Topdown Charts
Callum Thomas shares ten insightful charts that help to make sense of the current market environment.
Have the Equity Generals Come Under Fire? – Andrew Thrasher
Andrew Thrasher takes a look at a custom index of the largest stocks in the S&P 500 and what it would mean for the broader market if these ‘Generals’ start to weaken.
The Rally Has Paused – Momentum Monday
In their weekly video, Howard Lindzon and Ivanhoff scan through dozens of charts to highlight some key themes and trends in the market.
Charts to Watch in May – All Star Charts
JC Parets lays out some of the most important charts to keep an eye on this month.
Hot & Cold – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss recent price action and some of the latest technical developments.
Top 10 Tweets
You’re all caught up now. Thanks for reading!