Daily Chart Report ? Wednesday, May 6th, 2020
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Today’s Summary
Wednesday, May 6th, 2020
Indices: US Stocks were mixed in today’s session. The Dow Jones Industrial Average dropped 218 points or 0.91%, while the Nasdaq managed to close higher by 0.51%. The S&P 500 and Russell 2000 fell 0.70% and 0.82%, respectively.
Sectors: 10 of the 11 sectors closed lower. Technology was the only sector to close higher, rising 0.78%. Utilities lagged, falling 3.40%.
Commodities: The June Crude Oil futures contract moved lower by 1.91% to $24.09 per barrel. Gold futures dropped 1.43% to $1,686 per ounce.
Currencies: The US Dollar Index rose 0.36%.
Interest Rates: The US 10-year Treasury yield moved higher to 0.705%.
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 Carter Worth of Cornerstone Macro (@CarterBWorth). It’s a 60-minute bar chart of S&P 500 Futures since the March 23 low. Carter points out that Mr. Market has been fooling both the bulls and the bears over the past three weeks, as price has gone virtually nowhere. His chart annotations show that price has formed a head & shoulders topping pattern, and broke the uptrend line from the March low. As buyers and sellers battle it out at this key level, Carter says he thinks price will roll over. Let us know what you think – Will the next 10% move for the S&P 500 be higher or lower from here?
Quote of the Day
“To think is easy. To act is hard. But the hardest thing in the world is to act in accordance with your thinking.”
– Johann Wolfgang von Goethe (Writer)
Top Links
Stocks Are Flat With Tech Leading; Todd Sohn Weighs In – TD Ameritrade Network
Todd Sohn of Strategas Research shares his technical perspective on the markets.
No Love for the Banks – Bespoke
Bespoke highlights the strongest and weakest industry groups in the S&P 500.
The Beauty of the Biotechnology ETF Channel – StockCharts.com
Michele Schneider breaks down a chart of the Biotech ETF, $IBB, and points out that price has been in a well-defined channel for the past five years.
Financials’ Lowest Relative Close Since March 2009 – All Star Charts
In this quick read, JC Parets discusses the weakness in the Financial sector.
Remembering the Flash Crash – LPL Financial Research
Today marks the 10-year anniversary of the 2010 Flash Crash. In this note, the team at LPL Financial Research takes a look back at this wild day in stock market history.
Top 10 Tweets
You’re all caught up now. Thanks for reading!