Daily Chart Report ? Friday, May 8th, 2020
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Today’s Summary
Friday, May 8th, 2020
Indices: US Stocks ended the week on a positive note with the Dow Jones Industrial Average advancing 455 points or 1.91%. The S&P 500 and Nasdaq rose 1.69% and 1.58%, respectively. Small-Caps outperformed with the Russell 2000 jumping 3.64%.
Sectors: All 11 sectors closed higher. Energy led significantly, gaining 4.56%. Health Care lagged but still closed higher, rising 0.52%.
Commodities: The June Crude Oil futures contract moved higher by 5.05% to $24.74 per barrel. Gold futures fell 0.69% to $1,714 per ounce.
Currencies: The US Dollar Index dropped 0.79%.
Interest Rates: The US 10-year Treasury moved higher to 0.686%.
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 Clarence Carr (@ClarenceCarr). The dismal economic backdrop has many scratching their heads, wondering – Why aren’t stocks down more? The answer to that requires a deeper look within the S&P 500. After all, it’s a market of stocks, not just a stock market, right? There’s a clear bifurcation going on right now. The five largest stocks in the S&P 500, FAAMG (Facebook, Apple, Amazon, Microsoft, and Google) are screaming to new highs, while the rest of the components in the index struggle. FAAMG (in blue) is up 49% since January 2018, while the rest of the S&P 500 (in orange) is down 46% over the same period. This “tale of two markets” has left the S&P 500, as a whole, virtually unchanged over the past two and a half years.
Quote of the Day
– Marcus Aurelius (Roman Emperor)
Top Links
Group Breadth Improving From a Record Low Base – Bespoke
Bespoke takes a look at the swift improvement in industry group breadth.
Silver Could Send First Bullish Message in 9-Years – Kimble Charting Solutions
Chris Kimble points to a potential breakout that’s forming on a long-term chart of the Silver/Gold ratio.
Stock Market Video Analysis for Week Ending 5/8/20 – AlphaTrends.net
Here’s Brian Shannon’s weekly video in which he lays out some levels of interest to keep an eye on next week.
Becoming a CMT – Futures Radio Show
In this podcast, Host Anothy Crudele interviews Trent Smalley (@omahacharts). Trent discusses his research process and his path to becoming a Chartered Market Technician.
Where Do We (Investors) Stand? – David Cox
In this quick video, Portfolio Manager, David Cox highlights some of the most noteworthy technical developments across the markets right now.
Top 10 Tweets
You’re all caught up now. Thanks for reading!