Daily Chart Report ? Friday, May 7th, 2021
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Today’s Summary
Friday, May 7th, 2021
Indices: US Stocks ended the week on a positive note, with the Dow Jones Industrial Average advancing 229 points or 0.66%. The S&P 500 and Nasdaq rose 0.74% and 0.88%, respectively. The Russell 2000 outperformed, gaining 1.35%.
Sectors: 10 of the 11 sectors closed higher. Energy led, gaining 1.78%. Consumer Staples lagged, closing completely unchanged.
Commodities: Crude Oil futures inched higher by 0.17% to $64.82 per barrel. Gold futures rose 0.86% to $1,831 per ounce.
Currencies: The US Dollar Index fell 0.74%.
Interest Rates: The 10-year US Treasury moved higher to 1.588%.
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 @J4_doji. It's a chart of the US Dollar Index over the past 14-months. Today was the worst day for the Dollar in six months. After getting crushed last year, the Dollar has spent the majority of 2021 quietly mean reverting higher. But as @J4_doji points out, it appears that mean reversion is complete and the Dollar is now resuming its downward trend. At this point, a test of the January lows is likely. Further weakness from the US Dollar would be a nice tailwind for risk assets across the board including, Stocks, Commodities, and even Cryptocurrencies.
Quote of the Day
"Feeling gratitude and not expressing it is like wrapping a present and not giving it."
– William Arthur Ward
Top Links
5-Chart Friday - Compound
Charlie Bilello shares five interesting charts to ponder over the weekend.
ARKK Stocks Breakdowns and Bounces - Bespoke
Bespoke examines the popular ARKK Innovation ETF, and some of the stocks within it.
Stock Market Video Analysis for Week Ending 5/7/21 - AlphaTrends.net
Brian Shannon analyzes this week's price action and lays out a few levels to watch next week.
May Strategy Session: 3 Key Takeaways - All Star Charts
The team at All Star Charts highlights three things they're watching this month.
Fill the Gap Episode Five, with Special Guest Frank Teixeira - CMT Association
Here's a good podcast from the CMT Association featuring special guest and respected analyst, Frank Teixeira.
Top Tweets
You’re all caught up now. Thanks for reading!