Daily Chart Report ? Monday, May 10th, 2021
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Today’s Summary
Monday, May 10th, 2021
Indices: US Stocks kicked off the week on a sour note. The Dow Jones Industrial Average closed flat (-35 points or 0.10%). The S&P 500 fell 1.04%, while the Nasdaq dropped 2.55%. The Russell 2000 underperformed, falling 2.59%.
Sectors: 6 of the 11 sectors closed higher. Utilities led, rising 1.01%. Tech lagged, dropping 2.52%.
Commodities: Crude Oil futures were flat, and continue to trade around $64.92 per barrel. Gold futures moved higher by 0.34% to $1,838 per ounce.
Currencies: The US Dollar Index inched higher by 0.05%.
Interest Rates: The 10-year US Treasury rose to 1.602%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by David Zarling (@AdaptivCharts). It's a ratio chart of the Nasdaq 100 vs. the S&P 500 ($QQQ/$SPX) over the past 1.5 years. David points out that the Nasdaq is breaking down relative to the S&P 500. This ratio has been chopping back and forth within a range for the majority of the past year. However, we decisively broke down from that range in today's session. In other words, don't be surprised if the tech-heavy Nasdaq continues to lag the S&P 500 in the weeks/months ahead.
Quote of the Day
"It's a regret business. If you buy and it goes up, you regret not buying more. If you buy and it goes down, you regret buying."
– David Lundgren
Top Links
Charting the Sell-Off - CNBC
In this clip, Chris Verrone of Strategas Research offers his perspective on today's tech-driven sell-off.
Looking Beyond Bitcoin - All Star Charts
The team at All-Star Charts takes a look at the recent price action in the Crypto space.
Noice - The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the major technical developments to watch in the near term.
Old Hat is Back - Rieben Finanacial
Greg Rieben shares his thoughts on the change in leadership that we're seeing in the stock market.
Inflation in Focus - Momentum Monday
In their weekly Momentum Monday show, Howard Lindzon, and Ivanhoff highlight the hottest stocks, trends, and themes across the markets.
Top Tweets
Update: The Flippening$ETH $BTC pic.twitter.com/cqlZhWz6jA
— J4 (@J4_doji) May 10, 2021
You’re all caught up now. Thanks for reading!