Daily Chart Report ? Tuesday, May 3rd, 2022
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Today’s Summary
Tuesday, May 3rd, 2022
Indices: Russell 2000 +0.85% | S&P 500 +0.48% | Dow +0.20% | Nasdaq 100 +0.11%
Sectors: 9 of the 11 sectors closed higher. Energy led, gaining +2.80%. Consumer Staples lagged, falling -0.29%.
Commodities: Crude Oil futures fell -1.56% to $103.53 per barrel. Gold futures rose +0.25% to $1,868 per ounce.
Currencies: The US Dollar Index slipped -0.12%.
Crypto: Bitcoin fell -1.86% to $37,815. Ethereum dropped -2.50% to $2,784.
Interest Rates: The US 10-year Treasury yield inched lower to 2.975%.
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 Eric Conrads (@conradseric). It's a daily chart of Copper over the past year and a half. Copper broke out to all-time highs just two months ago, however, that breakout quickly failed, and it's now at year-to-date lows. It's been consolidating within an uptrend since last May, however, that consolidation is resolving lower. Consolidations typically resolve in the direction of the underlying trend, but when they don't, it's a major red flag. As we know, Copper is perceived as a leading indicator for both the stock market and the economy. As Eric points out, Copper breaking down is further evidence that we could be nearing a recession.
Quote of the Day
“The test of a first-rate intelligence is the ability to hold two opposing ideas in mind at the same time and still retain the ability to function.”
- F. Scott Fitzgerald
Top Links
Double Top Deja Vu: Is Doc Copper Topping Again? Fed Hopes So!!! - Kimble Charting Solutions
Chris Kimble takes a look at a potential long-term top in Copper.
Bond Market Massively Oversold - Bespoke
Bespoke points out that US Bonds are twice as far below their 200-day moving average as they've ever been.
Sector Deep Dive - Potomac Fund Management
Dan Russo examines the Financial sector.
Bitcoin's sustained breakdown below $40,000 indicates a bearish long-term trend and indicates risk of a 29% sell-off, Fairlead's Katie Stockton says - Business Insider
Katie Stockton shares her outlook on Bitcoin.
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