Daily Chart Report ? Friday, May 6th, 2022
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Today’s Summary
Friday, May 6th, 2022
Indices: Dow -0.30% | S&P 500 -0.57% | Nasdaq 100 -1.22% | Russell 2000 -1.69%
Sectors: 3 of the 11 sectors closed higher. Energy led, gaining +2.98%. Communications lagged, falling -2.06%.
Commodities: Crude Oil futures rose +2.17% to $110.61 per barrel. Gold futures gained +0.38% to $1,883 per ounce.
Currencies: The US Dollar Index rose +0.11%.
Crypto: Bitcoin fell -1.37% to $36,045. Ethereum dropped -1.76% to $2,699.
Interest Rates: The US 10-year Treasury yield rose to its highest level since 2018 at 3.136%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Matthew Timpane (@mtimpane). The S&P 500 finished lower by just -0.21% this week, but it was enough to qualify for the first five-week losing streak in over a decade. The last five-week losing streak was in June 2011, and the S&P 500 didn’t bottom until August. It’s important not to over extrapolate from this stat but, it’s noteworthy because it speaks to how stocks can not hold a bid going into the weekends. The past four Fridays (and the Thursday before Easter) have all been down, and we’ve ended near the lows of the week each time. There’s really nothing bullish about the recent end-of-week price action.
Quote of the Day
“Believe those who are seeking the truth.
Doubt those who find it.”
– André Gide
Top Links
Bear Market Stuff- The Chart Report
In this quick video, Steve Strazza and I recap this week’s price action and discuss what could be next for the markets.
Tech Breaks Support Here, Bear Market Picks Up Speed, Says Joe Friday – Kimble Charting Solutions
Chris Kimble points out that the Semiconductor ETF ($SMH) is testing crucial long-term support.
5 of the Best Charts From the CMT Symposium – LPL Financial Research
In this video, Ryan Detrick and Scott Brown highlight five must-see charts from last week’s CMT Symposium in Washington D.C.
Will Crude Crack Resistance – All Star Charts
The team at All Star Charts takes a look at the breakout in Crude Oil, Heating Oil, and Gasoline.
Is This The Equity Market’s Problem? – StockCharts
Greg Schnell explains how Bonds and Currencies have been putting pressure on Stocks.
Top Tweets
You’re all caught up now. Thanks for reading!