Daily Chart Report ? Monday, May 9th, 2022
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Today’s Summary
Monday, May 9th, 2022
Indices: Dow -1.99% | S&P 500 -3.20% | Nasdaq 100 -3.98% | Russell 2000 -4.21%
Sectors: All 11 sectors closed lower. Consumer Staples led, but still closed slightly lower by -0.04%. Energy lagged by a wide margin, dropping -8.27%.
Commodities: Crude Oil futures moved lower by -6.09% to $103.09 per barrel. Gold futures dropped -1.29% to $1,859 per ounce.
Currencies: The US Dollar Index inched higher by +0.09%.
Crypto: Bitcoin tumbled -8.62% to $31,121. Ethereum dropped -8.50% to $2,303.
Interest Rates: The US 10-year Treasury yield fell to 3.040%.
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 Shane Murphy (@MurphyCharts). It’s a daily candlestick chart of the Russell 2000 over the past four years. The Russell 2000 dropped 4.21% today, closing at its lowest level since November 2020. At this point, it’s down more than 27% from its all-time high. Shane points out that it’s approaching a major support level around 1750-1700. This level acted as resistance for two years between 2018 and 2020, so you’d expect it to offer some support here. The index is in a bear market no matter how you define it, but this would be a logical level to see at least a short-term low. If it fails to hold, that would be a major red flag.
Quote of the Day
“In bear markets, stocks return to their rightful owners.”
– J.P. Morgan
Top Links
S&P 500 at 52-Week Lows – Bespoke
Bespoke points out that the S&P 500 closed at a new 52-week low for the first time in more than two years today.
Bonds Catch a Bid – The Reformed Broker
Josh Brown offers some thoughts on the sell-off in Bonds.
A 75 Basis Point Rate Hike May Need to Come Back on the Table, Says Strategas’ Chris Verrone – CNBC
Chris Verrone of Strategas Research weighs in on the current market environment.
Expert Reveals This is the Perfect Opportunity for Investors to Buy – Fox Business News
In this clip, Andrew Thrasher shares his near-term outlook on Stocks and Bitcoin.
NASDAQ’s Weekly Losing Streak Suggests Only Modest Rebound When it Ends – Almanac Trader
Jeff Hirsch takes a look at how the Nasdaq has historically performed after five straight down weeks.
Top Tweets
You’re all caught up now. Thanks for reading!