Daily Chart Report ? Wednesday, May 11th, 2022
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Today’s Summary
Wednesday, May 11th, 2022
Indices: Dow -1.02% | S&P 500 -1.65% | Russell 2000 -2.48% | Nasdaq 100 -3.06%
Sectors: 3 of the 11 sectors closed higher. Energy led, gaining +1.34%. Consumer Discretionary lagged, dropping -3.58%.
Commodities: Crude Oil futures rebounded +5.96% to $105.71 per barrel. Gold futures rose +0.69% $1,854 per ounce.
Currencies: The US Dollar Index inched up +0.08% to its highest level since 2002.
Crypto: Bitcoin dropped -7.19% to $28,738. Ethereum tumbled -11.32% to $2,070.
Interest Rates: The US 10-year Treasury yield fell to 2.927%.
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 Rath (@DJwrath). It's a daily candlestick chart of Bitcoin over the past two years. All eyes were on the Crypto markets today as one of the largest coins, $LUNA, crashed 95% overnight. David points out that the largest cryptocurrency, Bitcoin, is currently testing crucial support around $29k-$30k. As you can see, this level has been tested three times already. If it fails to hold, Bitcoin could easily drop another 33% to test the 2017 highs around $19k.
Quote of the Day
"Whenever you get a wild excess on the upside, the following correction doesn't just go back to normal; it almost always falls way below normal.”
- John Templeton
Top Links
Over 40% of S&P 500 Stocks Below Pre-Covid Highs - Bespoke
Bespoke points out that 40% of S&P 500 stocks are below their pre-Covid highs.
Bear Market Getting Brutal - Market Analysis May 11, 2022 - AlphaTrends
In this video, Brian Shannon analyzes the wild price action we've seen this week.
S&P 500 Moving Averages Bulls Should Focus on Right Now - Schaeffer's Investment Research
Rocky White uses moving averages to define the current market environment.
Rallies are Likely Countertrend - Potomac Fund Management
Dan Russo examines the near-term market outlook.
Our Dot Com Bubble - The Irrelevant Investor
Michael Batnick shares his thoughts on the carnage in growth stocks.
Top Tweets
You’re all caught up now. Thanks for reading!