Daily Chart Report π Monday, May 1st, 2023
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Todayβs Summary
Monday, May 1st, 2023
Indices: Russell 2000 +0.01% | S&P 500 -0.04% | Nasdaq 100 -0.11% | Dow -0.14%
Sectors: 5 of the 11 sectors closed higher. Industrials led, gaining +0.54%. Energy lagged, falling -1.13%.
Commodities: Crude Oil futures moved lower by -1.46% to $75.66 per barrel. Gold futures fell -0.35% to $1,992 per oz.
Currencies: The US Dollar Index rose +0.44% to $102.12.
Crypto: Bitcoin dropped -3.93% to $28,086. Ethereum fell -2.01% to $1,831.
Interest Rates: The US 10-year Treasury yield rose to 3.574%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Ryan Detrick (@RyanDetrick). If youβre like us, youβre probably sick of hearing the phrase, βSell in May and Go Away.β When an indicator or pattern becomes widely publicized, it tends to lose some of its edge. May through October has indeed been the weakest six month stretch for the S&P 500, on average, since 1950. However, Ryan points out that May has been consistently positive over the past decade. It has been higher in nine of the past ten years, for an average gain of +0.9%. As the famous mathematician Benoit Mandelbrot once said β βThe trend has vanished, killed by its very discovery.
Quote of the Day
βOne market paradigm that I take exception to is: Buy low and sell high. I believe far more money is made by buying high and selling at even higher prices.β
β Richard Driehaus
Top Links
S&P 500: The Most Important Level β Lines on Charts
In this post, the author explains why bulls should wait for the S&P 500 to get 5% above its 200-EMA before celebrating.
Pick Your Market Battles β The Weekly Grind
Sam McCallum highlights some noteworthy charts to keep an eye on this week.
May Begins A Very Strong Period for Growth Stocks β StockCharts.com
Tom Bowley points out that the Tech sector has outperformed the S&P in May through August over the past decade.
5 Trade Ideas for Monday: Adobe, FedEx, F5, The Hartford and WWE β Dragonfly Capital
Greg Harmon outlines five potential stocks that are attempting to break short-term resistance.
NBIM Annual Investment Conference 2023 β Stan Druckenmiller
Hereβs a good interview with Stanley Druckenmiller where he shares his thoughts on the current market environment.