Daily Chart Report 📈 Tuesday, May 2, 2023
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Today’s Summary
Tuesday, May 2, 2023
Indices: Russell 2000 -2.10% | S&P 500 -1.16% | Dow -1.08% | Nasdaq -0.89%
Sectors: Consumer Discretionary was the only sector that closed higher, inching up just +0.10%. Energy lagged by a wide margin, dropping -4.35%.
Commodities: Crude Oil futures slid -5.29% to $71.66 per barrel. Gold futures rose +1.56% to $2,023 per oz.
Currencies: The US Dollar Index fell -0.18% to $101.94.
Crypto: Bitcoin rose +2.36% to $28,741. Ethereum gained +2.53% to $1,877.
Interest Rates: The US 10-year Treasury yield dropped to 3.430%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Alphonso Depablos (@AlfCharts). The Regional Bank ETF ($KRE) made another flush lower today, dropping -6.27%. All 145 bank stocks in this ETF closed lower, with $PACW and $WAL leading the decline. After today’s drop, $KRE is officially down more than -50% from its January 2022 highs. Alfonso points out that price is resolving lower from a bearish pennant. The September 2020 lows could potentially act as support, but that’s another -10% lower from here. Even then, you’re catching a falling knife.
Quote of the Day
“Stock moves start with technicals,
are confirmed by fundamentals,
and end with emotion.”
– Darren Chabot
Top Links
May Technical Market Outlook – Grindstone Intelligence
Austin Harrison shares a few noteworthy charts to watch in May.
Recent 21-Year May Seasonal Pattern: Rough Start to Historically Choppy Month – Almanac Trader
Jeff Hirsch looks at May’s seasonal pattern over the past two decades.
The Swiss Franc Carves a Generational Base – All Star Charts
Ian Culley points out that Swiss Franc Futures are attempting to break out from a multi-year base.
Professional Analysis of Markets via Charts: CMT50 – Richard Brath
Richard Brath highlights some insights from the presentations at last week’s CMT Symposium.