Daily Chart Report π Wednesday, May 3, 2023
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Todayβs Summary
Wednesday, May 3, 2023
Indices: Russell 2000 +0.41%| Nasdaq -0.64% | S&P 500 -0.70% | Dow -0.80%
Sectors: All 11 sectors closed lower. Health Care led but still inched lower by -0.13%. Energy lagged, dropping -1.89%.
Commodities: Crude Oil futures continued lower by -4.27% to $68.60 per barrel. Gold futures rose +0.68% to $2,037 per oz.
Currencies: The US Dollar Index dropped -0.70% to $101.22.
Crypto: Bitcoin rose +1.24% to $29,036. Ethereum gained +1.85% to $1,905.
Interest Rates: The US 10-year Treasury yield dropped to 3.341%.
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 John Roque (@daChartLife). All eyes have been on the Financial Sector this week as Regional Banks continue to slide. However, the Energy Sector is down almost twice as much as the Financial sector so far this week. John points out that Energy looks vulnerable after running into resistance from the 2008/2014 highs. The 12-month moving average has begun to slope lower, and price is firmly below it. He also points out that the MACD is rolling over from a record overbought reading. It's already the weakest sector YTD, and it looks poised for further downside, given the recent deterioration in price and momentum.
Quote of the Day
"Trends become more apparent as
you step further away from the chart."
- Ed Seykota
Top Links
Land of Confusion? - Trading Adventures
Andy Moss gives a mid-week update on the major indices.
The Good, The Bad & The Ugly - All Star Charts
JC Parets shares his thoughts on Gold, Small Caps, and Regional Banks.
Precious Metals Next Big Move Hinges On U.S. Dollar! - Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the US Dollar Index.
Fill the Gap Episode 28 LIVE: Tenents of Trendfollowing - CMT Association
Here's a great conversation with two successful trend followers, Jerry Parker, and David Lundgren.