Daily Chart Report π Thursday, May 4, 2023
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Todayβs Summary
Thursday, May 4, 2023
Indices: Nasdaq -0.37% | S&P 500 -0.72% | Dow -0.86% | Russell 2000 -1.18%
Sectors: 2 of the 11 sectors closed higher. Real Estate led, gaining +0.93%. Communications lagged, falling -1.61%.
Commodities: Crude Oil futures were flat and continue to trade around to $68.56 per barrel. Gold futures rose +0.92% to $2,056 per oz.
Currencies: The US Dollar Index rose +0.22% to $101.45.
Crypto: Bitcoin fell -0.63% to $28,851. Ethereum fell -1.42% to $1,878.
Interest Rates: The US 10-year Treasury yield rose to 3.382%.
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 Katie Stockton (@StocktonKatie). It's a monthly chart of Gold futures over the past 18 years. Gold poked its head above the all-time closing highs earlier today before pulling back slightly. It still closed at a new 52-week high today, but we can't officially call it an all-time high until it closes above $2,070/oz. The yellow metal has formed what resembles a cup & handle pattern, with an 11-year base as the cup and a three-year base as the handle. Katie points out that it's above an upward-sloping 12-month moving average (red) and the Ichimoku Cloud (purple). Also, the monthly MACD has recently flipped into positive territory. As Katie suggests, Gold has set the stage for a multi-year breakout and rally.
Quote of the Day
"Bear markets are like bad colds. You hate them, but you know eventually you'll feel better."
- Marvin McIntyre
Top Links
Your Tiny Banks Don't Matter - All Star Charts
JC Parets shares his thoughts on the crash in Regional Banks and its impact on the major indices.
Sentiment Slouches - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
What Small-Cap Underperformance Could Mean for Stocks - Schaeffer's Investment Research
Rocky White examines how the S&P 500 has historically performed amid Small Cap underperformance.
Midterm Best Six Months 19-0 - Almanac Trader
Jeff Hirsch points out that the 'best six months' for the S&P 500 remain undefeated in midterm years.
Top Tweets
Interestingly, gold is getting surprisingly little media attention: pic.twitter.com/M4bJzOpTXU
β Nick Reece (@nicholastreece) May 4, 2023