Daily Chart Report π Friday, May 5, 2023
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Todayβs Summary
Friday, May 5, 2023
Indices: Russell 2000 +2.39% | Nasdaq +2.13% | S&P 500 +1.85% | Dow +1.65%
Sectors: All 11 sectors closed higher. Energy led, gaining +2.71%. Utilities lagged but still rose +0.64%.
Commodities: Crude Oil futures rose +4.05% to $71.34 per barrel. Gold futures dropped -1.50% to $2,025 per oz.
Currencies: The US Dollar Index fell -0.16% to $101.28.
Crypto: Bitcoin rose +2.41% to $29,547. Ethereum gained +6.32% to $1,997.
Interest Rates: The US 10-year Treasury yield rose to 3.441%.
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 Walter Deemer (@WalterDeemer). The S&P 500 fell -0.80% this week, but it ended on a strong note gaining +1.85% on Friday. Walter points out that the S&P 500 ETF, $SPY, has formed a bullish island reversal. This pattern was formed by Thursday's gap lower and Friday's gap higher, which left Thursday's bar isolated below the rest of the week's price action. Interestingly, this reversal occurred right at the VWAP anchored to the all-time high. Despite this bullish reversal price is still below 4200 (420 in SPY), which has been resistance for months now. That key level remains the next major upside objective for the bulls to achieve.
Quote of the Day
βLearn how to see. Realize that everything connects to everything else.β
- Leonardo da Vinci
Trendlines > Headlines
https://youtu.be/Vbh4WCzyWv4
The latest episode of Trendlines over Headlines is out!
This week, James Bartelloni joined us to talk technicals. James is a former Top Gun pilot turned technician and the founder of BartsCharts.com. We discussed his unorthodox approach to analyzing the markets and took a close look at Banks and the VIX.
Top Links
Are We There Yet? - Trading Adventures
Andy Moss shares his thoughts on the current market environment.
Stock Market & Crypto Analysis May 5, 2023 Alphatrends Anchored VWAP - AlphaTrends
In this quick video, Brian Shannon breaks down this week's price action and highlights some key levels to watch in the near term.
A Stock Pickers Market - The Weekly Grind
Sam McCallum highlights some noteworthy charts to keep an eye on.
Here's What to Watch for in Crude - All Star Charts
Ian Culley examines the technical outlook for Crude Oil.
Treasury Bonds Are Setting Up For A Big Move - Kimble Charting Solutions
Chris Kimble points out that Treasury Bonds are at a key inflection point.
Top Tweets
$XLF - 200 week served as support this week.
I think if the world ends, this will close before it's 200 week first. pic.twitter.com/YzU0vPIyPCβ Larry Thompson (@HostileCharts) May 5, 2023