Daily Chart Report 📈 Monday, May 8, 2023

Patrick Dunuwila

May 8, 2023

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Today’s Summary
Monday, May 8, 2023

Indices: Nasdaq +0.25% | S&P 500 +0.05% | Dow -0.17% | Russell 2000 -0.31%

Sectors: 3 of the 11 sectors closed higher. Communications led, gaining +1.01%. Real Estate lagged, falling -0.69%.

Commodities: Crude Oil futures rose +2.55% to $73.16 per barrel. Gold futures gained +0.41% to $2,033 per oz.

Currencies: The US Dollar Index inched higher by +0.10% to $101.39.

Crypto: Bitcoin dropped -2.75% to $27,690. Ethereum fell -1.28% to $1,849.

Interest Rates: The US 10-year Treasury yield rose to 3.511%.

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 Yuriy Matso (@yuriymatso). Nasdaq 100 futures inched higher by just +0.26% today, but that was enough to mark a nine-month closing high. Yuriy points out that the index is attempting to clear resistance around 13350 after consolidating for more than a month. Price cracked it today, but it hasn't decisively broken out yet. Once broken, it will be important to see this level turn into support to avoid a bull trap or failed breakout.

Quote of the Day

“Often a sign of expertise is noticing what doesn't happen.”

- Malcolm Gladwell

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 Tweets

Highest close for the Nasdaq 100 since August 18th, but not much traction on the move and low volume ($QQQ volume was the lowest since Jan 10th) pic.twitter.com/j29jzzyoIC
— John Kicklighter (@JohnKicklighter) May 8, 2023

Today's volume in $SPY was the lowest of 2023 pic.twitter.com/LwcZSfPCCX
— Barchart (@Barchart) May 9, 2023

For 8-months- #sp500 can't breach 4200. Probably just a good idea to worry about EBITDA and what Warren Buffet thinks- rather than watching that level. :) pic.twitter.com/yHcM2iQd6S
— Chris Robinson (@cer_hedge) May 8, 2023

$SPX - Not a bear trap, not a bull trap, an impatience trap. pic.twitter.com/1DGAidtmTY
— Larry Thompson (@HostileCharts) May 8, 2023

Relative strength and resilience from tech stocks continues to impress as $XLK closed last week at its highest level since April pic.twitter.com/R66h3siuNP
— Steven Strazza (@sstrazza) May 8, 2023

$AAPL gained $123B in market cap on Friday - the equivalent total value of $SBUX - and is now at $2.7 Trillion. So far in 2023 it has gained 33% - more than $NVDA & almost an $AMZN! US stocks YTD% ranked by market cap: pic.twitter.com/HqrSZH3M3H
— Optuma (@Optuma) May 8, 2023

Relative performance of the Russell 2000 (small caps) vs the S&P 500 since February. Hovering around Covid lows. pic.twitter.com/taQajd4NpQ
— Liz Young Thomas (@LizThomasStrat) May 8, 2023

#Bitcoin $BTCUSD flashing a short entry at the 50-dma. $BITI is my vehicle of choice here... pic.twitter.com/2gTjvLfZHq
— Gil Morales - TheOWLTrader.com & VoSI (@gilmoreport) May 8, 2023

$DXY looks like a mess below resistance, the 10-week MA, and the 40-week MA. pic.twitter.com/qRAFDsYaTi

— Dan Russo, CMT (@DanRusso_CMT) May 8, 2023

Global Stocks Ex-USA has been consolidating above an upward-sloping 200-day. In a multi-week range marked by Jan/Fed 2023 highs. $ACWX $VEU pic.twitter.com/MtYBnYsHCc
— Chris Ciovacco (@CiovaccoCapital) May 8, 2023

Let's talk Turkey.

Up 4% today and bouncing off support.$TUR pic.twitter.com/uJuF2VuHsF
— David Rath, CMT, CFA (@DJwrath) May 8, 2023

You’re all caught up now. Thanks for reading!

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