Daily Chart Report π Wednesday, May 10, 2023
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Todayβs Summary
Wednesday, May 10, 2023
Indices: Nasdaq +1.11%| Russell 2000 +0.56% | S&P 500 +0.45% | Dow -0.09%
Sectors: 7 of the 11 sectors closed higher. Technology led, gaining +1.22%. Energy lagged, falling -1.13%.
Commodities: Crude Oil futures dropped -1.56% to $72.56 per barrel. Gold futures fell -0.28% to $2,037 per oz.
Currencies: The US Dollar Index fell -0.24% to $101.42.
Crypto: Bitcoin was flat and continues to trade around $27,600. Ethereum fell -0.38% to $1,840.
Interest Rates: The US 10-year Treasury yield fell to 3.443%.
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 Todd Sohn (@Todd_Sohn). Itβs a monthly chart of the S&P 500 over the past 77 years, with a 12-month rate of change indicator in the lower panel. Todd points out that this momentum indicator flipped into positive territory last month after spending the past year in negative territory. The S&P 500 was higher a year later in all ten prior occurrences, for an average gain of 12.6%. Of course, this doesnβt guarantee that the S&P 500 will be higher a year from now. But it does strengthen the bull case and is certainly not something that often proceeds to weakness.
Quote of the Day
βData visualization is the language of decision-making. Good charts effectively convey information. Great charts enable, inform, and improve decision-making.β
β Dante Vitagliano
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
Using the Choppiness Index to See How Stocks Move After Spikes β Schaefferβs Investment Research
Rocky White examines the Choppiness Index and what it could signal for the S&P 500.
Gold Bulls are Hoping 3rd Time is the Charm! β Kimble Charting Solutions
Chris Kimble looks at Gold as it makes another attempt at record highs.
Head & Shoulders Patterns All Around β The Final Bar
In this video, David Keller and Frank Cappelleri discuss the short-term and long-term patterns in the market.
Technical Indicators Suggest Short-Term Bearish Bias on Ether β Coin Desk
In this quick clip, Katie Stockton breaks down her near-term outlook for Ethereum.