Daily Chart Report π Wednesday, May 1, 2024
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Todayβs Summary
Wednesday, May 1, 2024
Indices: Russell 2000 +0.32% | Dow +0.23% | S&P 500 -0.34% | Nasdaq -0.70%
Sectors: 5 of the 11 sectors closed higher. Utilities led, gaining +1.15%. Energy lagged, dropping -1.59%.
Commodities: Crude Oil futures dropped -3.58% to $79.00 per barrel. Gold futures rose +0.35% to $2,311 per oz.
Currencies: The US Dollar Index dropped -0.64% to $105.63.
Crypto: Bitcoin dropped -3.92% to $58,256. Ethereum fell -1.39% to $2,970.
Volatility: The Volatility Index fell -1.66% to 15.38.
Interest Rates: The US 10-year Treasury yield dropped to 4.632%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Peter Brandt (@PeterLBrandt).
- Peter points out that Summer vacation just got a little cheaper today, as oil-related commodities broke down. The chart shows the US Gasoline ETF ($UGA) in a weekly (left) and daily (right) timeframe.
- Gasoline ($UGA) dropped -3.7% today, marking its worst day since November. Oil prices have been trending higher all year, renewing fears over inflation. However, Peter points out that $UGA may have peaked.
- $UGA opened the door to further downside today after breaking the neckline of a Head & Shoulders Top, around $70. This bearish pattern formed after $UGA failed to break the upper bounds of a two-year Triangle pattern.
The takeaway: Inflation fears resurfaced in March as commodities started to perk up. However, many of those commodities, including Gasoline ($UGA), are starting to roll over.
Quote of the Day
"To knowledgeable investors, chart patterns are not squiggles on a price chart; they are the footprints of the smart money."
β Thomas Bulkowski
Top Links
Stock Market and Crypto Analysis May 1, 2024 - Alphatrends
Brian Shannon breaks down recent price action and some key levels to watch in the near term.
Technology: Still the Worst Sector - All Star Charts
JC Parets looks at recent sector performance and what it says about the current market environment.
Industrials Sector Deep Dive - Grindstone Intelligence
Austin Harrison analyzes the Industrial sector.
Sell in May and Go Away? Not So Fast on Election Year - Schaeffer's Investment Research
Rocky White examines the performance of "Sell in May and Go Away" in election years.
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