Daily Chart Report π Thursday, May 2, 2024
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Todayβs Summary
Thursday, May 2, 2024
Indices: Russell 2000 +1.81% | Nasdaq +1.29% | S&P 500 +0.91% | Dow +0.85%
Sectors: 9 of the 11 sectors closed higher. Technology led, gaining +1.44%. Materials lagged, falling -0.52%.
Commodities: Crude Oil futures were flat at $78.95 per barrel. Gold futures were also flat at $2,310 per oz.
Currencies: The US Dollar Index dropped -0.27% to $105.34.
Crypto: Bitcoin rose +1.45% to $59,099. Ethereum fell +0.55% to $2,986.
Volatility: The Volatility Index dropped -4.62% to 14.67.
Interest Rates: The US 10-year Treasury yield dropped to 4.583%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Urban Carmel (@ukarlewitz).
- The Emerging Markets ETF ($EEM) rose +2.58% today, marking its best day in five months. It also made a new 52-week high for the first time since the peak three years ago.
- Urban points out that $EEM broke out to a two-year high today (including dividends). It hasnβt broken out if you adjust for dividends, but itβs very close. $42 has been a major resistance level over the past two years. Clearing this hurdle would be a big improvement for $EEM.
- China has recently been driving $EEM higher after three years of weighing it down. If China continues to stabilize, $EEM could start participating.
The takeaway: Emerging Markets ($EEM) joined the new 52-week high club today after being absent for three years. China could go from being a headwind to a tailwind for $EEM. Ending the week above $42 would be a big improvement.
Quote of the Day
"Earnings don't move the overall market; it's the Federal Reserve Board... focus on the central banks, and focus on the movement of liquidity... most people in the market are looking for earnings and conventional measures. It's liquidity that moves markets."
β Stan Druckenmiller
Top Links
China Climbs Out of a Bottom - LPL Financial Research
Adam Turnquist looks at the recent rebound in China.
S&P 500 Election Year 2024 vs. 1968 & 2012 - Almanac Trader
Jeff Hirsch compares 2024 with two other election years, 1968 and 2012.
How to Find the Trade - All Star Charts
JC Parets shares his thoughts on the current market environment.
An AAPL a Day - Trading Adventures
Andy Moss highlights some key takeaways from this week so far.