Daily Chart Report 📈 Friday, May 3, 2024

Short term swing... pic.twitter.com/RxZz38M73N

— Against All Odds Research (@JasonP138) May 3, 2024

$SPY and $QQQ closed the week just below their 50 day simple moving averages...

Talk about a cliff hanger. 🍿 pic.twitter.com/iLKBopLeiz

— TrendSpider (@TrendSpider) May 3, 2024

The S&P 500 is up 7.5% YTD.

Just know the odds of it staying around here is pretty slim.

Only four times going back 70 plus years did it gain between 8-10%.

The odds favor much higher or lower from here. What do you think it'll be? pic.twitter.com/Gi5mz1gOlT

— Ryan Detrick, CMT (@RyanDetrick) May 3, 2024

The S&P 500 $SPY $SPX regained the VWAP anchored to the all-time high while the PPO simultaneously crossed to the upside. pic.twitter.com/T6q6G6zosf

— Sam Gatlin (@sam_gatlin) May 3, 2024

Russell 2000 ETF saw a solid bounce over the old resistance. Will demand push it higher? After almost two years to break the range, these support levels are crucial for small caps to reclaim 2021 highs. $IWM pic.twitter.com/0hxD4HEIxq

— Manuel Tellechea, CMT (@Tellechea19) May 3, 2024

Chinese tech stocks just registered their 2nd best 2-week period in history... This kind of momentum surge is as good of confirmation as you will get for the trendline breaks and new highs out of China this week $CQQQ pic.twitter.com/PdrhD4c31j

— Steven Strazza (@sstrazza) May 3, 2024

$HSI $KWEB $FXI $MCHI
The Hang Seng Index (Hong Kong) is now up 9 days in a row. Last time was Jan 2018. Only 21 events since 1964.
Avg 1 year return = 28.5%
Avg 1 year drawdown = 10.1%
Avg 1 Year max gain = 54.6%
See more data in table... pic.twitter.com/ilKDb4mTSi

— Jonathan Harrier, CMT (@jonathanharrier) May 3, 2024

Emerging Markets looking for their highest weekly close since May 2022...$EEM pic.twitter.com/VtKbyVg90W

— Ian McMillan, CMT (@the_chart_life) May 3, 2024

Most impressive weekly candle goes to EM equity.$EEM $VWO $SPX pic.twitter.com/Ka2fwT1iLP

— Shane C. Murphy (@murphycharts) May 3, 2024

Last year and into January, $XLC outperformed $SPY. Since Jan, $KWEB has outperformed $SPY. $SOCL is an ETF that contains both comm & Asia tech, making it one of the best looking tech ETF charts. pic.twitter.com/whLHzMwXC2

— Brian G (@alphacharts) May 3, 2024

Crude oil prices approaching the 100 and 200-day moving averages. pic.twitter.com/tcJJT1CHJy

— Kathy Jones (@KathyJones) May 3, 2024

Markets appear to be taking their Friday siesta a bit early, so barring any surprises, this will be the 2nd worst week of the year (-1%) for the US Dollar Index $DXY this year.

Frankly, that says more about the pervasive USD strength in 2024 than 1 weeks' worth of downside! pic.twitter.com/Bkd87J37YS

— Matt Weller CFA, CMT (@MWellerFX) May 3, 2024

#Bitcoin holding above $62,000 and is on pace to secure a daily close above $61k, which was my line in the sand to resume bullish behavior.

This is constructive.

As I've said repeatedly over the past month, we need to see "constructive" transition into "outright bullish". pic.twitter.com/lp0nTl6Tq6

— Caleb Franzen (@CalebFranzen) May 3, 2024

Investors: AI is the next big thing, we need to invest in it heavily to capture growth.

Dominos: Hold my pineapples. pic.twitter.com/Upm22gRAUT

— Thomas Chua (@SteadyCompound) May 3, 2024