Daily Chart Report π Monday, May 6, 2024
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Todayβs Summary
Monday, May 6, 2024
Indices: Russell 2000 +1.23% | Nasdaq +1.13% | S&P 500 +1.03% | Dow +0.46%
Sectors: All 11 sectors closed higher for the second day in a row. Communications led, gaining +1.36%. Real Estate lagged but still closed positive +0.03%.
Commodities: Crude Oil futures rose +0.47% to $78.48 per barrel. Gold futures gained +0.98% to $2,331 per oz.
Currencies: The US Dollar Index was unchanged at $105.08.
Crypto: Bitcoin fell -1.34% to $63,164. Ethereum fell -2.37% to $3,063.
Volatility: The Volatility Index was unchanged at 13.48.
Interest Rates: The US 10-year Treasury yield closed lower for the fourth day, falling to 4.489%.
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 Steve Strazza (@sstrazza).
- The US Dollar and the 10-year yield have been rising all year, and yet the S&P 500 is up +8.6% year-to-date.
- These two wrecking balls put significant pressure on the stock market in 2022. However, stocks have been more resilient these days.
- $DXY and $TNX have pulled back since mid-April, while stocks have rebounded nicely since then.
The takeaway: Stocks have been resilient this year despite higher yields and a rising dollar. If they continue to weaken, these two wrecking balls could fuel the next leg higher.
Quote of the Day
"Don't worry about people stealing your ideas. If your ideas are any good, you'll have to ram them down people's throats."
β Howard Aiken
Top Links
Back on Top - Trading Adventures
Andy Moss looks at how the major averages kicked off the week.
Typical May Up Early, Weak Middle, Strong Finish - Almanac Trader
Jeff Hirsch breaks down May seasonality.
Sentiment No Longer a Headwind - All Star Charts
JC Parets shares his read on market sentiment.
Non-Farm Price - The Weekly Trend
David Zarling and Ian McMillan discuss some of the most significant technical developments across the markets.
Top Tweets
3/ Bond seasonals turn positive in mid-May, providing an additional tailwind. H/t @JayKaeppel. pic.twitter.com/vAJybMOWSo
β Mark Ungewitter (@mark_ungewitter) May 6, 2024