Daily Chart Report π Tuesday May 7, 2024
Powered By:
Todayβs Summary
Tuesday, May 7, 2024
Indices: Russell 2000 +0.19% | S&P 500 +0.13% | Dow +0.08% | Nasdaq -0.01%
Sectors: 8 of the 11 sectors closed higher. Materials led, gaining +1.19%. Consumer Discretionary lagged, falling -0.72%.
Commodities: Crude Oil futures inched lower by -0.13% to $78.38 per barrel. Gold futures fell -0.30% to $2,324 per oz.
Currencies: The US Dollar Index rose +0.28% $105.38.
Crypto: Bitcoin fell -1.34% to $62,320. Ethereum fell -1.84% to $3,006.
Volatility: The Volatility Index fell -1.93% to 13.22.
Interest Rates: The US 10-year Treasury yield closed lower for the fifth day, falling to 4.459%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Jason Goepfert (@jasongoepfert).
- China has seen a sharp rebound over the past two weeks. The Hang Seng Index finally cooled off today after surging +14.5% in just 10 days. Jason points out that breadth is also thrusting in addition to this momentum thrust.
- The 10-day Advance/Decline Ratio spiked above three for the first time since 2016. That's only happened four other times since 1997, and all four took place in the early stages of a multi-year rally.
- China also looks bullish from a contrarian perspective. According to @MacroCharts, short interest on the Large-Cap China ETF ($FXI) recently hit 50%. While that figure has come down, it remains significantly elevated.
Takeaway: China is exhibiting the telltale signs of a bottom. Breadth and momentum are thrusting, while sentiment remains aggressively bearish
Quote of the Day
"One of the very nice things about investing in the stock market is that you learn about all different aspects of the economy. It's your window into a very large world."
β Ron Chernow
Top Links
Six Reasons This Bull Market Is Alive and Well - Carson Research
Ryan Detrick highlights six bullish developments.
The Best Stock Market Run of 2024 - CappThesis
Frank Cappelleri analyzes the recent price action in the S&P 500.
Strategas' Chris Verrone Expects New Market Highs This Summer - CNBC
Chris Verrone offers his perspective on the current market environment.
When Bullish April Is Down Stocks Often Struggle Until Q4 - Almanac Trader
Jeff Hirsch looks at how the S&P 500 has historically performed after falling in April.
Small-caps do NOT matter - All Star Charts
JC shares his thoughts on Small Caps and their lack of participation.
Top Tweets