Daily Chart Report π Wednesday May 8, 2024
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Todayβs Summary
Wednesday, May 8, 2024
Indices: Dow +0.44% | S&P 500 +0.00% | Nasdaq -0.04% | Russell 2000 -0.46%
Sectors: 3 of the 11 sectors closed higher. Utilities led for the second day, gaining +1.05%. Real Estate lagged, falling -0.94%.
Commodities: Crude Oil futures rose +0.78% to $78.99 per barrel. Gold futures inched lower by -0.08% to $2,322 per oz.
Currencies: The US Dollar Index rose +0.11% $105.50.
Crypto: Bitcoin fell -1.83% to $61,181. Ethereum fell -1.09% to $2,974.
Volatility: The Volatility Index fell -1.74% to 12.99.
Interest Rates: The US 10-year Treasury yield snapped a five-day losing streak, rising to 4.496%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Eric Conrads (@conradseric).
- The Utilities Sector ($XLU) continued higher for the sixth consecutive day, closing at its highest since January 2023. Itβs risen in 14 of the past 16 sessions, outperforming the S&P 500 by +9% in that span.
- While $XLU remains -10% below all-time highs, it made a new 52-week high for the first time in 416 trading days yesterday, ending its longest streak without a 52-week high since 2009.
- $XLU is leading by a wide margin in Q2, up +7%, while the next best sector ($XLP) is barely positive. As Eric points out, the bulls donβt want to see a defensive sector like Utilities leading the race. Although, the S&P 500 is hovering less than 2% below record highs.
The takeaway: Utilities ($XLU) have led by a notable margin recently. Utilities often lead when the market is under pressure, but the market has been relatively calm lately.
Quote of the Day
βYou should be far more concerned with your current trajectory than with your current results.β
β James Clear
Top Links
Silver Rally Testing Major Breakout Resistance! - Kimble Charting Solutions
Chris Kimble examines the outlook for Silver after an impressive rally.
Drop in Investor Optimism Could Spell Trouble - Schaeffer's Investment Research
Rocky White looks at what the recent drop in bullish sentiment could mean for the S&P 500 in the coming months.
Letβs Unpack Why Apple Remains A Titan- Market Misbehavior
David Keller shares his thoughts on Apple ($AAPL).
Latin America: This Cycle's Leader
JC Parets highlights the strength in Latin America