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Todayās Summary
Wednesday, May 3, 2023
Indices:Ā Russell 2000Ā +0.41%|Ā NasdaqĀ -0.64%Ā |Ā S&PĀ 500Ā -0.70%Ā |Ā DowĀ -0.80%
Sectors: All 11 sectors closed lower. Health CareĀ led but still inched lower byĀ -0.13%. Energy lagged, droppingĀ -1.89%.
Commodities: Crude Oil futures continued lower byĀ -4.27%Ā to $68.60 per barrel. GoldĀ futures roseĀ +0.68%Ā toĀ $2,037 per oz.
Currencies: The US Dollar Index droppedĀ -0.70%Ā to $101.22.
Crypto:Ā Bitcoin roseĀ +1.24%Ā to $29,036. Ethereum gainedĀ +1.85%Ā to $1,905.
Interest Rates: The US 10-year Treasury yield dropped to 3.341%.
Here areĀ the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Yo, Charts – aside from the bank crisis thereās the little issue with the S&P Energy Sector thatās going to be a bigger issue: the two-factor āmodelā shows price has rolled beneath its cresting 12-Mo MA + the rolling Monthly MACD. This is not a money making long set up. pic.twitter.com/kWJ9yTRbux
— da Chart Life (@daChartLife) May 2, 2023
Todayās Chart of the Day was shared by John Roque (@daChartLife). All eyes have been on the Financial Sector this week as Regional Banks continue to slide. However, the Energy Sector isĀ down almostĀ twice as muchĀ as theĀ Financial sector so far this week. John points out that Energy looks vulnerable afterĀ running into resistance fromĀ the 2008/2014 highs. The 12-month moving average has begun to slope lower, and price is firmly below it. HeĀ also points out that the MACD is rolling over from a record overbought reading. It’s already the weakest sector YTD, and it looks poised for further downside, given the recent deterioration in price and momentum.
Quote of the Day
“Trends become more apparent as
you step further away from the chart.”
– Ed Seykota
Top Links
Land of Confusion? – Trading Adventures
Andy Moss gives a mid-week update on the major indices.
The Good, The Bad &Ā The Ugly – All Star Charts
JC Parets shares his thoughts on Gold, Small Caps, and Regional Banks.
Precious Metals Next Big Move Hinges On U.S. Dollar! – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the US Dollar Index.
Fill the Gap Episode 28 LIVE: Tenents of Trendfollowing – CMT Association
Here’s a great conversation with two successful trend followers, Jerry Parker, and David Lundgren.
Top Tweets
Daily Mkt Mood: Risk-Off
1. Stocks down for third day
2. Bonds significantly higher
3. Oil down about 5%
4. Yen up most since March
5. Bearish reversal for stocksHard to know if mkts focused on recession possibility or idea Fed not planning on cuts – or both.
Jobs data next.
— Abigail Doolittle (@TheChartress) May 3, 2023
Is $SPY trying to make everyone have a heart attack while it works it's way through a formation? pic.twitter.com/ApjeL3vmRA
— Jay R. Ligon (@TheeDisruptor) May 3, 2023
Policy uncertainty is creeping higher. Keep calm as uncertainty tends to correlate with higher forward returns for $SPX. The path looks like this: Market anticipates crisis, pundits express moral indignation, mkt swoons, policy makers capitulate, indignation persists, market up pic.twitter.com/s03HqtnYkd
— RenMac: Renaissance Macro Research (@RenMacLLC) May 3, 2023
no sign of buyers stepping up at the āļøVWAP from the Covid low in Crude Oil $CL_F
Weekly chart with daily inset from @Tradingview pic.twitter.com/7nE3cyOR9k
— Brian Shannon, CMT (@alphatrends) May 3, 2023
$GLD #GLD Still early in the month, but Gold is attempting an intra-month breakout here.
This is when you pull out the 1.618 extension as there is no price action to the left. pic.twitter.com/r4gW2RdFr5
— Jake Wujastyk (@Jake__Wujastyk) May 3, 2023
You might've lost money today, but I'm guessing you didn't lose as much as Carl Icahn. $IEP pic.twitter.com/WcR9s32Fdp
— Mike Zaccardi, CFA, CMT š (@MikeZaccardi) May 3, 2023
Who cares what the inept Fed and its Chairman @federalreserve has to say?
The Fed was wrong at the bottom of rates
The Fed was wrong on inflation on the way up
The Fed will be wrong at the top end of rates
Pay attention to the 2-Yr yield — it will tell you the truth $ZT_F $US2 pic.twitter.com/LTPgaX1ZHs— Peter Brandt (@PeterLBrandt) May 3, 2023
Powell today:
"Banking conditions have improved since March… the system is sound and resilient."
Also today: pic.twitter.com/g7xWLkh6dV
— Brad Freeman (@StockMarketNerd) May 3, 2023
— Sean Tuffy (@SMTuffy) May 3, 2023