Historic Streak Snaps ๐ The Daily Chart Report
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Todayโs Summary
Monday, May 5, 2025
Indices: Dow -0.24% | S&P 500 -0.64% | Nasdaq 100 -0.67% | Russell 2000 -0.82%
Sectors: 2 of the 11 sectors closed higher. Communications led, rising +0.24%. Energy lagged, falling -1.81%.
Commodities: Crude Oil dropped -1.99% to a four-year low of $57.13 per barrel. Gold jumped +2.44% to $3,322 per oz.
Currencies: The US Dollar Index fell -0.23% to $99.81.
Crypto: Bitcoin is currently down -0.30% at $94,030. Ethereum is down -0.20% at $1,805.
Volatility: The Volatility Index rose +4.32% to 23.65.
Interest Rates: The US 10-year Treasury yield rose to 4.347%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Today's Chart of the Day was shared by Jason Perz (@JasonP138).
- U.S. Stocks cooled off today, with the S&P 500 ending a nine-day winning streak. However, other developed markets continued to rally, with the iShares Japan ETF ($EWJ) closing at a seven-month high.
- Like many international markets, Japan has outperformed the U.S. by a notable margin this year. $EWJ is up +7.9% YTD while the S&P 500 is down -3.9%.
- $EWJ has made a V-shaped recovery from a -17% drawdown over the past month. Jason points out that it's testing a well-defined resistance level at $72. Price has been rejected at $72 several times over the past year, but this is the final hurdle before all-time highs.
The Takeaway: The Japan ETF ($EWJ) is trying to join the party in international markets as it knocks on resistance at $72. For more on the strength in international markets, check out Jason's full post here.
Quote of the Day
"The balance between confidence and humility is best learned through extensive experience and mistakes."
- Michael Steinhardt
Top Links
A View from the Floor with Jay Woods, CMT - Freedom Capital Markets
Jay Woods highlights a few noteworthy things to watch this week.
S&P 500 Performance After Past 9-day or Longer Winning Streaks Mixed - Almanac Trader
Jeff Hirsch looks at how the S&P 500 has historically performed after nine or more consecutive up days.
All-Time Highs are Not Bearish ๐ - The Daily Number
Grant Hawkridge points out that the S&P 500 Advance/Decline Line is breaking out to record highs.
Speculative Growth Is Heating Up - Alfonso's Daily Note
Alfonso De Pablos highlights the rebound in speculative growth stocks.
Halfway There? - Vixology
Jim Carroll examines the outlook for volatility.