Stalling at Resistance π The Daily Chart Report
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Todayβs Summary
Tuesday, May 6, 2025
Indices: S&P 500 -0.77% | Nasdaq -0.88% | Dow -0.95% | Russell 2000 -1.05%
Sectors: 2 of the 11 sectors closed higher. Utilities led, rising +1.22%. Health Care lagged, falling -2.76%.
Commodities: Crude Oil bounced +3.27% to $59.00 per barrel. Gold jumped +3.58% to an all-time high of $3,441 per oz.
Currencies: The US Dollar Index dropped -0.52% to $99.27.
Crypto: Bitcoin is currently flat at $94,714. Ethereum is down -2.50% at $1,775.
Volatility: The Volatility Index rose +4.74% to 24.77.
Interest Rates: The US 10-year Treasury yield fell to 4.297%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Chris Kimble (@KimbleCharting).
- The Equal-Weight Nasdaq 100 ($QQEW) has bounced +15.2% from its April low on a closing basis. However, it remains -9.7% off its February peak.
- Chris notes that $QQEW is kissing the underside of a broken support level at $123. This level coincides with the 61.8% Fibonacci retracement of the recent decline.
- A similar pattern kicked off the 2022 bear market. After a sharp rebound in March 2022, $QQEW was rejected at the same confluence of resistance, leading to another sharp decline.
The Takeaway: After a sharp rebound, the Equal-Weight Nasdaq ($QQEW) is bumping up against resistance at $123. While history doesn't repeat exactly, a failure here would mirror the failed rally that kicked off the 2022 bear market.
Quote of the Day
βI have every possession I want. I have a lot of friends who have a lot more possessions. But in some cases, I feel the possession possesses them, rather than the other way around.β
- Warren Buffett
Top Links
The One Streak Thatβs Still Aliveβ¦ for Now - CappThesis
Frank Cappelleri breaks down the recent price action and patterns in the S&P 500.
Paul Tudor Jones Says Stock Market Will Hit New Lows Even if Trump Cuts China Tariffs to 50% - CNBC
Paul Tudor Jones shares his thoughts on the current market environment.
From Shakeout to Breakout - Alfonso's Daily Note
Alfonso De Pablos highlights the breakout in the MSCI EAFE Index ($EFA).
Goldβs Trend is Up and to the Rightπͺ - The Daily Number
Grant Hawkridge looks at the uptrend in Gold.
Going Out On Top - The Strazza Letter
Steve Strazza examines the outlook for Berkshire Hathaway ($BRK.B) after Buffett's departure.