Daily Chart Report 📈 Friday, May 3, 2024
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Today’s Summary
Friday, May 3, 2024
Indices: Nasdaq +1.99% | S&P 500 +1.26% | Dow +1.18% | Russell 2000 +0.97%
Sectors: All 11 sectors closed higher. Technology led, gaining +2.79%. Energy lagged but still closed positive +0.01%.
Commodities: Crude Oil futures fell -1.06% to $78.11 per barrel. Gold futures were flat for the second straight day at $2,309 per oz.
Currencies: The US Dollar Index dropped -0.25% to $105.08.
Crypto: Bitcoin rose +6.46% to $62,915. Ethereum gained +3.95% to $3,104.
Volatility: The Volatility Index dropped -8.11% to 13.48.
Interest Rates: The US 10-year Treasury yield dropped to 4.512%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Short term swing… pic.twitter.com/RxZz38M73N
— Against All Odds Research (@JasonP138) May 3, 2024
Today’s Chart of the Day was shared by Jason Perz (@JasonP138).
- Bitcoin made quite the roundtrip this week. It’s back to where it started, at $63k, after dropping more than –10%.
- Price reclaimed a critical support level today (around $60k-$62k), marking a Failed Breakdown. The bears are now trapped below $60k, and record highs are back on the table.
- Jason points out that Bitcoin is ripe for a potential swing trade. Wednesday’s low, at $58k, serves as a clear line in the sand to manage risk in the near term.
The takeaway: Bitcoin shook out the weak hands this week. It reclaimed a pivotal level at $62k, keeping the Crypto bull market alive and intact.
Quote of the Day
“If the world were perfect,
it wouldn’t be”
– Yogi Berra
Top Links
Dollar, Oil, & Treasury Yields Roll Over as April Jobs Data Slows – The Trade Risk
Evan Medeiros breaks down this week’s price action.
U.S. Dollar Peaking… As Momentum Indicator Reaches Historic High! – Kimble Charting Solutions
Chris Kimble explains why the Dollar ($DXY) may have peaked already.
Are Rates Ready to Drop? – All Star Charts
Ian Culley looks at what the Dollar ($DXY) currently says about yields.
The Most Dangerous Word on Wall Street – The Compound
Josh Brown and Michael Batnick interview Jeff deGraaf of Renaissance Macro Research.
There Has Never Been and May Never Be Another Market Like Bitcoin $BTC – The Factor Report
Peter Brandt explains why Bitcoin is the most unique market he’s ever traded in his 50-year career.
Top Tweets
$SPY and $QQQ closed the week just below their 50 day simple moving averages…
Talk about a cliff hanger.
pic.twitter.com/iLKBopLeiz
— TrendSpider (@TrendSpider) May 3, 2024
The S&P 500 is up 7.5% YTD.
Just know the odds of it staying around here is pretty slim.
Only four times going back 70 plus years did it gain between 8-10%.
The odds favor much higher or lower from here. What do you think it’ll be? pic.twitter.com/Gi5mz1gOlT
— Ryan Detrick, CMT (@RyanDetrick) May 3, 2024
The S&P 500 $SPY $SPX regained the VWAP anchored to the all-time high while the PPO simultaneously crossed to the upside. pic.twitter.com/T6q6G6zosf
— Sam Gatlin (@sam_gatlin) May 3, 2024
Russell 2000 ETF saw a solid bounce over the old resistance. Will demand push it higher? After almost two years to break the range, these support levels are crucial for small caps to reclaim 2021 highs. $IWM pic.twitter.com/0hxD4HEIxq
— Manuel Tellechea, CMT (@Tellechea19) May 3, 2024
Chinese tech stocks just registered their 2nd best 2-week period in history… This kind of momentum surge is as good of confirmation as you will get for the trendline breaks and new highs out of China this week $CQQQ pic.twitter.com/PdrhD4c31j
— Steven Strazza (@sstrazza) May 3, 2024
$HSI $KWEB $FXI $MCHI
The Hang Seng Index (Hong Kong) is now up 9 days in a row. Last time was Jan 2018. Only 21 events since 1964.
Avg 1 year return = 28.5%
Avg 1 year drawdown = 10.1%
Avg 1 Year max gain = 54.6%
See more data in table… pic.twitter.com/ilKDb4mTSi— Jonathan Harrier, CMT (@jonathanharrier) May 3, 2024
Emerging Markets looking for their highest weekly close since May 2022…$EEM pic.twitter.com/VtKbyVg90W
— Ian McMillan, CMT (@the_chart_life) May 3, 2024
Most impressive weekly candle goes to EM equity.$EEM $VWO $SPX pic.twitter.com/Ka2fwT1iLP
— Shane C. Murphy (@murphycharts) May 3, 2024
Last year and into January, $XLC outperformed $SPY. Since Jan, $KWEB has outperformed $SPY. $SOCL is an ETF that contains both comm & Asia tech, making it one of the best looking tech ETF charts. pic.twitter.com/whLHzMwXC2
— Brian G (@alphacharts) May 3, 2024
Crude oil prices approaching the 100 and 200-day moving averages. pic.twitter.com/tcJJT1CHJy
— Kathy Jones (@KathyJones) May 3, 2024
Markets appear to be taking their Friday siesta a bit early, so barring any surprises, this will be the 2nd worst week of the year (-1%) for the US Dollar Index $DXY this year.
Frankly, that says more about the pervasive USD strength in 2024 than 1 weeks’ worth of downside! pic.twitter.com/Bkd87J37YS
— Matt Weller CFA, CMT (@MWellerFX) May 3, 2024
#Bitcoin holding above $62,000 and is on pace to secure a daily close above $61k, which was my line in the sand to resume bullish behavior.
This is constructive.
As I’ve said repeatedly over the past month, we need to see “constructive” transition into “outright bullish”. pic.twitter.com/lp0nTl6Tq6
— Caleb Franzen (@CalebFranzen) May 3, 2024
Investors: AI is the next big thing, we need to invest in it heavily to capture growth.
Dominos: Hold my pineapples. pic.twitter.com/Upm22gRAUT
— Thomas Chua (@SteadyCompound) May 3, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Friday, May 3, 2024 appeared first on The Chart Report.
