Daily Chart Report 📈 Thursday May 9, 2024
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Today’s Summary
Thursday May 9, 2024
Indices: Russell 2000 +0.90% | Dow +0.85% | S&P 500 +0.51% | Nasdaq 100 +0.16%
Sectors: 10 of the 11 sectors closed higher. Real Estate led, gaining +2.37%. Tech was the only sector that closed lower, but just barely -0.03%.
Commodities: Crude Oil futures rose +0.34% to $79.26 per barrel. Gold futures gained +0.78% to $2,340 per oz.
Currencies: The US Dollar Index fell -0.28% $105.20.
Crypto: Bitcoin rose +3.10% to $63,075. Ethereum rose +2.10% to $3,036.
Volatility: The Volatility Index fell -2.39% to a three-month low of 12.68.
Interest Rates: The US 10-year Treasury yield dropped to 4.457%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Copper Miners at ATH $COPX $CPER pic.twitter.com/5D6aesLz4c
— Jim Knarr (@ChartMonitor) May 9, 2024
Today’s Chart of the Day was shared by Jim Knarr (@ChartMonitor).
- Jim points out that Copper Miners ($COPX) are breaking out to all-time highs. The chart shows $COPX on a total return basis, but it’s still breaking out to multi-year highs when you adjust for dividends.
- Copper Miners ($COPX) are outperforming Gold Miners ($GDX), Silver Miners ($SIL) and the S&P 500 year-to-date. The top five weighted stocks in this ETF include $FM, $KGH, $IVN, $TECK, and $BOL.
- This breakout also confirms the recent strength in the underlying metal. Copper remains -6.7% below all-time highs, but it just had its best month in three years, and there’s not much resistance standing in its way.
The takeaway: Copper Miners ($COPX) are emerging from a three-year base and outperforming their peers. This could also be foreshadowing what’s next for Copper.
Quote of the Day
“It’s important to note that exiting the market after a decline — and thus failing to participate in a cyclical rebound — is truly the cardinal sin in investing.”
– Howard Marks
Top Links
New Highs Loading… – Trading Adventures
Andy Moss reviews some key takeaways from this week’s price action.
Utilities Regain Power – LPL Financial Research
Adam Turnquist looks at what’s next for the Utilities sector after its recent surge.
How Much Longer Can This Last? – All Star Charts
JC Parets looks at the Treasury Bonds and the Japanese Yen.
These Three Strong Financial Stocks Look Ready To Surge Higher – StockCharts
Julius de Kempenaer highlights three stocks within the Financial sector that are showing relative strength and momentum.
Stocks Make Mom Happy Before & After Mother’s Day – Almanac. Trader
Jeff Hirsch looks at how stocks have historically performed around Mother’s Day.
Top Tweets
The Dow has been up every day in May so far. 7 days in a row. +4%. Now less than 1% from a new ATH. The horror pic.twitter.com/bYFY5eUkIf
— Urban Carmel (@ukarlewitz) May 9, 2024
new multi-year highs typically produce new multi-year highs pic.twitter.com/azNayQtTVT
— Ian McMillan, CMT (@the_chart_life) May 9, 2024
$SPX 40 bars weekly cycle. $SPY $QQQ @Optuma pic.twitter.com/ZrpChhkh9W
— Mo (@optionflys) May 9, 2024
We’re only 0.03% away from getting a new green tag on the 5% ZigZag chart on $SPX. What number do you think will be in that tag when it’s done?
(The tag finishes when you get the next 5% decline) pic.twitter.com/eiXtZtPD0U
— David Settle, CMT (@davidsettle42) May 9, 2024
There is nothing — I repeat, NOTHING — bearish about this chart. You might think stocks are headed for a crash, but the burden of proof is on the bears, not the bulls $SPY $ES_F pic.twitter.com/o3IAkr3R4w
— Peter Brandt (@PeterLBrandt) May 9, 2024
For only the 14th time since 1933, the NYSE advance-decline ratio exceeded a threshold of 3 to 1 for three consecutive trading sessions, with the S&P 500 above its 200-day average. pic.twitter.com/Qs3EMfTzqJ
— SentimenTrader (@sentimentrader) May 9, 2024
Over the last two weeks, up volume has been much more than half total volume on most days. pic.twitter.com/dq4xlcqVMp
— JasonLeavitt (@JasonLeavitt) May 9, 2024
$XLU is up 14% in 17 trading days after bouncing at the 200-day MA. pic.twitter.com/HuG4cuW7WS
— Andrew Moss, CMT (@Andy__Moss) May 9, 2024
Congrats $XLU – now the best S&P 500 sector YTD
But count em 5 sectors vying for the top spot pic.twitter.com/aVdX4Dqg78
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) May 9, 2024
Broker-dealer stocks $IAI are making new all-time highs today. pic.twitter.com/YRvzbzWcKq
— Caleb Franzen (@CalebFranzen) May 9, 2024
Looks like a successful breakout retest for Europe Financials $EUFN pic.twitter.com/2n5lFtkIAF
— Alfonso Depablos, CMT (@AlfCharts) May 9, 2024
I would NOT give up on the energy trade. $XLE pic.twitter.com/MqR8IQuzB7
— Against All Odds Research (@JasonP138) May 9, 2024
Gold > Energy Pinched Bollinger Bands on the $XLE / $GLD ratio typically means big move is coming. This chart is hinting at a big upward move in Gold: pic.twitter.com/L5R5NpUsW3
— Jim Knarr (@ChartMonitor) May 9, 2024
Significant trading session in #gold miners so far, with $GDX +2.66% and $GDXJ up more than 3%.
May is often a messy month for the sector. If this breakout holds true it would be a very positive development for gold bulls.
$36 is the BIG long-term breakout level for GDX.… pic.twitter.com/i1Pjs8j5gf
— CEO Technician (@CEOTechnician) May 9, 2024
Knock Knock…say gold stocks! pic.twitter.com/c1RWvRah75
— conradseric, CMT, CAIA, CEFA (@conradseric) May 9, 2024
$BTC vs. Copper, Monthly. Failed 3-year breakout. pic.twitter.com/SSHc9OCOBB
— Brian G (@alphacharts) May 9, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday May 9, 2024 appeared first on The Chart Report.
