Daily Chart Report 📈 Wednesday, May 1, 2024
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Today’s Summary
Wednesday, May 1, 2024
Indices: Russell 2000 +0.32% | Dow +0.23% | S&P 500 -0.34% | Nasdaq -0.70%
Sectors: 5 of the 11 sectors closed higher. Utilities led, gaining +1.15%. Energy lagged, dropping -1.59%.
Commodities: Crude Oil futures dropped -3.58% to $79.00 per barrel. Gold futures rose +0.35% to $2,311 per oz.
Currencies: The US Dollar Index dropped -0.64% to $105.63.
Crypto: Bitcoin dropped -3.92% to $58,256. Ethereum fell -1.39% to $2,970.
Volatility: The Volatility Index fell -1.66% to 15.38.
Interest Rates: The US 10-year Treasury yield dropped to 4.632%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Three chart reasons to be short $UGA
1. Resistance at upper boundary of massive triangle
2. H&S top
3. Trendline violation pic.twitter.com/BuvdcJh6d7— Peter Brandt (@PeterLBrandt) May 1, 2024
Today’s Chart of the Day was shared by Peter Brandt (@PeterLBrandt).
- Peter points out that Summer vacation just got a little cheaper today, as oil-related commodities broke down. The chart shows the US Gasoline ETF ($UGA) in a weekly (left) and daily (right) timeframe.
- Gasoline ($UGA) dropped -3.7% today, marking its worst day since November. Oil prices have been trending higher all year, renewing fears over inflation. However, Peter points out that $UGA may have peaked.
- $UGA opened the door to further downside today after breaking the neckline of a Head & Shoulders Top, around $70. This bearish pattern formed after $UGA failed to break the upper bounds of a two-year Triangle pattern.
The takeaway: Inflation fears resurfaced in March as commodities started to perk up. However, many of those commodities, including Gasoline ($UGA), are starting to roll over.
Quote of the Day
“To knowledgeable investors, chart patterns are not squiggles on a price chart; they are the footprints of the smart money.”
– Thomas Bulkowski
Top Links
Stock Market and Crypto Analysis May 1, 2024 – Alphatrends
Brian Shannon breaks down recent price action and some key levels to watch in the near term.
Technology: Still the Worst Sector – All Star Charts
JC Parets looks at recent sector performance and what it says about the current market environment.
Industrials Sector Deep Dive – Grindstone Intelligence
Austin Harrison analyzes the Industrial sector.
Sell in May and Go Away? Not So Fast on Election Year – Schaeffer’s Investment Research
Rocky White examines the performance of “Sell in May and Go Away” in election years.
Top Tweets
#Stocks initially reacted positively to Fed Chair Powell’s post-FOMC press conference, before getting whipsawed and flipping a 1.1% gain to a 0.34% loss at the close. The #Fed left rates unchanged, but Chair Powell was relatively dovish in his outlook. pic.twitter.com/MpbTMvFp3O
— Cetera Investment Management (@ceteraIM) May 1, 2024
Crazy the S&P $SPY rallied 1.29% from 2 PM to 3 PM, which was the day’s high, then it fell 1.41% from 3 PM to 4 PM to close down 0.32% on the day.
A classic Powell Fed Day with some initial post-FOMC strength followed by a collapse into the close.
Aren’t markets fun? pic.twitter.com/GAp9bDQ2Gv
— Bespoke (@bespokeinvest) May 1, 2024
The market spends more than half the time in a drawdown of at least 5%, while still compounding at 11% per year since 1900 as shown in the chart below. Of course along with that potential for return comes volatility, as we are seeing now. That’s the tradeoff. In my view, with… pic.twitter.com/G7ttkbaW3H
— Jurrien Timmer (@TimmerFidelity) May 1, 2024
The best performing stocks in the S&P 500 this year… pic.twitter.com/j79MVlstWO
— Charlie Bilello (@charliebilello) May 1, 2024
Looks like a test of the YTD
VWAP is likely in coming sessions for $NVDA pic.twitter.com/xxnlLUMQBv
— Brian Shannon, CMT (@alphatrends) May 1, 2024
Biotech risk curve coming back to life? $XBI $MSOS pic.twitter.com/86NqNwtcqa
— Brian G (@alphacharts) May 1, 2024
Crude Oil posts biggest loss since January 8 pic.twitter.com/YW2BUGgCWv
— Barchart (@Barchart) May 2, 2024
Out of the channel… pic.twitter.com/bkQa5yEAlZ
— Ian McMillan, CMT (@the_chart_life) May 1, 2024
Crude oil, long-term perspective. pic.twitter.com/p3gfMgZcl5
— Mark Ungewitter (@mark_ungewitter) May 1, 2024
$BTC cracking support in what appears to be a tactical (not strategic) top. We’re looking for an oversold condition to develop and price intersecting ascending 200-day around $50k. #Bitcoin pic.twitter.com/T4zbFD6Zrl
— RenMac: Renaissance Macro Research (@RenMacLLC) May 1, 2024
This time is probably different, right? $BTC pic.twitter.com/MiXB2Cbk6v
— Steven Strazza (@sstrazza) May 1, 2024
The AFTER-HOURS party is NOT in EPS releases…
It is in FOREX! pic.twitter.com/qp439oSnhd— conradseric, CMT, CAIA, CEFA (@conradseric) May 1, 2024
Fam this is a real charthttps://t.co/ubxyRForC5 pic.twitter.com/bidjv0G17A
— coloradotravis (@coloradotravis) May 1, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Wednesday, May 1, 2024 appeared first on The Chart Report.
