Sponsored By:
Today’s Summary
Thursday, April 22nd, 2021
Indices: US stocks closed lower in today’s session with the Dow Jones Industrial Average dropping 321 points or 0.94%. The S&P 500 and Nasdaq fell 0.92% and 0.94%, respectively. The Russell 2000 outperformed but still slipped 0.31%.
Sectors: All 11 sectors closed lower. Real Estate led, but still fell 0.43%. Materials lagged, dropping 1.69%.
Commodities: Crude Oil futures moved higher by 0.51% to $61.66 per barrel. Gold futures moved lower by 0.51% to $1,784 per ounce.
Currencies: The US Dollar Index rose 0.18%.
Interest Rates: The 10-year US Treasury slipped to 1.540%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Ethereum is moving higher from a 2.5-year base, relative to big brother Bitcoin… pic.twitter.com/PLo0PPW0oA
— Ian McMillan, CMT (@the_chart_life) April 22, 2021
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). This is easily the most talked-about chart this week. It’s a chart of Ethereum vs. Bitcoin ($ETHUSD vs. $BTCUSD). We first started seeing signs of a potential Crypto bull market about one year ago. Since then, Bitcoin has literally quintupled. For the first time since the rally began, we’re starting to see Bitcoin lose some momentum. On the other hand, the second-largest Cryptocurrency, Ethereum, continues to show strength. On an absolute basis, Ethereum is trading at an all-time high today, which is impressive considering it corrected more than 20% just this past weekend. On a relative basis, Ian points out that Ethereum is breaking out of a 2.5-year base vs. Bitcoin right now. In other words, don’t be surprised to see Ethereum steal the spotlight from Bitcoin in the coming weeks.
Quote of the Day
“When perception diverges from reality, it creates opportunity for us as financial market participants.”
– Todd Sohn
Top Links
5 Key Takeaways from the April Conference Call – All Star Charts
The team at All-Star Charts highlights five key themes to be aware of right now.
This Major Divergence Has Never Happened Before – SentimenTrader
Jason Goepfert points out that breadth in the Nasdaq Composite and Russell 20000 has deteriorated, while S&P 500 breadth remains healthy.
Ether Gets on the Field – Bespoke
On the topic of today’s Chart of the Day, Bespoke examines Ethereum vs. Bitcoin.
Is Gold Regaining its Shine? – Potomac Fund Management
Dan Russo shares his thoughts on Gold & Stocks.
The Final Bar with Guest, Frank Cappelleri – StockChartsTV
In this episode of The Final Bar, David Keller and Frank Cappelleri discuss the technicals of the current market environment.
Top Tweets
At close: ? pic.twitter.com/GT2BRqts7h
— unusual_whales (@unusual_whales) April 22, 2021
$ES, 15m
The question is: will 4114 hold? pic.twitter.com/anpHdIayvG
— Yuriy Matso (@yuriymatso) April 22, 2021
Recent market weakness hasn’t been enough to shake bulls … @AAIISentiment bull-bear spread has ticked up from prior week pic.twitter.com/hMAcdmAkkd
— Liz Ann Sonders (@LizAnnSonders) April 22, 2021
In over 30 years, the spread between The Nasdaq 100 & Nasdaq Composite % of Stocks Above Their 50-day MA has never been wider than this week.
Nasdaq 100: 80%
Nasdaq Composite: 38% pic.twitter.com/XQMpcJFfMQ— Andrew Thrasher, CMT (@AndrewThrasher) April 22, 2021
Growth's rebound vs. Value has brought it near resistance (which was pretty good support for 7-8 months). @NDR_Research 1/2 pic.twitter.com/EPYAkZC8lV
— Ed Clissold (@edclissold) April 22, 2021
Don't shoot the messenger! But what's more likely… Airlines keep outperforming? Or they start to disappoint? The lesson of Tech off '02 low and Banks off '09 low favor the latter outcome. At very least, a competing narrative to be mindful of. @StrategasRP $JETS $DAL pic.twitter.com/vOkq9BNOvY
— Chris Verrone (@verrone_chris) April 22, 2021
Agricultural commodities continue to surge with Corn at its highest level since 2013 and Soybean at its highest level since 2014.https://t.co/7EhmR89A3h https://t.co/4goPHkAgMe pic.twitter.com/2CEIn7TTlj
— Charlie Bilello (@charliebilello) April 22, 2021
Corn historical prices. You can at least eat corn (unlike btc and gold…..) beans – all time historic highs not out of the question.. pic.twitter.com/EDXmUH0fzF
— Linda Raschke (@LindaRaschke) April 22, 2021
Follow momentum, not narratives. $CORN since the breakout… pic.twitter.com/Jb54snfdMY
— Brian G (@alphacharts) April 22, 2021
ethereum > bitcoin pic.twitter.com/zouvKLPqRh
— Louis Sykes (@haumicharts) April 22, 2021
We have lift off. $ETHBTC pic.twitter.com/NgCxcvVUHQ
— Peter Brandt (@PeterLBrandt) April 22, 2021