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Today’s Summary
Monday, April 26th, 2021
Indices: US stocks were slightly mixed to start the week. The Dow Jones Industrial Average inched lower by 0.18%, while the S&P 500 inched higher by 0.18%. The Nasdaq rose 0.87%. The Russell 2000 outperformed, gaining 1.15%.
Sectors: 7 of the 11 sectors closed higher. Energy led, rising 0.67%. Consumer Staples lagged, falling 1.12%.
Commodities: Crude Oil futures slipped 0.37% to $61.91 per barrel. Gold inched higher by 0.13% to $1,780 per ounce.
Currencies: The US Dollar Index was unchanged.
Interest Rates: The 10-year US Treasury ticked higher to 1.568%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Ten year yield upturn here would make perfect technical sense. Pullback to ascending 50-day moving average after bearish divergence, just above Fibonacci support around 1.5%, RSI remains above 40. All the stars aligned…. now just need rates to go higher! pic.twitter.com/l0qMYg6jEC
— David Keller, CMT (@DKellerCMT) April 26, 2021
Today’s Chart of the Day was shared on Twitter by David Keller (@DKellerCMT). It’s a chart of the US 10-year Treasury yield over the past three years ($TNX). David points out that the 10-year yield looks poised to move higher after a brief pause. Not to mention, the Copper/Gold ratio, which is highly correlated to interest rates broke out to its highest level since 2018 today. The pause in rates over the past few weeks has allowed Growth to rebound relative to Value. However, if rates pick back up in the near term, Value will likely catch a bid once again.
Quote of the Day
“Sweat more during peace:
bleed less during war.”
– Sun Tzu
Top Links
Ethereum Relative Strength – All Star Charts
JC Parets takes a look at Ethereum’s recent strength over Bitcoin.
Forget Bitcoin, There is a New Kid on The Block(chain) – StockCharts.com
Julius de Kempenaer examines relative strength within the Crypto space.
Counter Trends – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some noteworthy technical developments.
Commodities Haven’t Done This in 50-Years – SentimenTrader
Jason Goepfert points out that the year-over-year change in commodities hasn’t been this high since the 1970s.
Dip Buyers Won Again – Momentum Monday
In their weekly Momentum Monday show, Howard Lindzon, and Ivanhoff highlight the hottest stocks, trends and themes across the markets.
Top Tweets
$NQ, 4h
1-2-3-go 🙂
Nothing is bearish about this chart at the moment. Will FAAMG earnings add more fuel to this move? We'll know soon. pic.twitter.com/Aba1XsKval
— Yuriy Matso (@yuriymatso) April 26, 2021
$qqq follow up as we’ve discussed the possibility of a Cup and Handle pattern developing pic.twitter.com/lasKKplX0k
— Scott Redler (@RedDogT3) April 26, 2021
Growth has bounced versus Value recently, but this is still a major topping pattern.
Also, this ratio is now right near previous support, so in theory should be resistance.
This could be one of the more important charts for portfolios in '21. pic.twitter.com/aDZ3UcD3nJ
— Ryan Detrick, CMT (@RyanDetrick) April 26, 2021
"We haven't seen the 200-DMA go this vertical really at any point post-Financial Crisis." https://t.co/fRVD21YqyG pic.twitter.com/H5x07bNjmZ
— Bespoke (@bespokeinvest) April 26, 2021
$HG_F pic.twitter.com/2h4d2qnBqJ
— Ian McMillan, CMT (@the_chart_life) April 26, 2021
Copper fast approaching that historical supply zone around $4.50-$4.60 $HG pic.twitter.com/Jm0r6X3hy0
— Drew Wells, CMT, CIMA® (@DrewTheCharts) April 26, 2021
$TLT rebound uncorroborated by Copper/Gold ratio. pic.twitter.com/MhAqNVUI9S
— Mark Ungewitter (@mark_ungewitter) April 26, 2021
How about Lumber $LBS_F? Over the last 9 months, we’ve seen 7 of those provide YoY changes >100%.
And, yes, it’s still accelerating… pic.twitter.com/XHnJe62s94
— Mike Coolbaugh (@elementmacro) April 26, 2021
Switching my lumber into bitcoin?
1 month chart lumber +53%, btc -1%…. pic.twitter.com/F3RGfnGVoZ— The Market Ear (@themarketear) April 26, 2021
Going to learn about risk appetite & liquidity from Bitcoin. pic.twitter.com/HbfmaBWgms
— Strategas (@StrategasRP) April 26, 2021
Here's that 51,000 level I was referring to earlier. At the moment, seems like a failed breakdown $BTC pic.twitter.com/GFLkqpEyFE
— Louis Sykes (@haumicharts) April 26, 2021
I did one. The history of how Wall Street has seen Bitcoin. pic.twitter.com/kkZ1DZ65Zx
— Joe Weisenthal (@TheStalwart) April 26, 2021