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Today’s Summary
Tuesday, April 26th, 2022
Indices: Dow -2.38% | S&P 500 -2.81% | Russell 2000 -3.26% | Nasdaq 100 -3.87%
Sectors: Energy was the only sector that closed higher, inching up just +0.14%. Consumer Discretionary, dropping -5.06%.
Commodities: Crude Oil futures rose +3.21% to $101.70 per barrel. Gold futures gained +0.43% to $1,904 per ounce.
Currencies: The US Dollar Index continued higher by +0.56% to a fresh two-year high.
Crypto: Bitcoin dropped -5.05% to $38,392. Ethereum dropped -5.60% to $2,839.
Interest Rates: The US 10-year Treasury yield fell to 2.726%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Nasdaq 100 $QQQ just closed beneath its AVWAP from the COVID lows for the first time pic.twitter.com/SSSEuZ32mF
— Steven Strazza (@sstrazza) April 26, 2022
Today’s Chart of the Day was shared by Steve Strazza (@sstrazza). It’s a daily candlestick chart of the Nasdaq 100 ETF ($QQQ) over the past two and a half years. The Nasdaq entered into “official bear market territory” again today, down more than 20% from its all-time high. More importantly, it broke through the anchored VWAP from the COVID lows (around $318). In other words, the average buyer since this bull market began is now underwater. Caution is warranted as long as we’re below this level.
Quote of the Day
“In a correction, other people’s stocks go down. In a bear market, your stocks go down.”
– Alan Abelson
Top Links
Treasury Bond ETF (TLT) Testing Important Long-Term Price Support! – Kimble Charting Solutions
Chris Kimble points out that the popular Treasury Bond ETF, $TLT, is attempting to reverse at an important spot.
Playing the Relative Game Now – Potomac Fund Management
Dan Russo examines the strongest/weakest sectors of the S&P 500.
USD Weakness Evaporates – All Star Charts
The team at All Star Charts takes a look at the strength in the US Dollar Index.
It’s OK to be Confused Right Now – A Wealth of Common Sense
Ben Carlson weighs in on the messy market environment.
Join us in-person or virtually at the 49th Annual CMT Symposium on April 28th-29th in Washington D.C.
Top Tweets
Blood Red heatmap ? pic.twitter.com/Zfij3Y5yHy
— CtheLightTrading (@canuck2usa) April 26, 2022
Very little to like about today's session. For now, S&P 500 closed above both the 2022 intraday and closing lows. $SPX pic.twitter.com/hGOSSc41kM
— Chris Ciovacco (@CiovaccoCapital) April 26, 2022
$QQQ -14% this month pic.twitter.com/3HHNiPK9Eo
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) April 26, 2022
The FANG+ index was down another 4.8% today, leaving it down ~24% YoY (and since April 4th). pic.twitter.com/jmrK3oenuF
— Bespoke (@bespokeinvest) April 26, 2022
Not a bullish development for the market. $IWM pic.twitter.com/7cdTO1raZH
— Sam McCallum ??????? (@Honeystocks1) April 26, 2022
Value Line Geometric Index – down 15% from it's Nov high and at lowest level since Jan 2021. pic.twitter.com/nXJiR0JhaX
— Willie Delwiche, CMT, CFA (@WillieDelwiche) April 26, 2022
Staples continue to crank up the relative outperformance $XLP $SPY pic.twitter.com/JhSBv19Zev
— Drew Wells, CMT, CIMA® (@DrewTheCharts) April 26, 2022
An important level for Financials and the market as a whole… Which way does it resolve? $XLF pic.twitter.com/3atcDCe5VG
— Mike Singleton, CFA (@InvictusMacro) April 26, 2022
The energy sector has enjoyed a heck of a run. But resistance is a real thing in the financial markets. Not ready to throw in the towel, but it may take a while to stage another assault on $78-$82 range. pic.twitter.com/SAm5E3vYIG
— Jay Kaeppel (@jaykaeppel) April 26, 2022
Crude oil futures continue to consolidate around a key extension level ~100. $CL_F #Commodities pic.twitter.com/RyS5IbEdFH
— Ian Culley (@IanCulley) April 26, 2022
US Dollar Index (#DXY) going vertical!#riskoff indicator. pic.twitter.com/1f9ZcOvcWJ
— jeroen blokland (@jsblokland) April 26, 2022
$DXY reaching the target, crucial moment.
I think it will keep rising, seeing how bad $EURUSD and $JPYUSD look … pic.twitter.com/LhXDJHTaIf
— The Baguette Investor (@TheBaguetteInv1) April 26, 2022
The ARK Innovation ETF is now underperforming the Nasdaq 100 by 60% since its inception in Oct 2014.
In February 2021 it was outperforming by 500%.$ARKK $QQQ
Charting via @ycharts pic.twitter.com/T107EcwkaY
— Charlie Bilello (@charliebilello) April 26, 2022
$NFLX current % off high: -70.9%
Max Drawdown: -82.0%, in September 2012$FB current % off high: -52.5%
Max Drawdown: -53.6%, in September 2012 pic.twitter.com/i92kWRdbeY— YCharts (@ycharts) April 26, 2022
Boring stocks this year:
Berkshire Hathaway +13%
Hershey's +17%
Johnson & Johnson +9%
John Deere +13%Exciting stocks this year:
Nvidia -32%
Shopify -68%
Netflix -65%
Facebook -44%— Ben Carlson (@awealthofcs) April 26, 2022
You’re all caught up now. Thanks for reading!