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Today’s Summary
Wednesday, April 28th, 2021
Indices: US stocks closed slightly lower in today’s session with the Dow Jones Industrial Average falling 165 points or 0.48%. The S&P 500 was flat (0.08%), while the Nasdaq slipped 0.28%. The Russell 2000 outperformed, inching up just 0.13%.
Sectors: 5 of the 11 sectors closed higher. Energy led by a wide margin, gaining 3.45%. Tech lagged, falling 0.93%.
Commodities: Crude Oil futures rose 1.46% to $63.86 per barrel. Gold futures slipped 0.28% to $1,774 per ounce.
Currencies: The US Dollar Index dropped 0.32%.
Interest Rates: The 10-year US Treasury inched lower to 1.615%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Unless things start rocking and rolling in this last half hour, we are going to close out a third day of virtual inactivity for the $SPX. The 3-day ATR is pushing lows comparable to Christmas 2019 and before that 2017 – which is the gold standard for inactivity pic.twitter.com/q4Uzy6t5mk
— John Kicklighter (@JohnKicklighter) April 28, 2021
Today’s Chart of the Day was shared by John Kicklighter (@JohnKicklighter). It’s a chart of the S&P 500 over the past 3.5 years, along with a short-term volatility indicator below (3-day Average True Range). This week has been a snoozefest for stocks, with the S&P 500 virtually unchanged since Friday’s close (+0.07%). John points out that the 3-day Average True Range is the lowest it’s been in over a year. For investors, this calm environment is a breath of fresh air considering how turbulent the past year has been. For traders, this lack of volatility is not ideal. We’ll likely see range expansion soon as the market digests the slew of earnings data that will be hitting the tape over the next couple of weeks.
Quote of the Day
“Heads I win, tails I don’t lose much.”
– Mohnish Pabrai
Top Links
Putting “Sell in May and Go Away” Under the Microscope – Schaeffer’s Investment Research
Rocky White drops some fascinating stats relating to “Sell in May & Go Away”.
Todd Sohn’s Stocks To Watch: AMZN, CWH, FDX – TD Ameritrade Network
Todd Sohn of Strategas Research offers his perspective on the markets and highlights a few stocks worth watching.
A Big Breakout in a Key Industry – Potomac Fund Management
Dan Russo points out that the Air Freight & Logistics index just broke out to an all-time high.
Bullish or Bearish: Is This Time Different? – All Star Charts
JC Parets shares his thoughts on the current market environment.
Everyone Needs to Get Paid – StockCharts.com
Greg Schnell takes a look at some attractive chart setups in the Payments industry including, $V, $MA, $SQ, and $PYPL.
Join us at the 2021 CMT Americas Summit on April 29th & 30th
Featuring a slate of industry-leading analysts, the Americas Summit is uniquely adapted to a digital-first experience. This event will take place fully online, covering four distinct themes over two days and featuring experts in each thematic topic presenting each day.
The four themes will encompass US equity markets as well as key global indices, Digital and Fiat currencies, Treasury yields and rates as they impact other asset classes, and the Commodities space. Expect to leave with cutting-edge tools, trading strategies, and actionable insights to improve your investment decisions.
Top Tweets
The S&P 500 will be up more than 15% the previous 6 months heading into Sell in May during the first year of the Presidential cycle.
Since WWII only happened twice, in '45 and '61.
The next 6 months gained 12.2% and 5.1% back then.
— Ryan Detrick, CMT (@RyanDetrick) April 28, 2021
$NQ, 5m
Six rejections at the 13980… index is building energy for a break out into the new all time highs?
It all depends on how market is going to react to AAPL and FB reports later today. pic.twitter.com/84RsxMg5IM
— Yuriy Matso (@yuriymatso) April 28, 2021
when the weekly ATRs on $SPX are rising, we should expect trouble… again, what are we seeing as $SPX grinds upwards? lows for the move in the bottom two panels… pic.twitter.com/EouRmDNkiC
— David Cox, CMT, CFA (@DavidCoxWG) April 28, 2021
Hotels & Travel Services …. pic.twitter.com/ixBRxT8zVK
— Nautilus Research (@NautilusCap) April 28, 2021
After bouncing off its 50-DMA, the yield on the 10-year US Treasury looks to be breaking its downtrend from the mid-March high. https://t.co/GAPIESjQ49 pic.twitter.com/Pa2aN1Onmc
— Bespoke (@bespokeinvest) April 28, 2021
Off we go again? $HG_f $GC_f $TNX pic.twitter.com/0kMhpAfROb
— Grant Hawkridge (@granthawkridge) April 28, 2021
Ten year yield moving higher thus far this week, making ratios like $XLF to $XLK rotating back higher after a six-week hiatus. Rotation from growth back to value?… pic.twitter.com/vgCHjqrHkY
— David Keller, CMT (@DKellerCMT) April 28, 2021
It looks like the Base Metals ETF $DBB is breaking out of an interesting 3-year base. Needs to hold $19.60 pic.twitter.com/mb3DBLP58E
— R. Alfonso Depablos (@AlfCharts) April 27, 2021
$GDX the pullback any bull would want. Resting on trend line. pic.twitter.com/3688r4S7Py
— JustCharts (@JustCharts1) April 28, 2021
Bitcoin: While I have a favorable outlook over the long-term, BTC seems to be tracking ahead of both the supply/demand curve as well as gold’s price discovery roadmap from the 1970s. Time for consolidation, in my view. pic.twitter.com/5fZ5tI9RNZ
— Jurrien Timmer (@TimmerFidelity) April 27, 2021
Is #Ehereum about to take on a leadership role in the #cryptocurrency space?
Just broke out of a nice base to fresh multi-year highs relative to #Bitcoin $ETHBTC ?https://t.co/k4MOUtbZt4 pic.twitter.com/fD1aOBbFtl
— Steven Strazza (@sstrazza) April 28, 2021
Update: The Flippening$ETH $BTC pic.twitter.com/1mzOa2tUR9
— J4 (@J4_doji) April 28, 2021
You’re all caught up now. Thanks for reading!