Daily Chart Report ? Tuesday, April 7th, 2020
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Today’s Summary
Tuesday, April 7th, 2020
Indices: US Stocks closed slightly lower in today’s session with the Dow Jones Industrial Average slipping 26 points or 0.12%. The S&P 500 and Nasdaq closed lower by 0.16% and 0.33%, respectively. The Russell 2000 was the strongest of the major indices and managed to close slightly positive by 0.03%.
Sectors: Materials led, gaining 2.66%. Utilities lagged, falling 1.25%.
Commodities: Crude Oil futures moved lower by 1.58% to $26.22 per barrel. Gold futures fell 0.86% to $1,680 per ounce.
Currencies: The US Dollar Index dropped 0.82%.
Interest Rates: The US 10-year Treasury yield rose to 0.712%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by John Kicklighter (@JohnKicklighter). It’s a daily candlestick chart of the S&P 500. John posses an interesting question. Which carries more weight — the fact that the index gapped higher for the second day in a row, or, the fact that the index sold-off throughout the day? John suggests that these bullish opening gaps reflect global risk-on sentiment, as traders overseas bid up index futures overnight. However, today’s gap failed to follow-through to the upside, as US traders sold into the move throughout the session. As John points out, this demonstrates risk-off sentiment here in the US. Given these two pieces of contradictory evidence, which one carries more weight — the bullish opening gap or the lack of subsequent follow through?
Quote of the Day
“The past can hurt. But the way I see it, you can either run from it, or learn from it.”
– Rafiki (The Lion King)
Top Links
The Flight to Safety – Of Dollars And Data
Data scientist, Nick Maggiulli examines what the recent “dash for cash” could mean for the markets going forward.
Volatility Remains High – Bespoke
Bespoke explains that volatility remains elevated despite the 19% rally in the S&P 500 over the past couple of weeks.
The Russell 2000’s Weekly Bear Flag Setup – StockCharts.com
Michele Schneider takes a look at the potential bear flag pattern that is forming on the chart of the Small-Cap Russell 2000 index.
DAX Index Hits Two 18-Year Support Lines, Creates Large Bullish Reversal – Kimble Charting Solutions
Chris Kimble points out that the German DAX index bounced at a confluence of two long-term support levels, which he says is a bullish development for this major index.
Stock Trading Ideas for 4/8/20 – AlphaTrends.net
In this video, Brian Shannon walks viewers through some potential swing trading setups.
Top 10 Tweets
You’re all caught up now. Thanks for reading!