Daily Chart Report ? Monday, April 13th, 2020
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Today’s Summary
Monday, April 13th, 2020
Indices: US Stocks were mostly lower to start the week, with the Dow Jones Industrial Average falling 329 points or 1.39%. The S&P 500 closed lower by 1.01%, while the Nasdaq managed to close higher by 0.48%. The Russell 2000 was the weakest of the major indices, dropping 2.78%.
Sectors: Technology led, inching up 0.22%. Real Estate lagged, falling 4.59%.
Commodities: Crude Oil futures moved lower by 1.54% to $22.41 per barrel. Gold futures rose 0.49% to a multi-year high of $1,761 per ounce.
Currencies: The US Dollar Index was flat.
Interest Rates: The US 10-year Treasury yield moved higher to 0.767%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Steve Strazza (@sstrazza). It’s a daily candlestick chart of Netflix ($NFLX). There was a lot of chatter about $NFLX and $AMZN today, as both of these market darlings are testing new highs. Steve explains that the outperformance we’re seeing from these widely held stocks is nothing new, emphasizing that they’ve been leading the broader market for years. Up until today, much of the recent rebound has been led by the beaten-down areas of the market, typical of a bear market rally. However, seeing these long-term leaders start to reassert their leadership is healthy for the broader market. He adds that most of these market leaders did not get oversold throughout the historic 35% decline in the broader markets. Regardless of the broader market implications, this is a good reminder that in order to outperform the market, you need to own the stocks that are outperforming the market.
Quote of the Day
“The inability to read a tape and spot trends is also why so many in the relative-value space who rely solely on fundamentals have been annihilated in the past decade.”
– Paul Tudor Jones II (Hedge Fund Manager)
Top Links
Sectors Failing at Their 50-day – Bespoke
In this note, Bespoke points out that most of the S&P 500 sectors are struggling to get above their respective 50-day moving averages.
How Professional Technical Analysts Handled the Covid-19 Crash – Optuma
Adam Koos, David Cox, and Julius de Kempenaer explain how they used technical analysis to help navigate the recent volatility.
To Chase or Not to Chase – Momentum Monday
After a historic crash and a sharp rebound, Howard Lindzon and Ivanhoff ponder what could be next for the US Stock Market.
Seven Bear Market Mistakes and How to Avoid Them – StockCharts.com
David Keller offers seven pieces of advice to help readers manage risk during a bear market.
Is it a Bounce or a Bottom? – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss the current market environment from a technical perspective.
Top 10 Tweets
Part 6. $GLD pic.twitter.com/NwvhrbiyAM
— Arun S. Chopra CFA CMT? (@FusionptCapital) April 13, 2020