Daily Chart Report ? Tuesday, April 14th, 2020
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Today’s Summary
Tuesday, April 14th, 2020
Indices: US Stocks closed higher in today’s session with the Dow Jones Industrial Average advancing 559 points or 2.39%. The S&P 500 and Nasdaq gained 3.06% and 3.95%, respectively. The Russell 2000 was the weakest of the major indices but still rose 2.09%.
Sectors: 10 of the 11 sectors closed higher. Consumer Staples led, gaining 4.25%. Energy was the only sector to close lower, slipping 0.47%.
Commodities: Crude Oil futures tumbled 7.14% to $20.82 per barrel. Gold futures rose 0.43% to a seven-year high of $1,769 per ounce.
Currencies: The US Dollar Index fell 0.48%.
Interest Rates: The US 10-year Treasury yield moved lower to 0.75%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Adam Koos (@AdamKoos). It’s a daily candlestick chart of the S&P 500 with a 50-day moving average in blue, and a breadth indicator in the bottom pane. In just 15 trading days, the S&P 500 has rebounded over 27%, marking one of the sharpest rallies that the index has seen in decades. Breadth has surged as well, with the percentage of stocks in the S&P 500 above their 20-day moving average spiking from 10% to 87%. While this seems like bullish price action, Adam points out that price is now approaching a declining 50-day moving average from below, which he says could act as a level of overhead resistance. The last time the index tested a declining 50-day moving average from below, price rolled over and fell precipitously. Will this time be different? Only time will tell. However, if you’re someone who has been uncomfortably long and concerned about the market, this would be a logical level to raise some cash.
Quote of the Day
“The one fact pertaining to all conditions is that they will change.”
– Charles Dow (Founder of The Wall Street Journal)
Top Links
Can Stocks Close Higher in 2020? – LPL Financial Research
In this note, the team at LPL Financial Research examines the possibility of the S&P 500 closing higher this year.
Dead Bat Bounce or Sustainable Reversal? – Aazan Habib
Here’s an in-depth report from Aazan Habib that covers several different asset classes from a technical perspective.
Aussie Yen — Risk On – Topdown Charts
Callum Thomas explains what a bounce in the Aussie/Yen currency pair could mean for US Stocks.
AMD Breaking Out Of A 20-Year Base? – All Star Charts
JC Parets points out that the semiconductor stock, Advanced Micro Devices ($AMD), is breaking out of a massive 20-year base.
Trevor Neil on What a Market Recovery May Look Like – OPTO Trading Intelligence
Here’s a great podcast with respected Technical Analyst, Trevor Neil. He discusses a potential recovery in the stock market, trading algorithms, and more.
Top 10 Tweets
You’re all caught up now. Thanks for reading!