Daily Chart Report ? Thursday, April 16th, 2020
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Today’s Summary
Thursday, April 16th, 2020
Indices: US Stocks were mostly higher in today’s session with the Dow Jones Industrial Average inching up 33 points or 0.14%. The S&P 500 and Nasdaq rose 0.58% and 1.66%, respectively. The Russell 2000 weakest of the major indices, falling 0.50%.
Sectors: Healthcare led for the second day in a row, gaining 2.18%. Energy lagged for the third day in a row, dropping 4.27%.
Commodities: Crude Oil futures fell 0.60% to $19.75 per barrel. Gold futures slipped 0.37% to $1,734 per ounce.
Currencies: The US Dollar Index rose 0.37%.
Interest Rates: The US 10-year Treasury yield inched higher to 0.643%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Willie Delwiche (@WillieDelwiche). It’s a ratio chart of Mega-Cap stocks ($OEX), relative to Small-Cap stocks ($SML). When the line is rising, it indicates that Mega-Cap stocks are outperforming Small-Cap stocks, and vice versa. As Willie points out, this ratio reached a new high today. In other words, Small-Cap stocks are underperforming Mega-Cap stocks by the widest margin in decades. Small-Cap stocks tend to be risker and more aggressive than their Larger-Cap peers. Because of this, their relative performance is a good indicator of risk-appetite among market participants. New highs from this ratio do not favor the bull case for stocks right now. If anything, this is further evidence that stocks remain in a risk-off environment despite the sharp rebound in the broader market over the past few weeks.
Quote of the Day
“It’s not what you look at that matters, it’s what you see.“
– Henry David Thoreau (Writer)
Top Links
Where We Are In The Typical Sentiment Cycle – SentimenTrader
Jason Goepfert overlays the S&P 500 with a chart of the typical Sentiment Cycle and explains that we’re most likely in the post-panic/discouragement stage of the cycle.
Turning Bearish on Gold – Andrew Thrasher
Andrew Thrasher lays out the bear case for gold.
No Crisis For WMT as It Pushes to New Highs – StockCharts.com
Julius de Kempenaer explains why Walmart inc. ($WMT) could continue to do well on both an absolute and relative basis.
Podcast with Adam Koos, Founder of Libertas Wealth Management Group – Technical Analysis Radio
In this podcast, JC Parets interviews portfolio manager, Adam Koos. They discuss how Adam uses technical analysis to manage risk for his clients.
“FUGLY” Outlook for the Dow? Not Until This is Taken Out!!! – Kimble Charting Solutions
Chris Kimble takes a look at a long-term chart of the Dow Jones Industrial Average and points out that the index is currently testing a confluence of two key support levels.
Top 10 Tweets
You’re all caught up now. Thanks for reading!