Daily Chart Report ? Friday, April 17th, 2020
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Today’s Summary
Friday, April 17th, 2020
Indices: US Stocks ended the week on a positive note with the Dow Jones Industrial Average advancing 705 points or 2.99%. The S&P 500 and Nasdaq gained 2.68% and 1.38%, respectively. The Russell 2000 was the strongest of the major averages, jumping 4.33%.
Sectors: All 11 sectors closed higher. Energy led significantly, surging 10.62%. Technology lagged but still closed higher by 1.33%.
Commodities: Crude Oil futures tumbled 8.84% to $18.20 per barrel. Gold futures dropped 1.90% to $1,699 per ounce.
Currencies: The US Dollar Index fell 0.31%.
Interest Rates: The US 10-year Treasury yield rose to 0.654%.
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 Andrew Thrasher (@AndrewThrasher). It is an hourly chart showing the number of new 52-week highs on the NYSE, along with a chart of the S&P 500 over the past three weeks. Andrew points out that breadth, as measured by the number of NYSE new 52-week highs, is failing to confirm the higher high that was made in the S&P 500 today. Bulls want to see this breadth indicator confirm new highs in the S&P 500, as it had been doing throughout the recent leg higher, up until today. This negative breadth divergence indicates a lack of broad participation, which tells us that this vicious rally off the lows may be running out of steam.
Quote of the Day
“The stock market is never obvious. It is designed to fool most of the people, most of the time.”
– Jesse Livermore (Trader)
Top Links
How Did the Market Fare this Week? – NYSE
In this video, Market Maker, Jay Woods gives a quick recap of this week’s price action in stocks.
Is Stock Rally Getting too Thin? – The Lyons Share
Dana Lyons explains that the rebound rally has bad breadth.
MAGA-Cap Stocks Continue to Lead – All Star Charts
Steve Strazza discusses the fact that the largest stocks in the market continue to do most of the heavy lifting for major indices.
Stock Market Gains Overstating Health of the Rally – See It Market
Willie Delwiche points out that market internals are weakening despite the recent move higher.
Stock Market Video Analysis for Week Ending 4/17/20 – AlphaTrends.Net
Here’s Brian Shannon’s weekly video where he lays out some of the key levels he’s watching.