Daily Chart Report ? Tuesday, April 21st, 2020
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Today’s Summary
Tuesday, April 21st, 2020
Indices: US Stocks closed lower in today’s session with the Dow Jones Industrial Average dropping 632 points or 2.67%. The S&P 500 and Nasdaq closed lower by 3.07% and 3.48%, respectively. The Russell 2000 was the strongest of the major indices but still fell 2.33%.
Sectors: All 11 sectors closed lower for the second day in a row. Real Estate led, but still closed lower by 1.47%. Technology lagged, dropping 4.19%.
Commodities: The June Crude Oil futures contract plummeted 35.78% to settle at $13.12 per barrel. Gold futures moved lower by 0.53% to $1,702 per ounce.
Currencies: The US Dollar Index rose 0.25%.
Interest Rates: The US 10-year Treasury yield fell to 0.575%.
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 by Jonathan Krinsky (@jkrinskypga). It’s a bar chart of the S&P 500 over the past year, along with vertical lines marking the past four monthly options expirations. Jonathan uses this chart to show that the past three monthly options expirations coincided with significant inflection points in the S&P 500. Notice that the index topped out around February expiration, and bottomed out around March expiration. The S&P 500 was up a jaw-dropping 28% in just 18-days heading into the April expiration, last Friday. In the two sessions since then, the sharp rebound rally seems to have stalled out at a level of overhead resistance around 2850. Will April options expiration once again prove to be another key turning point for the S&P 500?
Quote of the Day
“Nobody told me there’d be days like these – Strange days indeed.“
– John Lennon (Musician)
Top Links
The Only Thing Working Right Now – The Irrelevant Investor
Michael Batnick shows that the S&P 500 has become highly concentrated to a handful of Mega-Cap Tech stocks, namely, Microsoft, Apple, Amazon, Alphabet, and Facebook.
Health Care Leading in New Highs – Bespoke
Bespoke takes a look at market breadth by examining the percentage of new highs within each of the 11 sectors of the S&P 500.
As Crude Oil Drops to Historic Lows, Chart Analyst Sees 90-year Record for Energy Stocks – CNBC
In this clip, Ari Wald of Oppenheimer explains that the energy sector is hitting 90-year lows, relative to the S&P 500. He urges viewers to stick with the stronger areas of the market, rather than trying to catch a falling knife in energy stocks.
Large & Small Cap Stocks Facing 800-Pound Resistance! – Kimble Charting Solutions
Chris Kimble points out that both the S&P 500 and the Russell 2000 are running into overhead resistance.
Negative Oil Futures Price Creates Confusion – LPL Financial Research
The team at LPL Financial Research clears up some of the confusion surrounding negative Crude Oil futures.