Daily Chart Report ? Wednesday, April 7th, 2021
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Today’s Summary
Wednesday, April 7th, 2021
Indices: It was another quiet session, with the Dow practically unchanged (16 points or 0.05%). The S&P 500 and Nasdaq were also flat (0.15% and 0.07%). The Russell 2000 noticeably underperformed, falling 1.60%.
Sectors: 5 of the 11 sectors closed higher. Communications led, rising 0.77%. Materials lagged, falling 1.72%.
Commodities: Crude Oil futures moved higher by 0.74% to $59.77 per barrel. Gold futures were flat and continue to trade around $1,742 per ounce.
Currencies: The US Dollar Index inched higher by 0.13%.
Interest Rates: The 10-year US Treasury yield rose to 1.676%.
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 Yuriy Matso (@yuriymatso). It’s a 15 min candlestick chart of S&P 500 futures over the past week. It’s been a pretty dull week so far, with stocks seeing some of the lightest volumes of the year. As Yuriy points out, S&P 500 futures have been stuck in a narrow range all week between 4050 and 4075. If we’re above 4075, the short-term bias is bullish. On the other hand, if we’re below 4050, the short-term bias is bearish. We’ll likely see price break out of this range very soon, so keep an eye on these levels in the remainder of the week.
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Quote of the Day
“Never short a dull market.”
– Old Wall Street Adage
Top Links
As Close to a Perfect Year For Equities as You Can Get – Bespoke
Bespoke points out that stocks have persistently outperformed bonds over the past year.
What Happens When the 10-Year Treasury Note Yields More Than SPX Stocks? – Schaeffer’s Investment Research
Rocky White examines how stocks have historically performed after the 10-year Treasury yield crosses above the S&P 500 dividend yield.
Two Traders on Solar Stocks – CNBC
Katie Stockton shares her technical perspective on solar stocks.
Gold; Load Up The Truck Upon Hitting This Level – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of Gold.
Blowout Q1 Harbinger For More Gains – Almanac Trader
Jeff Hirsch takes a look at how stocks have historically performed after a strong first quarter like the one we just had.
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