Daily Chart Report ? Thursday, April 15th, 2021
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Today’s Summary
Thursday, April 15th, 2021
Indices: US stocks closed higher in today's session with the Dow Jones Industrial Average gaining 305 points or 0.90%. The S&P 500 and Nasdaq rose 1.11% and 1.31%, respectively. The Russell 2000 underperformed but still moved higher by 0.42%.
Sectors: 9 of the 11 sectors closed higher. Utilities led, rising 1.90%. Energy lagged, falling 0.81%.
Commodities: Crude Oil futures inched up 0.27% to $63.32 per barrel. Gold futures moved higher by 1.62% to $1,764 per ounce.
Currencies: The US Dollar Index was more or less flat (0.04%).
Interest Rates: The 10-year US Treasury yield dropped to 1.578%.
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 Matthew Timpane (@mtimpane). It's a chart of the S&P 500 ETF, $SPY, over the past 14 months. Matthew points out that the S&P 500 has reached the 161.8% Fibonacci extension of the Feb-March 2020 decline. You may be wondering - what the heck is the significance of 161.8%??? It's known as the golden ratio, and it's the result of dividing any number in the Fibonacci sequence by the preceding number. For whatever reason, these Fibonacci levels often act as resistance when price is in uncharted territory like this. After an incredible +80% rally from the March 2020 low, could century-old math be suggesting the S&P 500 is due for a pause? In a comment to The Chart Report, Matthew said, "It's tough to say anything that is potentially bearish right now given how strong the trend is. Maybe it's only a pause. But, we should be aware nonetheless, so we’re not caught off guard if something does happen."
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Quote of the Day
"Whenever you find yourself on the side of the majority, it is time to pause and reflect."
– Mark Twain
Top Links
Can Breadth Be Too Strong? - Potomac Fund Management
Dan Russo shares his thoughts on market breadth.
The Reversal Everyone's Discussing - Alpha Charts
Brian at Alpha Charts highlights some noteworthy reversals that have taken shape lately.
Markets Indicate Risk Appetite is Strong - BNN Bloomberg
JC Parets offers his technical perspective on Stocks, Ethereum, and Lumber.
Will Historic Selloff in Treasury Bonds Turn Into Opportunity? - Kimble Charting Solutions
Chris Kimble examines a potential rebound in Treasury Bonds.
Short Interest Through the End of March - Bespoke
Bespoke takes a look at short interest within the Russell 3000.