Daily Chart Report ? Friday, April 16th, 2021
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Today’s Summary
Friday, April 16th, 2021
Indices: US stocks ended the week on a positive note with the Dow Jones Industrial Average gaining 165 points or 0.48%. The S&P 500 rose 0.36% while the Nasdaq was pretty flat (0.10%). The Russell 2000 closed higher by 0.25%.
Sectors: 8 of the 11 sectors closed higher. Materials led, rising 1.21%. Energy lagged, falling 0.80%.
Commodities: Crude Oil futures fell 0.43% to $63.19 per barrel. Gold futures moved higher by 0.76% to $1,780 per ounce.
Currencies: The US Dollar Index slipped 0.14%.
Interest Rates: The 10-year US Treasury was unchanged at 1.580%.
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 Shane Murphy (@MurphyCharts). It's a weekly candlestick chart of the Gold Mining ETF, $GDX, over the past eight years. About a month ago, Shane pointed out that Gold Miners were testing a crucial level around $31. In textbook fashion, former resistance acted as support and price has continued to work higher recently. In a comment to The Chart Report, Shane said, "Gold Miners reversed exactly where you'd expect them to. Buyers and sellers have made it clear that $31 is a level of interest. It acted as resistance four times over the past few years and then support early on in the 2020 breakout. Also, price broke out of an eight-month downtrend this week. As long as we're above $31, I think we could go on to test the August highs around $45 which is about 25% higher from here."
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Quote of the Day
"You know you're doing what you love when Sunday nights feel the same as Friday nights."
– Donny Deutsch
Top Links
Investors Should Literally 'Go Away in May' This Year: NYSE trader - Yahoo Finance
Jay Woods offers his technical perspective on the current market.
Where Do We (Investors) Stand - David Cox
David Cox highlights some noteworthy technical developments to be aware of.
Global Breadth is Bullish...But Bifurcated - All Star Charts
The team at All Star Charts examines global breadth.
Stock Market Video Analysis for Week Ending 4/16/21 - AlphaTrends.net
Brian Shannon analyzes this week's price action and lays out some key levels to focus on next week.
Sell in May??? Post-Election Year "Worst Months" Mixed - Almanac Trader
Seasonality expert, Jeff Hirsch takes a look at how "Sell in May & Go Away" fares in post-election years.