Daily Chart Report ? Monday, April 19th, 2021
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Today’s Summary
Monday, April 19th, 2021
Indices: US stocks kicked off the week on a sour note with the Dow Jones Industrial Average slipping 123 points or 0.36%. The S&P 500 and Nasdaq fell 0.53% and 0.98%, respectively. The Russell 2000 underperformed, dropping 1.36%.
Sectors: 2 of the 11 sectors closed higher. Real Estate led, rising 0.27%. Consumer Discretionary lagged, falling 1.12%.
Commodities: Crude Oil futures rose 0.54% to $63.53 per barrel. Gold futures moved lower by 0.51% to $1,771 per ounce.
Currencies: The US Dollar Index dropped 0.56%.
Interest Rates: The 10-year US Treasury rose to 1.606%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher). From left to right we have; Large-Caps ($SPX), Mid-Caps ($MID), Small-Caps ($SML), and Micro-Caps ($IWC). Andrew highlights a potentially bearish divergence that's worth keeping an eye on. Large/Mid-Cap indices reached all-time highs last week, while Small/Micro-Cap stocks failed to follow suit. As you might know, Small/Micro-Caps are often used to gauge risk appetite within the broader stock market. Their stellar outperformance over the past year has been a bullish sign of risk appetite. But this failure to reach new highs doesn't exactly exude confidence. The primary trend is still unequivocally higher, but bulls want to see Small/Micro-Caps confirming new highs from their Large-Cap peers, rather than diverging like they are now.
Quote of the Day
"The most dangerous thing is to buy something at the peak of its popularity. At that point, all favorable facts and opinions are already factored into its price and no new buyers are left to emerge.”
– Howard Marks
Top Links
One of The Strongest Weeks of the Year - Bespoke
Bespoke points out that this week has historically been one of the strongest weeks of the year for the S&P 500 over the past 10-years.
Hoagies & Grinders - The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some noteworthy technical developments on their radar.
Bitcoin is Facing an Additional Drop of 23% From Current Levels After Breaching a Key Resistance Level - Business Insider
Katie Stockton shares her technical outlook on Bitcoin.
The Rotation Continues - Momentum Monday
In their weekly Momentum Monday show, Howard Lindzon and Ivanhoff highlight some of the strongest stocks, trends, and themes across the markets right now.
Can Copper Go Crazy? - StockCharts.com
Greg Schnell takes a look at a potential long-term breakout in Copper and Copper Mining stocks.