Daily Chart Report ? Wednesday, April 21st, 2021
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Today’s Summary
Wednesday, April 21st, 2021
Indices: US stocks closed higher in today's session with the Dow Jones Industrial Average advancing 316 points or 0.93%. The S&P 500 also rose 0.93%, while the Nasdaq gained 1.19%. The Russell 2000 outperformed, rising 2.35%.
Sectors: 10 of the 11 sectors closed higher. Materials led, gaining 1.82%. Utilites was the only sector to close lower, falling 0.84%.
Commodities: Crude Oil futures fell 2.11% to $61.35 per barrel. Gold futures rose 0.83% to $1,793 per ounce.
Currencies: The US Dollar Index inched lower by 0.10%.
Interest Rates: The 10-year US Treasury was unchanged at 1.557%.
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 in a note by Nick Reece of Merk Research (@nicholastreece). While excessive optimism remains a short-term risk to stocks, Nick explains that the S&P 500 is not in bubble territory yet. In the note, Nick wrote, “The term “bubble has lost its meaning from overuse; so I’ve chosen four well-known market crashes and worked backwards from there. I’ve used 1929, 1987, 1999/2000, and 1989 Japan. I’ve chosen a simple indicator for market performance: the % above its 10-year moving average. All four crashes occurred after the market was well above 100% of its 10-year moving average (120% was the lowest common threshold). The S&P 500 is not yet at levels consistent with 1929. 1987, 1999/2000, or 1989 Japan, but it’s getting closer. For now, comparisons to those manias are still premature.”
Quote of the Day
"The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading."
– Victor Sperandeo
Top Links
Is the Transportation Sector (IYT) the Market's Silver Lining? - StockCharts.com
Mish Schneider points out that transportation stocks have been resilient despite recent weakness in the broader market.
Bill Bailey On What The TLT ETF Is Signaling For Broader Markets - TD Ameritrade Network
Bill Bailey offers his technical perspective on stocks and bonds.
A Mess, Not a Crash - All Star Charts
JC Parets shares his thought on the current market environment.
Victor Sperandeo "Stay in Business" - Against All Odds Research
Jason Perz interviews Trader and Market Wizard, Victor Sperandeo.
Next Bump in Post-Election Year Rally Could Be in May - Almanac Trader
Seasonality expert, Jeff Hirsch explains that post-election years typically see weakness starting in mid-May.