Daily Chart Report ? Thursday, April 22nd, 2021
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Today’s Summary
Thursday, April 22nd, 2021
Indices: US stocks closed lower in today's session with the Dow Jones Industrial Average dropping 321 points or 0.94%. The S&P 500 and Nasdaq fell 0.92% and 0.94%, respectively. The Russell 2000 outperformed but still slipped 0.31%.
Sectors: All 11 sectors closed lower. Real Estate led, but still fell 0.43%. Materials lagged, dropping 1.69%.
Commodities: Crude Oil futures moved higher by 0.51% to $61.66 per barrel. Gold futures moved lower by 0.51% to $1,784 per ounce.
Currencies: The US Dollar Index rose 0.18%.
Interest Rates: The 10-year US Treasury slipped to 1.540%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). This is easily the most talked-about chart this week. It's a chart of Ethereum vs. Bitcoin ($ETHUSD vs. $BTCUSD). We first started seeing signs of a potential Crypto bull market about one year ago. Since then, Bitcoin has literally quintupled. For the first time since the rally began, we're starting to see Bitcoin lose some momentum. On the other hand, the second-largest Cryptocurrency, Ethereum, continues to show strength. On an absolute basis, Ethereum is trading at an all-time high today, which is impressive considering it corrected more than 20% just this past weekend. On a relative basis, Ian points out that Ethereum is breaking out of a 2.5-year base vs. Bitcoin right now. In other words, don't be surprised to see Ethereum steal the spotlight from Bitcoin in the coming weeks.
Quote of the Day
"When perception diverges from reality, it creates opportunity for us as financial market participants."
– Todd Sohn
Top Links
5 Key Takeaways from the April Conference Call - All Star Charts
The team at All-Star Charts highlights five key themes to be aware of right now.
This Major Divergence Has Never Happened Before - SentimenTrader
Jason Goepfert points out that breadth in the Nasdaq Composite and Russell 20000 has deteriorated, while S&P 500 breadth remains healthy.
Ether Gets on the Field - Bespoke
On the topic of today's Chart of the Day, Bespoke examines Ethereum vs. Bitcoin.
Is Gold Regaining its Shine? - Potomac Fund Management
Dan Russo shares his thoughts on Gold & Stocks.
The Final Bar with Guest, Frank Cappelleri - StockChartsTV
In this episode of The Final Bar, David Keller and Frank Cappelleri discuss the technicals of the current market environment.
Top Tweets
Follow momentum, not narratives. $CORN since the breakout... pic.twitter.com/Jb54snfdMY
— Brian G (@alphacharts) April 22, 2021
ethereum > bitcoin pic.twitter.com/zouvKLPqRh
— Louis Sykes (@haumicharts) April 22, 2021