Daily Chart Report ? Tuesday, April 27th, 2021
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Today’s Summary
Tuesday, April 27th, 2021
Indices: It was a boring session for US Stocks. The Dow and S&P 500 both closed flat, while the Nasdaq slipped 0.34%. The Russell 2000 outperformed, inching up just 0.14%.
Sectors: 3 of the 11 sectors closed higher. Energy led, gaining 1.21%. Utilities lagged, falling 0.77%.
Commodities: Crude Oil futures moved higher by 1.66% to $62.94 per barrel. Gold futures were flat and continue to trade around $1,779 per ounce.
Currencies: The US Dollar Index was unchanged.
Interest Rates: The 10-year US Treasury rose to 1.625%.
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 JC Parets (@allstarcharts). The chart shows the S&P 500 as it was recovering from four separate bear markets – 2008-2010 (top left), 2003-2004 (top right), 1982-1985 (bottom left), 1973-1978 (bottom right). JC points out that it’s very common to see the S&P 500 trade sideways in the second year of a bull market. As you can see, all four of these recoveries followed the same playbook. There was a strong initial thrust off the lows that persisted for about a year, followed by months of sideways price action. The good news is that the S&P 500 has still logged an average gain of 16.9% in year two of a bull market. But, it’s important to keep in mind that sideways price action would be perfectly normal at this point in a bull market cycle. For more on this, read the full note here.
Quote of the Day
“The desire to perform all the time is usually a barrier to performing over time.”
– Robert Olstein
Top Links
Still Searching for Clear Leadership – Potomac Fund Management
Dan Russo takes a look at sector relative strength.
Solar and Steel Shining, Biotech Bounces, and Miners Moving – Bespoke
Bespoke examines the hottest industry group trends.
Ether Can Soar to $3,000 As Momentum Overtakes Bitcoin and Breaks Above a Key Resistance Level – Business Insider
Katie Stockton offers her technical outlook on Ethereum.
S&P 500 and DJIA Up Last 9 Post-Election Year Mays – Almanac Trader
Seasonality expert, Jeff Hirsch points out that May has a decent track record in post-election years.
Stickler For The Rules – Murphy Charts
Shane Murphy explains that beginner’s luck in trading will often end in despair without a rules-based strategy.
Top Tweets
You’re all caught up now. Thanks for reading!