Daily Chart Report ? Wednesday, April 6th, 2022
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Today’s Summary
Wednesday, April 6th, 2022
Indices: Dow -0.42% | S&P 500 -0.97% | Russell 2000 -1.42% | Nasdaq 100 -2.17%
Sectors: 5 of the 11 sectors closed higher. Utilities led, rising +1.99%. Consumer Discretionary lagged, falling -2.55%.
Commodities: Crude Oil futures dropped -5.62% to $96.23 per barrel. Gold futures slipped -0.23% to $1,923 per ounce.
Currencies: The US Dollar Index rose +0.15% to its highest in nearly two years.
Crypto: Bitcoin fell -3.56% $43,882. Ethereum dropped -5.20% to $3,229.
Interest Rates: The US 10-year Treasury yield rose to a three-year high of 2.601%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Strategas Research Partners (@StrategasRP). Strategas points out that the sell-off in Bonds is reaching extreme proportions. All three of these popular Treasury Bond ETFs ($SHY, $IEF, and $TLT) are more than 3 standard deviations below their 200-day moving average. It's rare to see Bonds so stretched to the downside, but mean reversion has started to work its magic after reaching these levels in the past. The trend for Bonds is still clearly lower, but the stage has been set for a potential rebound.
Quote of the Day
“I used to think that if there was reincarnation, I wanted to come back as the President or the Pope, or as a .400 baseball hitter. But now I would like to come back as the bond market. You can intimidate everybody.”
- James Carville
Top Links
Dow Jones Industrials Struggling at Major Fibonacci Level - Kimble Charting Solutions
Chris Kimble points out that the Dow Jones Industrial Index has been stalling at the 423.6% Fibonacci extension of the 2007-2009 decline.
It's Getting Harder to Make the Bullish Case - Potomac Fund Management
Dan Russo highlights some key takeaways from the current market environment.
Stock Market Analysis April 6, 2022 - AlphaTrends
In this video, Brian Shannon breaks down this week's price action so far and lays out some key levels to watch in the near term.
Breadth Deteriorates for King Dollar - All Star Charts
The team at All Star Charts takes a look at a breadth divergence in the US Dollar Index.
Which Stocks to Target, Avoid Before Easter - Schaeffer's Investment Research
Rocky White examines how the S&P 500 and its components have fared the week before Easter.
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Top Tweets
You’re all caught up now. Thanks for reading!
