Daily Chart Report ? Friday, April 8th, 2022
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Today’s Summary
Friday, April 8th, 2022
Indices: Dow +0.40% | S&P 500 -0.27% | Russell 2000 -0.76% | Nasdaq 100 -1.41%
Sectors: 7 of the 11 sectors closed higher. Energy led, rising +2.75%. Technology lagged, falling -1.40%.
Commodities: Crude Oil futures moved higher by +2.32% to $98.26 per barrel. Gold futures rose +0.65% to $1,950 per ounce.
Currencies: The US Dollar Index rose for the 7th consecutive day by +0.09% to its highest in nearly two years.
Crypto: Bitcoin dropped -2.68% $42,290. Ethereum fell -1.09% to $3,193.
Interest Rates: The US 10-year Treasury yield rose for the 6th consecutive day, to a 3-year high of 2.706%.
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 Chris Kimble (@KimbleCharting). It’s a weekly candlestick chart of the High Yield Bond ETF, $JNK, over the past 8 years. Risk-on areas of the market have been notably weak lately, casting a bearish shadow on the stock market and the economy. Transports, Semis, Homebuilders, Banks…and now High Yield Bonds. Chris points out that $JNK just logged its lowest weekly close in nearly two years. Meanwhile, defensive areas like Utilities, Staples, Health Care, and Energy are all showing strength. This sort of action is indicative of a risk-off environment where caution is warranted.
Quote of the Day
“Income tax has made more liars out of the American people than golf has.”
– Will Rogers
Top Links
Dealing with Defensive Leadership – The Chart Report
In this quick video, Steve Strazza and I discuss the strength in the defensive areas of the market.
The Resiliency in Energy Stocks – All Star Charts
JC Parets points out that Energy stocks have continued to hold up well despite the recent correction in Crude Oil.
Plenty of Stocks Still Going Up | 5 Charts – LPL Financial Research
Ryan Detrick and Scott Brown highlight five noteworthy charts to keep an eye on in the near term.
Please Don’t Ignore These Three Warning Signs – StockCharts.com
Tom Bowley highlights a few bearish developments to be aware of.
What it Means When Transportation Stocks Plunge – SentimenTrader
Jason Goepfert examines the weakness in Transportation stocks and what it could mean for the broader stock market.
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Top Tweets
You’re all caught up now. Thanks for reading!
