Daily Chart Report ? Monday, April 11th, 2022
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Today’s Summary
Monday, April 11th, 2022
Indices: Russell 2000 -0.71% | Dow -1.19% | S&P 500 -1.69% | Nasdaq 100 -2.35%
Sectors: All 11 sectors closed lower. Industrials led, but still fell -0.32%. Energy lagged, dropping -3.01%.
Commodities: Crude Oil futures dropped -4.04% to $94.29 per barrel. Gold futures inched higher by +0.13% to $1,948 per ounce.
Currencies: The US Dollar Index rose for the eighth consecutive day by +0.14% to its highest in nearly two years.
Crypto: Bitcoin dropped -6.40% $39,412. Ethereum dropped -7.03% to $2,979.
Interest Rates: The US 10-year Treasury yield rose for the seventh consecutive day, to a three-year high of 2.784%.
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 Carter Worth (@CarterBWorth). It's a chart of the US 10-year Treasury yield over the past six decades, using a logarithmic scale. The 10-year yield rose for the seventh consecutive day today, hitting a fresh three-year high of 2.78%. Carter points out that it's currently testing a downtrend line that has been in place for more than 40 years. Yields are getting stretched to the upside here, but nobody knows for sure when this move higher will be exhausted. A reversal lower would be a breath of fresh air for beaten-down areas like Tech. On the other hand, a breakout would confirm a long-term trend change for US Treasury yields. Either way, the 10-year yield is at a critical juncture, so keep an eye on how this test plays out in the coming weeks.
Quote of the Day
"At all times, in all markets, in all parts of the world, the tiniest change in rates changes the value of every financial asset."
- Warren Buffett
Top Links
Looking Like a Bear Market Bounce - Potomac Fund Management
Dan Russo examines the current market environment.
April Strategy Session: 3 Key Takeaways - All Star Charts
The team at All Star Charts highlights three themes to watch in the coming weeks.
Using Sentiment to Measure Short-Term Extremes - StockCharts
Art Hill points out that sentiment indicators are not showing excessive fear just yet.
Opening Day - The Weekly Trend
The team at Adaptiv discusses some noteworthy technical developments to keep an eye on.
The Single Most Important Trend Line Ever is Now "In Play" - CNBC
Carter Worth explains why the log-scale version of the 10-year yield chart is more important than the arithmetic scale.
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Top Tweets
You’re all caught up now. Thanks for reading!