Chart of the Day - Tuesday, April 12th, 2022

Today’s Chart of the Day was shared by Ian Culley (@IanCulley). It's a chart of the US Dollar Index ($DXY) over the past two years. The Dollar Index rose for the ninth straight day today, crossing above 100 for the first time in nearly two years. Dollar strength has been a headwind for stocks over the past year, while commodities have been resilient. In a comment to The Chart Report, Ian said "In the near-term, it would make sense to see some pause here at resistance from the April-May 2020 highs around 100.50. Longer-term, it looks like $DXY wants to retest the 2015/2020 highs around 103. How DXY behaves at these levels will indicate whether or not risk assets will get a reprieve from the headwinds associated with Dollar strength."