Daily Chart Report ? Tuesday, April 12th, 2022
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Today’s Summary
Tuesday, April 12th, 2022
Indices: Russell 2000 +0.33% | Dow -0.26% | S&P 500 -0.34% | Nasdaq 100 -0.36%
Sectors: 5 of the 11 sectors closed higher. Energy led, rising +1.66%. Financials lagged, dropping -1.09%.
Commodities: Crude Oil futures rebounded +6.69% to $100.60 per barrel. Gold futures jumped by +1.43% to $1,976 per ounce.
Currencies: The US Dollar Index rose for the ninth consecutive day by +0.34% to its highest in nearly two years.
Crypto: Bitcoin rose +0.52% to $39,700. Ethereum gained +1.30% to $3,018.
Interest Rates: The US 10-year Treasury yield snapped a seven-day winning streak, falling to 2.727%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Ian Culley (@IanCulley). It's a chart of the US Dollar Index ($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 short-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."
Quote of the Day
"All stocks are bad unless they go up."
- William O'Neil
Top Links
The "Safest" Sector is Doing Something it's Never Done Before - SentimenTrader
Jason Goepfert points out that a record amount of new 52-week highs within the Utility sector may not be such a good thing.
Sector Rotation Model Signaling Economy Moving Towards Early Recession - StockCharts
Julius de Kepenaer explains that recent sector action is suggesting that the economy is moving from a full recovery phase toward an early recession phase.
Short Sale Ideas with STOPS April 12, 2022 - AlphaTrend
Brian Shannon offers some potential short ideas.
Will Head & Shoulders Pattern Send Semiconductor Index (SOX) Deep in Red? - Kimble Charting Solutions
Chris Kimble looks at a potential head & shoulders top in the Semiconductor Index.
Bitcoin Falls into "Danger Zone" - CMT Association
Adam Koos breaks down the near-term outlook for Bitcoin.
Join us in-person or virtually at the 49th Annual CMT Symposium on April 28th-29th in Washington D.C.
Top Tweets
You’re all caught up now. Thanks for reading!