Daily Chart Report ? Wednesday, April 13th, 2022
Sponsored By:
Today’s Summary
Wednesday, April 13th, 2022
Indices: Nasdaq 100 +1.99% | Russell 2000 +1.92% | S&P 500 +1.12% | Dow +1.01%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, rising +2.49%. Utilities lagged, slipping -0.20%.
Commodities: Crude Oil futures moved higher by +3.63% to $104.25 per barrel. Gold futures rose +0.44% to $1,985 per ounce.
Currencies: The US Dollar Index snapped a nine-day winning steak, falling 0.46%.
Crypto: Bitcoin rose +2.82% to $41,230. Ethereum gained +2.84% to $3,113.
Interest Rates: The US 10-year Treasury yield fell to 2.704%.
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 Brian G (@alphacharts). It’s a monthly bar chart of the Steel ETF, $SLX, over the past decade. The heaviest weighted stocks in this ETF include, $RIO, $VALE, $NUE, $MT, and $TS. Steel stocks continue to outperform the broader market by a significant margin. $SLX is up more than 30% year-to-date, while the S&P 500 is down more than 6%. While it may seem like the train has already left the station, Brian points out that Steel stocks look poised to continue higher. As you can see, $SLX is attempting to break out of an 11-month base, on top of a 10-year base. You know what they say about big bases…“the bigger the base, the higher in space!”
Quote of the Day
“Amateurs know the rules,
but experts know the exceptions.”
– Ralph Acampora
Top Links
Here’s How the S&P 500 Could React to its Recent Drought – Schaeffer’s Investment Research
Rocky White examines how the S&P 500 has historically performed after a multi-month drought in all-time highs.
No Demand for Semiconductor Stocks – LPL Financial Research
The team at LPL Financial Research takes a look at the weakness in Semiconductor stocks.
Gold is Breaking Out But What About Silver – PFT Trading
Greg Rieben looks at a potential breakout in Silver and Silver Miners.
US Treasury Bond Yields Testing Trend-Change Inflection Point! – Kimble Charting Solutions
Chris Kimble takes a look at an important test in US Treasury Bond yields.
Holy Bullish Thursday!!!! – Quantifiable Edges
Rob Hanna points out that the Thursday before Good Friday (tomorrow) has a bullish bias.
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!