Daily Chart Report ? Tuesday, April 19th, 2022
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Today’s Summary
Tuesday, April 19h, 2022
Indices: Nasdaq 100 +2.15% | Russell 2000 +2.04% | S&P 500 +1.61% | Dow +1.45%
Sectors: 10 of the 11 sectors closed higher. Consumer Discretionary led, rising +2.90%. Energy was the only sector that closed lower, falling -0.81%.
Commodities: Crude Oil futures dropped -5.17% to $102.05 per barrel. Gold futures fell -1.38% to $1,959 per ounce.
Currencies: The US Dollar Index continued higher by +0.18% to a fresh 2-year high.
Crypto: Bitcoin rose +1.58% to $41,455. Ethereum gained +1.45% to $3,100.
Interest Rates: The US 10-year Treasury yield rose to a fresh three-year high of 2.940%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Michael Kahn (@mnkahn). It’s a chart of the Natural Gas ETF ($UNG) over the past four months. Natural Gas has gone parabolic in recent weeks, hitting its highest level since 2008 yesterday. However, it reversed hard today with $UNG dropping 7.89% – its worst daily decline in two months. Michael points out that $UNG has formed a bearish island reversal over the past three sessions. As you can see, $UNG has had two similar island reversals in 2022, both of which were followed by sharp corrections in the following days/weeks. The longer-term trend remains higher, but today’s reversal is a sign that the short-term trend is exhausted.
Quote of the Day
“Everything that irritates us about others can lead us to an understanding of ourselves.”
– Carl Jung
Top Links
DJIA Streak of 16 Consecutive Positive Aprils in Jeopardy – Almanac Trader
Jeff Hirsch points out that Stocks are not following their bullish historical pattern so far this month.
Regime Shift? | Who Charted? – Potomac Fund Management
In this video, Dan Russo and Drew Wells highlight six charts in six minutes.
BTIG’s Jonathan Krinsky Warns of a Deeper Pullback – CNBC
In this clip, Jonathan Krinsky shares his market outlook.
Average ARK Innovation (ARKK) Stock Down 70% From 5-Year Highs – Bespoke
Bespoke takes a look at the carnage in Growth’s poster child, $ARKK.
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Top Tweets
You’re all caught up now. Thanks for reading!