Daily Chart Report ? Wednesday, April 20th, 2022
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Today’s Summary
Wednesday, April 20th, 2022
Indices: Dow +0.71% | Russell 2000 +0.37% | S&P 500 -0.06% | Nasdaq 100 -1.49%
Sectors: 8 of the 11 sectors closed higher. Real Estate led, rising +1.89%. Communications lagged by a wide margin, dropping -4.34%.
Commodities: Crude Oil futures inched higher by +0.14% to $102.19 per barrel. Gold futures inched lower by -0.17% to $1,956 per ounce.
Currencies: The US Dollar Index dropped -0.65%.
Crypto: Bitcoin was flat and continues to trade at around $41,453. Ethereum fell -0.60% to $3,083.
Interest Rates: The US 10-year Treasury yield fell to 2.836%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by @bostonchaahts. It's a weekly line chart of Netflix ($NFLX) since its IPO, 20 years ago. Netflix just lost more than a third of its value after reporting earnings last night, closing at its lowest since January 2018. At this point, it's down more than 67% from its all-time high in less than six months. Interestingly, this is the sixth drawdown of 50% or more in its history. As you can see the stock is still in a long-term uptrend, up more than 18,000% since its IPO. However, it's been in a shorter-term downtrend for the majority of this year, having broken its 200-day moving average in early January. While it may be tempting to "buy the dip" on this beaten-down household name, Boston points out that Netflix could easily fall below $200 before finding any meaningful long-term support.
Quote of the Day
"Buy low sell high sounds great, but usually knife catchers buy low and sell lower."
- Michael Batnick
Top Links
Equities are Stuck in Neutral - Potomac Fund Management
Dan Russo analyzes the current market environment.
What Do Crazy High Oil Prices Mean for the S&P 500? - Schaeffer's Investment Research
Rocky White examines how stocks have historically performed when Crude Oil prices are high/low.
Rising Interest Rates Reach Extreme Resistance! - Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the U.S. 10-year Treasury yield.
Some Yields Hit Resistance - Osprey Strategic
Greg Schnell takes a look at US and Japanese Bond yields.
Fill The Gap Podcast Episode 16 with Guest, JC Parets - CMT Association
In this podcast, The CMT Association talks with JC Parets about his research process and more.
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!