Daily Chart Report ? Friday, April 22nd, 2022
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Today’s Summary
Friday, April 22nd, 2022
Indices: Russell 2000 -2.55% | Nasdaq 100 -2.65% | S&P 500 -2.77% | Dow -2.82%
Sectors: All 11 sectors closed lower by more than 1.5%. Consumer Staples led, but still fell -1.57%. Materials lagged, dropping -3.74%.
Commodities: Crude Oil futures moved lower by -1.66% to $102.07 per barrel. Gold futures fell -0.71% to $1,934 per ounce.
Currencies: The US Dollar Index rose +0.49% to a fresh two year high.
Crypto: Bitcoin fell -1.77% to $39,758. Ethereum slipped -0.54% to $2,968.
Interest Rates: The US 10-year Treasury yield inched lower to 2.903%.
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 Jim Denholm (@denholm_jim). It’s a daily candlestick chart of the Russell 2000, over the past year and a half. The Russell 2000 was rejected at former support a few weeks, ago, and it’s been downhill ever since. Jim points out that the index is currently testing a crucial level around 1930-1940. This level has been successfully tested every single month this year, – January, February, March, and now April. Typically, the more times a level is tested, the more likely it is to break. As we know, Small-Caps tend to lead the broader market higher or lower, so there will be a lot of information to be gleaned from how this test resolves.
Quote of the Day
“Down cycles are not fun. But they form the basis for enormous future profitability.”
– Steven A. Schwarzman
Top Links
Indiscriminate Selling – The Chart Report
In this quick video, Steve Strazza and I discuss this week’s broad sell-off.
Commodities Start to Exit – StockCharts.com
Greg Schnell points out that even Commodities are under pressure.
Dow Bulls Do Not Want to See Selling Start Here Says Joe Friday! – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the Dow Jones Industrial Average.
April Conference Call: 5 Key Takeaways – All Star Charts
The team at All Star Charts highlights some key themes to watch in the coming weeks.
Checking in on the S&P 500 | 5 Charts – LPL Financial Research
Ryan Detrick and Scott Brown take a look at five noteworthy charts to keep an eye on.
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!