Daily Chart Report ? Monday, April 25th, 2022
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Today’s Summary
Monday, April 25th, 2022
Indices: Nasdaq 100 +1.32% | Russell 2000 +0.70% | Dow +0.70% | S&P 500 +0.57%
Sectors: 6 of the 11 sectors closed higher. Technology led, gaining +1.50%. Energy lagged by a wide margin, dropping -3.31%.
Commodities: Crude Oil futures moved lower by -3.46% to $98.54 per barrel. Gold futures dropped -1.98% to $1,896 per ounce.
Currencies: The US Dollar Index rose +0.61% to a fresh two-year high.
Crypto: Bitcoin gained +2.27% to $40,364. Ethereum rose +3.08% to $3,011.
Interest Rates: The US 10-year Treasury yield fell to 2.824%.
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 Drew Wells (@DrewTheCharts). It’s a daily candlestick chart of the Bloomberg Commodity Index over the past year. Commodities have been outperforming Stocks and Bonds by a longshot this year. However, they’ve come under pressure in the past week, and the strong uptrend looks vulnerable in the near term. The index broke out to its highest level in nearly 8-years last Monday, however that breakout failed to hold, and we’re currently testing the rising trendline that has been in place since the end of last year. As we know, failed breakouts often lead to fast moves lower, and it also doesn’t help that RSI has formed a bearish momentum divergence. The longer-term trend remains in tact for now, but it wouldn’t be surprising to see some mean reversion from Commodities in the coming weeks.
Quote of the Day
“The tape tells all, and our job is to learn how to listen properly.”
– Stan Weinstein
Top Links
Markets Still Haven’t Oversold – CNBC
In this clip, Chris Verrone of Strategas Research shares his thoughts on the current market environment.
Weekly Macro Trends – Potomac Fund Management
Dan Russo highlights some of the noteworthy macro themes out there right now.
Joy and Pain – The Weekly Trend
In this podcast, David Zarling, Ian McMillan, and Dan Gorghuber discuss some of the most important technical developments.
What Does the Bond Market Rout Mean for the Stock Market? – A Wealth of Common Sense
Ben Carlson takes a look at how the sell-off in Bonds is impacting Stocks.
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Top Tweets
You’re all caught up now. Thanks for reading!