Daily Chart Report π Friday, April 12, 2024
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Todayβs Summary
Friday, April 12, 2024
Indices: Dow -1.24% | S&P 500 -1.46% | Nasdaq 100 -1.66% | Russell 2000 -1.93%
Sectors: All 11 sectors closed lower. Utilities led but still fell -0.76%. Materials lagged, falling -1.77%.
Commodities: Crude Oil futures rose +0.75% to $85.66 per barrel. Gold futures were up more than +3% intraday but closed flat (+0.06%) at an all-time high of $2,374 per oz.
Currencies: The US Dollar Index continued higher by +0.72% closing at a five-month high of $106.01.
Crypto: Bitcoin dropped -4.09% to $67,150. Ethereum slid -7.50% to $3,240.
Volatility: The Volatility Index surged +15.95% to a five-month high of 17.30.
Interest Rates: The US 10-year Treasury yield dropped to 4.4526%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Ian McMillan (@the_chart_life).
- The S&P 500 had its worst week since the Oct'23 low, falling -1.56%. However, it's barely off record highs, down only -2.5% on a closing basis.
- Meanwhile, the Volatility Index ($VIX) surged +16% today to a five-month high of 17.3. Ian points out that it's reached a potential infection point.
- Since the bull market began in Oct. '22, the $VIX has trended lower, making a series of lower highs, while the S&P 500 has trended higher, making a series of higher lows. If the $VIX breaks out with a higher high, it would raise the possibility of a lower low in the S&P 500.
The takeaway: The Volatility Index ($VIX) is at a potential inflection point after spiking +16% this week. A breakout would increase downside risk for the S&P 500, while a rejection would suggest a near-term low.
Quote of the Day
"The income tax has made more liars out of the American people than golf has."
Top Links
Stock Market Sell-Off Gets Traction - Trade Risk
Evan Medeiros reviews this week's price action and the state of the market.
Assessing the Prospect for a Pullback - LPL Financial Research
Adam Turnquist looks at the potential downside risk in the S&P 500.
All Good Things Come to an End - Bespoke
Bespoke highlights the S&P 500's streak above its 50-day moving average, which remained intact despite Friday's sell-off.
ETFs & Markets with Todd Sohn: Flows and Volatility Update - Strategas Asset Management
Todd Sohn shares some key insights on the current market environment.
Top Technical Stock Buys on Today's Market Weakness - BNN Bloomberg
Ari Wald discusses the outlook for the S&P 500, the Energy sector, Gold, and more.
Top Tweets
A second 9-to-1 down day without an intervening 9-to-1 up day is not a good look. pic.twitter.com/tC9s1gP5ER
β Willie Delwiche, CMT, CFA (@WillieDelwiche) April 12, 2024