Daily Chart Report π Tuesday, April 16, 2024
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Todayβs Summary
Tuesday, April 16, 2024
Indices: Dow +0.17% | Nasdaq 100 +0.04% | S&P 500 -0.21% | Russell 2000 -0.42%
Sectors: 3 of the 11 sectors closed higher. Technology led, but it was essentially flat (+0.12%). Real Estate lagged, falling -1.53%.
Commodities: Crude Oil futures were flat (-0.06%) at $85.36 per barrel. Gold futures rose +1.04% to an all-time high of $2,408 per oz.
Currencies: The US Dollar Index closed higher for the fifth consecutive day, rising +0.18% to a five-month high of $106.37.
Crypto: Bitcoin rose +0.62% to $63,830. Ethereum fell -0.58% to $3,085.
Volatility: The Volatility Index dropped -4.32% to 18.39.
Interest Rates: The US 10-year Treasury yield rose to a five-month high of 4.669%.
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 Grant Hawkridge (@granthawkridge), with special thanks to Willie Delwiche for highlighting (@WillieDelwiche).
- The S&P 500 is only down -3.8% from record highs; however, breadth has deteriorated beneath its surface.
- π’ 26% of S&P 500 stocks are above both their 50-day and 200-day moving average.
- π‘ 39% are above their 200-DMA but below their 50-DMA.
- π΄ 32% are below both moving averages.
- The % of stocks above both moving averages (green) has plummeted from over 75% to 26% in less than three weeks. Most stocks remain above their 200-DMA but below their 50-DMA.
The takeaway: The traffic light has turned from green to yellow. Most stocks are in limbo, but selling will intensify if more stocks lose their 200-DMA.
Quote of the Day
βStoic detachment combined with emotional awareness is the perfect combination for stocks. Feel the fear, but let reason decide.β
Top Links
Weighing Bearish Evidence in a Bull Market - Grindstone Intelligence
Austin Harrison examines the recent turbulence in the markets.
The Stock Market's Character has Changed - CappThesis
Frank Cappelleri analyzes the recent price action in the S&P 500.
Potential Hurdles for the Dollar - All Star Charts
Ian Culley highlights a few potential headwinds for the US Dollar Index.
The Thing that Doesnβt Mix Well With Investing - The Irrelevant Investor
Michael Batnick points out that geopolitical events rarely impact the market as much as advertised.
Turnaround Tuesdays π with The Chart Report
In case you missed it, here's the recording of our discussion on Spaces from earlier today.