Daily Chart Report πŸ“ˆ Tuesday, April 16, 2024

Patrick Dunuwila
April 16, 2024

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Today’s 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

πŸ† Today’s 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.
  • 🟒 26% of S&P 500 stocks are above both their 50-day and 200-day moving average.
  • 🟑 39% are above their 200-DMA but below their 50-DMA.
  • πŸ”΄ 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

β€œStoic detachment combined with emotional awareness is the perfect combination for stocks. Feel the fear, but let reason decide.”

– Joel Tillinghast

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 Doesn’t Mix Well With Investing - The Irrelevant Investor
Michael Batnick points out that geopolitical events rarely impact the market as much as advertised.

Turnaround Tuesdays πŸ“ˆ with The Chart Report
In case you missed it, here's the recording of our discussion on Spaces from earlier today.

Top Tweets

You’re all caught up now. Thanks for reading!

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