Daily Chart Report πŸ“ˆ Wednesday, April 17, 2024

Patrick Dunuwila
April 17, 2024

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Today’s Summary
Wednesday, April 17, 2024

Indices: Dow -0.12% | S&P 500 -0.58% | Russell 2000 -0.99% | Nasdaq 100 -1.24%

Sectors: 4 of the 11 sectors closed higher. Utilities led by a wide margin, gaining +2.09%. Technology lagged, falling -1.44%.

Commodities: Crude Oil futures slid -3.13% to $82.69 per barrel. Gold futures fell -0.81% to $2,388 per oz.

Currencies: The US Dollar Index dropped -0.44% to $105.91.

Crypto: Bitcoin dropped -4.00% to $63,830. Ethereum fell -3.23% to $2,985.

Volatility: The Volatility Index fell -0.92% to 18.22.

Interest Rates: The US 10-year Treasury yield fell to 4.589%.

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 Justin Spittler (@JSpitTrades).

  • The S&P 500 is only down -4.4% from record highs. However, the market looks increasingly weaker as you go down the cap scale.
  • The Mid-Cap ETF ($MDY) is down -7.0% from record highs, while Small-Caps ($IWM) are in a media-defined bear market, down -20.4%. It’s worth noting that $MDY lost one of its star players last month as $SMCI graduated to the S&P 500.
  • Mid-Caps broke out to record highs in March, but Justin points out that $MDY is firmly below its 2021 peak, confirming a failed breakout. Failed breakouts can get ugly quickly. As they say, β€œFrom failed moves come fast moves in opposite directions.”

The takeaway: The S&P 500 remains comfortably above its prior cycle highs. However, Mid-Caps are dealing with a failed breakout, and Small-Caps are so weak that they never had a breakout to ruin in the first place.

Quote of the Day

"Risk is good. Not properly managing your risk is a dangerous leap."

– Evel Knievel

Top Links

Stocks Can Go Down - Carson Group
Ryan Detrick looks at the recent pullback in the S&P 500 from a historical perspective.

Election Year Drawdowns Happen - S&P 500 Average Pullback 13% since 1952 - Almanac Trader
Jeff Hirsch points out that election years have historically averaged a double-digit drawdown.

Stock Market Video Analysis April 17, 2024 - Alphatrends
Brian Shanon dissects the recent pullback and highlights some key levels to watch in the near term.

How to Adapt to Changing Markets - All Star Charts
JC Parets shares his thoughts on the current market environment.

Tech Stocks Struggling at Double Top Fibonacci Resistance! - Kimble Charting Solutions
Chris Kimble examines a bad break in the Equal-Weight Nasdaq 100 ETF ($QQEW).

Top Tweets

 

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

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