Daily Chart Report π Friday, April 19, 2024
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Todayβs Summary
Friday, April 19, 2024
Indices: Dow +0.56% | Russell 2000 +0.24% | S&P 500 -0.88% | Nasdaq 100 -2.05%
Sectors: 6 of the 11 sectors closed higher. Utilities led for the third straight day, gaining +1.54%. Technology lagged for the third straight day, falling -1.06%.
Commodities: Crude Oil futures inched higher by +0.15% to $82.22 per barrel. Gold futures rose +0.66% to an all-time high of $2,414 per oz.
Currencies: The US Dollar Index was flat at $106.12.
Crypto: Bitcoin rose +0.48% to $63,821. Ethereum fell -0.27% to $3,058.
Volatility: The Volatility Index rose +3.83% to 18.70.
Interest Rates: The US 10-year Treasury yield inched lower to 4.623%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by TrendSpider (@TrendSpider).
- Nvidia ($NVDA) wiped out over $200 billion in market cap today. As the third largest stock in the S&P 500, it was responsible for most of today's weakness.
- The stock plummeted -10%, marking its worst day in four years. It's still up +53.9% this year but down -19.8% from record highs.
- TrendSpider points out that $NVDA is testing its year-to-date anchored VWAP after breaking down from a Descending Triangle pattern. This was also a textbook Head & Shoulders Top when viewed in a line chart..
The takeaway: $NVDA tumbled -10% to its lowest in nearly two months. It's the 3rd best stock in the S&P 500 this year, up +53.8% YTD. However, those YTD gains are at risk if $NVDA violates its YTD AVWAP.
Quote of the Day
βAn investor who has all the answers doesnβt even understand the questions. Success is a process of continually seeking answers to new questions.β
β John Templeton
Top Links
Failed Breakouts are Everywhere - All Star Charts
Alphonso Depablos highlights the growing list of failed breakouts across the market.
Stock Market Video Analysis for Week Ending April 19, 2024 - AlphaTrends
Brian Shannon breaks down this week's price action and some key levels to be aware of next week.
Top Charts from the Communication Services Sector - Grindstone Intelligence
Austin Harrison analyzes the Communications sector.
Silver Rally Nears Important Breakout Price Resistance! - Kimble Charting Solutions
Chris Kimble points out that Silver is testing a key level.