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Daily Chart Report ๐Ÿ“ˆ Monday, April 22, 2024

April 22, 2024

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Todayโ€™s Summary
Monday, April 22, 2024

Indices: Nasdaq +1.02% | Russell 2000 +1.02% | S&P 500 +0.87% | Dow +0.67%

Sectors: All 11 sectors closed higher. Financials led, gaining +1.21%. Materials lagged but still inched higher by +0.10%.

Commodities: Crude Oil futures fell -0.39% to $81.90 per barrel. Gold futures dropped -2.79% to $2,346 per oz.

Currencies: The US Dollar Index was flat (-0.04%) at $106.12.

Crypto: Bitcoin rose +2.93% to $66,855. Ethereum gained +1.69% to $3,202.

Volatility: The Volatility Index dropped -9.47% to 16.93.

Interest Rates: The US 10-year Treasury yield fell to 4.611%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

๐Ÿ† Todayโ€™s Chart of the Day was shared by CoinMetrics (@coinmetrics).

  • Bitcoin completed its fourth Halving over the weekend. It went into the weekend on thin ice, testing the prior cycle highs at $65k. However, it refused to break down.
  • Bitcoin Halving is a form of monetary policy written into its code to occur every four years to control inflation. With each halving, the reward for mining each block is cut in half, ultimately limiting supply and driving prices higher over time.
  • The chart compares the four Halving โ€œepochs.โ€ Bitcoin has historically surged in the first 1-2 years after the event. Rallies have become less spectacular with each successive Halving, but weโ€™re still talking about triple-digit returns (or better).

The takeaway: The media treats Halving as a binary event or an overnight catalyst. In reality, the impact has been more gradual. Halving has created a well-defined cycle in the Crypto markets. Will history repeat? Or is this time different?

Quote of the Day

โ€œThe four most dangerous words in investing are: this time it's different.โ€

โ€“ John Templeton

Top Links

Passing The Test? - Trading Adventures
Andy Moss highlights some key developments to watch this week.

Volatility Is Back: Understanding Ever-Changing Market Narrative - LPL Financial Research
Adam Turnquist examines the macro/technical backdrop.

XBI โ€“ April 20, 2024 - Bart's Charts
James Bartelloni looks at a potential Head & Shoulders top in the Biotech ETF, $XBI.

The Corrective Phase Could Last Into the Early Summer Months: Fairlead Strategiesโ€™ Katie Stockton - CNBC
Katie Stockton discusses the recent technical damage across the stock market.

Whatโ€™s it like to be a NYSE Floor Trader? | Off The Charts interview with Jay Woods - Stock Market TV
Steve Strazza and Sean McLaughlin interview Jay Woods, Chief Global Strategist at Freedom Capital Markets.

Top Tweet

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Youโ€™re all caught up now. Thanks for reading!