Daily Chart Report π Wednesday, April 24, 2024
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Todayβs Summary
Wednesday, April 24, 2024
Indices: Nasdaq +0.32% | S&P 500 +0.02% | Dow -0.11% | Russell 2000 -0.36%
Sectors: 8 of the 11 sectors closed higher. Consumer Discretionary led, gaining +0.96%. Industrials lagged, falling -0.80%.
Commodities: Crude Oil futures fell -0.66% to $82.81 per barrel. Gold futures fell -0.16% to $2,338 per oz.
Currencies: The US Dollar Index rose +0.13% to $105.82.
Crypto: Bitcoin dropped -3.25% to $64,259. Ethereum fell -2.50% to $3,140.
Volatility: The Volatility Index rose +1.72% to 15.96.
Interest Rates: The US 10-year Treasury yield rose to 4.648%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Steve Strazza (@sstrazza).
- Apple ($AAPL) is on a three-day winning streak, gaining +2.1% this week. It's trying to reclaim a major support level after violating it last week.
- $AAPL peaked in mid-December, forming a failed breakout or double top. It hit a 52-week low on Friday, down -16.5% (weekly basis). The stock has lost half a trillion dollars in market cap and is no longer the largest in the S&P 500.
- Steve points out that $AAPL has set the stage for a bullish reversal. While price made new lows last week, RSI refused to reach oversold, forming a bullish momentum divergence. If $AAPL reclaims $170, it will mark a failed top.
The takeaway: $AAPL could trap the bears below $170. Doing so would represent a failed top. As the saying goes, "From failed moves come fast moves in the opposite direction."
Quote of the Day
βThe averages are merely the backdrop of the game; the real contests are waged over stocks themselves.β
β Justin Mamis
Top Links
Major Moves Mean Major Gains for Large Caps - Schaeffer's Investment Research
Rocky White looks at how stocks perform after huge losses in market capitalization, similar to what $NVDA just experienced.
10% Downside Risk For Stocks as Value Takes The Lead - StockCharts.com
Julius de Kempenaer analyzes recent sector rotation.
Is Agriculture ETF (DBA) Ready To Break Out And Send Bearish Message To Bonds? - Kimble Charting Solutions
Chris Kimble examines a potential breakout in the Commodities ETF ($DBC) and what it would mean for Bonds ($TLT).
Stock Market Analysis April 24, 2024 Alphatrends Brian Shannon - Alphatrends
Brian Shannon breaks down recent price action and highlights some key levels to be aware of in the near term.
All Star Charts Gold Rush Live Event β All Star Charts
In case you missed it, hereβs the recording of yesterday's live Gold Rush event with JC Parets and Ian Culley.
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