Daily Chart Report π Friday, April 26, 2024
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Todayβs Summary
Friday, April 26, 2024
Indices: Nasdaq +1.65% | Russell 2000 +1.05% | S&P 500 +1.02% | Dow +0.40%
Sectors: 7 of the 11 sectors closed higher. Communications led, gaining +2.76%. Utilities lagged, falling -1.09%.
Commodities: Crude Oil futures gained +0.34% to $83.85 per barrel. Gold futures rose +0.20% to $2,347 per oz.
Currencies: The US Dollar Index gained +0.49% to $106.09.
Crypto: Bitcoin fell -1.16% to $63,745. Ethereum fell -0.78% to $3,131.
Volatility: The Volatility Index fell -2.34% to 15.02.
Interest Rates: The US 10-year Treasury yield fell to 4.667%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Frank Cappelleri (@FrankCapperlleri).
- It was a busy week for the Communication Sector ($XLC), as some of its top components reported earnings ($META, $GOOG, $TMUS, $T). These four companies represent over 50% of the sector.
- $XLC completed a rare but bullish Abandoned Baby pattern today. It gapped down -3.5% on Thursday as $META slid -10.5%. However, it gapped up +2.7% on Friday as $GOOG surged +10.0%.
- While today's move created a bullish pattern, Frank points out that it also invalidated a bearish Head & Shoulders Top. As we know, it's bullish when bearish patterns fail. In fact, the rally in question began as a Failed Top in October.
The takeaway: The Communications Sector ($XLC) survived a stressful week, gaining +0.81%. It created a rare bullish pattern today while invalidating a bearish one.
Quote of the Day
"Fortunes are made every year by those who take the time to learn to interpret charts properly."
β William O'Neil
Top Links
S&P 500 Makes a New All-Time High By End of June? - StockCharts.com
David Keller lays out four potential outcomes for the S&P 500 in the months ahead.
Stock market rebound after positive earnings, China rally, Yields rise - The Trade Risk
Evan Medeiros highlights the key developments from this week's price action.
Keep Your Eyes on Natural Gas - All Star Charts
Ian Culley looks at a potential rebound in Nat Gas.
Does History Make a Case That Bitcoin Has Topped? - The Factor Report
Peter Brandt points out that bull market cycles in Bitcoin have gotten weaker and weaker over the years.
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