Daily Chart Report 📈 Tuesday, April 30, 2024

On a monthly timeframe the $SPX can fall another 9% to 4590 over the next couple of months - which is last year's swing high and 38.2% Fib level of current range - and still be in an uptrend: pic.twitter.com/WkrtBuiqak

— Optuma (@Optuma) April 30, 2024

JUST IN 🚨: S&P 500 $SPX posts biggest monthly loss since September pic.twitter.com/04HQZV5XiS

— Barchart (@Barchart) April 30, 2024

7 SPDR Sector ETFs were down more than -1.5% today for only the 5th time since end of 2022, leading the $SPX to its 2nd worst day of the year (-1.57%). pic.twitter.com/mtq8HBLG2s

— Optuma (@Optuma) April 30, 2024

$SPY - Does is really need to be more complicated than this? pic.twitter.com/ZxfAuLF630

— Larry Thompson (@HostileCharts) April 30, 2024

$SPX

Shades of 50d MAV...
One is testing it from above (advance & decline line)
The other from under (S&P500)

Both are flirting with the dark side! pic.twitter.com/Y5VeSSlKab

— conradseric, CMT, CAIA, CEFA (@conradseric) April 30, 2024

while the S&P 500 equal-weighted index is back inside its now 27-month trading range, the cap-weighted index remains on-trend, and 75% of the market is above their 200-day moving average. pic.twitter.com/TcGtSKd2Zu

— Jurrien Timmer (@TimmerFidelity) April 30, 2024

Utilities was the only up sector for April. Oh good. $XLU pic.twitter.com/Ltstn1WXOa

— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) April 30, 2024

The Zweig Breadth Thrust is considered the granddaddy of thrusts, with an excellent record of signaling ends to corrections. It got close to triggering this time but fell short.

Even so, its behavior so far is compelling and may be enough of a tailwind for bulls, even if it's… pic.twitter.com/I9SP59bode

— SentimenTrader (@sentimentrader) April 30, 2024

ETFs that hit new 52-week highs today:

Global: $ARGT $TUR $INCO $EWU
Defense: $MISL $PPA
Utilities: $UTES
Cannabis $MSOS pic.twitter.com/Qjf02ewSEi

— Brian G (@alphacharts) April 30, 2024

#WTI Crude Oil is nearing an absolutely CRITICAL level near 80.20.

I still lean toward expecting a bounce here, but if it breaks, we could be looking at the mid-$70s sooner rather than later. pic.twitter.com/Y9xDGoT3Yb

— Matt Weller CFA, CMT (@MWellerFX) April 30, 2024

Random:

The S&P 500 recorded a 2-month pattern of:

1) All-time high monthly close last month
2) -3% or worse decline this month with trailing 6-month returns of 10% or more.

Sounds like it's a warning sign. I thought it'd be a short-term warning sign.

Instead, all white. pic.twitter.com/NRsWUU7r4F

— Steve Deppe, CMT (@SJD10304) April 30, 2024

The US based #Bitcoin ETFs started trading on January 11 of this year

the VWAP from inception of those funds (using $IBIT as a proxy) is 35.74

The much hyped halving occurred on 4/20, the VWAP of IBIT since that occurred is 36.70

takeaway

The average US BTC ETF holder is… pic.twitter.com/BEQ5NIhRAl

— Brian Shannon, CMT (@alphatrends) April 30, 2024

Comment on Bitcoin $BTC I have seen dozens of significant market tops over the years with charts that looked like this descending triangle.
A simple fact needs to be resolved -- that Bitcoin has not exceeded the tops made three years ago despite the halving and ETFs pic.twitter.com/hq96RrDJkk

— Peter Brandt (@PeterLBrandt) April 30, 2024

$MSOS +20% in one second https://t.co/kG5JU0tl7D pic.twitter.com/MyHhq1BBzR

— Eric Balchunas (@EricBalchunas) April 30, 2024