Daily Chart Report 📈 Thursday, April 18, 2024
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Today’s Summary
Thursday, April 18, 2024
Indices: Dow +0.06% | S&P 500 -0.22% | Russell 2000 -0.26% | Nasdaq 100 -0.57%
Sectors: 6 of the 11 sectors closed higher. Utilities led, gaining +0.56%. Technology lagged, falling -1.14%.
Commodities: Crude Oil futures fell -0.71% to $82.10 per barrel. Gold futures rose +0.40% to $2,398 per oz.
Currencies: The US Dollar Index rose +0.27% to $106.18.
Crypto: Bitcoin rose +3.65% to $63,515. Ethereum rose +2.71% to $3,066.
Volatility: The Volatility Index fell -1.15% to 18.01.
Interest Rates: The US 10-year Treasury yield rose to 4.635%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Big Election Year Q1s Dip April-May Before Gains Last 7 Months.
2024 3rd best Election Q1 since 1950 tracking. Chop continues up ~2.5% April-Oct. Only 2 losses in the last 7 months of election years since 1950, 2000 & 2008 (2024 Almanac page 80). pic.twitter.com/thKL7tbYsu— Jeffrey A. Hirsch (@AlmanacTrader) April 18, 2024
Today’s Chart of the Day was shared by Jeff Hirsch (@AlmanacTrader).
- The S&P 500 rose +10.2% in Q1 (red), marking the third-best Q1 in an election year. However, the index peaked on the final day of the quarter.
- Jeff points out that Q2 has historically gotten off to a rough start after a strong Q1 in election years. There have been 18 election years since 1950 (black). Seven of them have been above average (green).
- Despite this two-month speed bump, the final seven months of the year have been stronger than usual when $SPX is up big in Q1.
The takeaway: The S&P 500 got slightly ahead of itself in Q1. While this has historically been followed by weakness in April-May, the final seven months of the year have been stronger than usual.
Quote of the Day
“Show me the charts, and I’ll tell you the news.”
– Bernard Baruch
Top Links
Testing Support – Trading Adventures
Andy Moss reviews the key takeaways from this week’s price action.
Rates Are Higher, Just Like Everyone Expected – Carson Research
Ryan Detrick looks at interest rates from a contrarian perspective.
Interest Rates Zig and Zag – All Star Charts
Ian Culley breaks down the 10-year Treasury yield using Elliot Wave Theory.
Chart Requests Live – Stock Market TV
Check out today’s episode of Chart Requests Live and join us on Tuesday if you missed it.
Top Tweets
S&P 500 $SPX has now closed red for 5 consecutive trading days, the longest losing streak since October pic.twitter.com/JZBj2k4HhF
— Barchart (@Barchart) April 18, 2024
The S&P 500 fell for the 5th straight day, leaving the index 4.6% below its record high. While large cap #stocks are in a shallow drawdown, small caps are back in bear market territory. The Russell 2000 is 20% below its record high. pic.twitter.com/I04A5a2tJI
— Cetera Investment Management (@ceteraIM) April 18, 2024
NYSE Composite backtesting the breakout level. Seems pretty important pic.twitter.com/srPEPcdrus
— Austin Harrison, CFA, CMT (@meanstoatrend) April 18, 2024
The $SPX started the day with these eight bearish streaks:
2 straight days of the 14-period, 2-hour RSI < 30
— Frank Cappelleri (@FrankCappelleri) April 18, 2024
$XLU golden cross pic.twitter.com/Gqqo5pnsGy
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) April 18, 2024
High Beta vs. Low Vol
Nothing awful yet. But it’s on the list of things that need to improve…$SPHB $SPLV pic.twitter.com/F7RQOvdhhF
— Ian McMillan, CMT (@the_chart_life) April 18, 2024
SX5E EuroStoxx
Testing 50d MA
cc $EZU $FEZ pic.twitter.com/0ggmPqKi9D
— Christian Fromhertz
(@cfromhertz) April 18, 2024
There were almost no stocks on the NYSE that made a new 52-week high today. But Copper Futures did. pic.twitter.com/tlddfATgva
— J.C. Parets (@allstarcharts) April 18, 2024
Looks like a top…but, price still trading above support.#Bitcoin $BTC pic.twitter.com/bGjopmmc1O
— Greg Rieben (@gregrieben) April 18, 2024
#Bitcoin bulls with the stick save at support on the eve of the halving.
Remaining generally constructive as long as support at ~$60K holds, open to any possibilities post halving. pic.twitter.com/hkQcoJ9iKZ
— Matt Weller CFA, CMT (@MWellerFX) April 18, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday, April 18, 2024 appeared first on The Chart Report.
