Daily Chart Report 📈 Tuesday, April 30, 2024
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Today’s Summary
Tuesday, April 30, 2024
Indices: Dow -1.49% | S&P 500 -1.57% | Nasdaq -1.92% | Russell 2000 -2.09%
Sectors: All 11 sectors fell. Health Care led, but still inched lower by –0.07%. Energy lagged, dropping -2.98%.
Commodities: Crude Oil futures fell -0.85% to $81.93 per barrel. Gold futures dropped -2.32% to $2,303 per oz.
Currencies: The US Dollar Index rose +0.64% to $106.31.
Crypto: Bitcoin dropped -5.01% to $60,632. Ethereum dropped -6.32% to $3,012.
Volatility: The Volatility Index gained +6.54% to 15.64.
Interest Rates: The US 10-year Treasury yield rose to 4.684%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
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
Today’s Chart of the Day was shared by Optuma (@Optuma).
- The S&P 500 fell -4.16% in April, ending a five-month winning streak. It gained +25% throughout that five-month streak, marking the sharpest rally since the Covid recovery in 2020.
- Using a monthly candlestick chart, Optuma points out that $SPX can afford another –9% before breaking the current uptrend.
- The prior swing high from July is at 4,590. This level also represents the 38.2% Fibonacci retracement of the bull market rally off the Oct. ’22 low.
The takeaway: $SPX fell -4.16% in April after one of the sharpest rallies in recent history. Despite the recent stumble, $SPX can handle another -9% before damaging the long-term uptrend.
Quote of the Day
“The big money is not in the buying and selling, but in the waiting.”
– Charlie Munger
Top Links
Buy In May and Stay? At Least in an Election Year
Ryan Detrick looks at how stocks have historically performed in May.
A Critical Spot for the Stock Market – CappThesis
Frank Cappelleri examines the recent price action in the S&P 500.
Up Every Month This Year – All Star Charts
JC Parets highlights the strength in Crude Oil and the US Dollar Index.
May Market Outlook – Grindstone Intelligence
Austin Harrison breaks down some key areas to watch next month.
Top Tweets
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
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
— Callum Thomas (@Callum_Thomas) April 30, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Tuesday, April 30, 2024 appeared first on The Chart Report.
