Daily Chart Report 📈 Friday, April 12, 2024
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Today’s Summary
Friday, April 12, 2024
Indices: Dow -1.24% | S&P 500 -1.46% | Nasdaq 100 -1.66% | Russell 2000 -1.93%
Sectors: All 11 sectors closed lower. Utilities led but still fell –0.76%. Materials lagged, falling -1.77%.
Commodities: Crude Oil futures rose +0.75% to $85.66 per barrel. Gold futures were up more than +3% intraday but closed flat (+0.06%) at an all-time high of $2,374 per oz.
Currencies: The US Dollar Index continued higher by +0.72% closing at a five-month high of $106.01.
Crypto: Bitcoin dropped -4.09% to $67,150. Ethereum slid -7.50% to $3,240.
Volatility: The Volatility Index surged +15.95% to a five-month high of 17.30.
Interest Rates: The US 10-year Treasury yield dropped to 4.4526%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$VIX $SPX pic.twitter.com/SKD0p4ZpGT
— Ian McMillan, CMT (@the_chart_life) April 12, 2024
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life).
- The S&P 500 had its worst week since the Oct’23 low, falling -1.56%. However, it’s barely off record highs, down only -2.5% on a closing basis.
- Meanwhile, the Volatility Index ($VIX) surged +16% today to a five-month high of 17.3. Ian points out that it’s reached a potential infection point.
- Since the bull market began in Oct. ’22, the $VIX has trended lower, making a series of lower highs, while the S&P 500 has trended higher, making a series of higher lows. If the $VIX breaks out with a higher high, it would raise the possibility of a lower low in the S&P 500.
The takeaway: The Volatility Index ($VIX) is at a potential inflection point after spiking +16% this week. A breakout would increase downside risk for the S&P 500, while a rejection would suggest a near-term low.
Quote of the Day
“The income tax has made more liars out of the American people than golf has.”
Top Links
Stock Market Sell-Off Gets Traction – Trade Risk
Evan Medeiros reviews this week’s price action and the state of the market.
Assessing the Prospect for a Pullback – LPL Financial Research
Adam Turnquist looks at the potential downside risk in the S&P 500.
All Good Things Come to an End – Bespoke
Bespoke highlights the S&P 500’s streak above its 50-day moving average, which remained intact despite Friday’s sell-off.
ETFs & Markets with Todd Sohn: Flows and Volatility Update – Strategas Asset Management
Todd Sohn shares some key insights on the current market environment.
Top Technical Stock Buys on Today’s Market Weakness – BNN Bloomberg
Ari Wald discusses the outlook for the S&P 500, the Energy sector, Gold, and more.
Top Tweets
Apple $AAPL
didnt get the memo that the market was Red today
Final heat map of the S&P 500’s $SPY performance from today pic.twitter.com/cErmvpmoiA
— Evan (@StockMKTNewz) April 12, 2024
Elevated geopolitical tensions, hotter than expected inflation and rising bond yields fueled a decline in #stocks this week. The S&P 500 dropped 1.46% today, closing just above its 50-day moving average, a level it hasn’t closed below in 5 months. pic.twitter.com/JWnbLn9OVm
— Cetera Investment Management (@ceteraIM) April 12, 2024
$JPM worst day in 46 months… good first day of earnings season…. pic.twitter.com/L01iFtJoHX
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) April 12, 2024
$XLE finally pulling back after a strong breakout run. A lot of charts in the sector look to be buyable on any standard pullbacks. pic.twitter.com/qhU2BXDKHu
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) April 12, 2024
A second 9-to-1 down day without an intervening 9-to-1 up day is not a good look. pic.twitter.com/tC9s1gP5ER
— Willie Delwiche, CMT, CFA (@WillieDelwiche) April 12, 2024
Why was everyone so excited today?? pic.twitter.com/Dc873Ynd5Y
— Jim Carroll (@vixologist) April 12, 2024
The S&P 500 has still only had a 2.5% peak-to-trough move in ’24.
This would tie it with ’95 for the smallest ever.
The reality is more pain at some point this year would be perfectly normal.
Remember, as strong as last year was, stocks still saw a 10.2% correction. pic.twitter.com/dz7qANRgv8
— Ryan Detrick, CMT (@RyanDetrick) April 12, 2024
Next week is historically the 4th best week of the calendar year, on average, for the Nasdaq 100 $QQQ
Is this your average year? $COMPQ $SPX $NDX pic.twitter.com/DdRzrzl0WA
— Seth Golden (@SethCL) April 12, 2024
CBOE Volatility Index $VIX closes at highest level since Halloween
pic.twitter.com/d1ShHeDwbG
— Barchart (@Barchart) April 12, 2024
BIG day for volatility bets –busiest day for VIX options since **February 2018** pic.twitter.com/j9Wf5Jvqfw
— Gunjan Banerji (@GunjanJS) April 12, 2024
Very interesting correlation between ‘Iran’ Google Search trends and the $VIX.
pic.twitter.com/ji17CrrkhQ
— TrendSpider (@TrendSpider) April 13, 2024
The latest strong price action in gold has pushed $GLD more than 10% above its 50-day MA. Historically, we’ve seen periods of it getting even further (15% in some instances) but 10% has been fairly stretched in most occurrences.$GC_F pic.twitter.com/KirHeprIl3
— Andrew Thrasher, CMT (@AndrewThrasher) April 12, 2024
Gold 52-week highs in all senior currencies suggests a global phenomenon, independent of routine currency fluctuations. Long-term bullish, despite sporadic false positives. pic.twitter.com/Zj8oFSDbtD
— Mark Ungewitter (@mark_ungewitter) April 12, 2024
We are about a week out from the 4th #Bitcoin halving event. Historically $BTC, and crypto in general, performs best after the halving.
— Osprey Funds (@OspreyFunds) April 12, 2024
2
Don’t know who made this but it’s perfect for the bears today pic.twitter.com/51Yqbtw6gt
— Grant Hawkridge (@granthawkridge) April 12, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Friday, April 12, 2024 appeared first on The Chart Report.
