Daily Chart Report 📈 Friday, April 19, 2024
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Today’s Summary
Friday, April 19, 2024
Indices: Dow +0.56% | Russell 2000 +0.24% | S&P 500 -0.88% | Nasdaq 100 -2.05%
Sectors: 6 of the 11 sectors closed higher. Utilities led for the third straight day, gaining +1.54%. Technology lagged for the third straight day, falling -1.06%.
Commodities: Crude Oil futures inched higher by +0.15% to $82.22 per barrel. Gold futures rose +0.66% to an all-time high of $2,414 per oz.
Currencies: The US Dollar Index was flat at $106.12.
Crypto: Bitcoin rose +0.48% to $63,821. Ethereum fell -0.27% to $3,058.
Volatility: The Volatility Index rose +3.83% to 18.70.
Interest Rates: The US 10-year Treasury yield inched lower to 4.623%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
PAIN.
$NVDA
NVIDIA fell over -10% today marking worst one-day decline since the COVID crash. pic.twitter.com/BpGAvAxCIv
— TrendSpider (@TrendSpider) April 19, 2024
Today’s Chart of the Day was shared by TrendSpider (@TrendSpider).
- Nvidia ($NVDA) wiped out over $200 billion in market cap today. As the third largest stock in the S&P 500, it was responsible for most of today’s weakness.
- The stock plummeted -10%, marking its worst day in four years. It’s still up +53.9% this year but down -19.8% from record highs.
- TrendSpider points out that $NVDA is testing its year-to-date anchored VWAP after breaking down from a Descending Triangle pattern. This was also a textbook Head & Shoulders Top when viewed in a line chart..
The takeaway: $NVDA tumbled -10% to its lowest in nearly two months. It’s the 3rd best stock in the S&P 500 this year, up +53.8% YTD. However, those YTD gains are at risk if $NVDA violates its YTD AVWAP.
Quote of the Day
“An investor who has all the answers doesn’t even understand the questions. Success is a process of continually seeking answers to new questions.”
– John Templeton
Top Links
Failed Breakouts are Everywhere – All Star Charts
Alphonso Depablos highlights the growing list of failed breakouts across the market.
Stock Market Video Analysis for Week Ending April 19, 2024 – AlphaTrends
Brian Shannon breaks down this week’s price action and some key levels to be aware of next week.
Top Charts from the Communication Services Sector – Grindstone Intelligence
Austin Harrison analyzes the Communications sector.
Silver Rally Nears Important Breakout Price Resistance! – Kimble Charting Solutions
Chris Kimble points out that Silver is testing a key level.
Top Tweets
FINAL S&P 500 $SPY WEEKLY HEAT MAP:
$TSLA $NVDA $MSFT $AAPL $AVGO $META $AMZN $AMD $CRM $ORCL pic.twitter.com/uR9v1JNlTZ
— Jesse Cohen (@JesseCohenInv) April 19, 2024
Nasdaq Comp worst week since Oct ’22 pic.twitter.com/fvoRnVz2C9
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) April 19, 2024
$SPX What’s done is done.
It’s always about the next trade – or this case – the next Darvas box. pic.twitter.com/0ITVPFgQ7p
— Frank Cappelleri (@FrankCappelleri) April 19, 2024
BREAKING
: Nvidia$NVDA falls below $800 for the first time since March 1 and is now more than 18% off its recent all-time high pic.twitter.com/4HjhQDB6dU
— Barchart (@Barchart) April 19, 2024
Super Micro Computer ($SMCI) was down 23% today.
The chart shows it increased 6x from January to March ($200 to $1200).
Then, on March 18, S&P added it to the S&P 500.$SMCI peaked on March 13 and is now down 40%.
—
Congratulations to the S&P Index Committee! pic.twitter.com/cZf32REuVY— Jim Bianco (@biancoresearch) April 19, 2024
With a growing list of failed breakouts in various indexes, energy continues to stand out as a sector leader
Here’s $XLE digging in and flipping resistance into support at a shelf of old highs pic.twitter.com/2nBzIbX7aW
— Steven Strazza (@sstrazza) April 19, 2024
I’m hearing more and more people justify the stock bull continuing by rotating into new leadership like Energy.
This is not going to happen.
Energy leadership is unhealthy and, when it persists, it is the death knell for bull markets. pic.twitter.com/bqpUwuiLKy
— Warren Pies (@WarrenPies) April 19, 2024
Possibility for near-term bounce?
Vix is in backwardation (ie 1M Contract above 4M).
Does this always mark exact lows? No. But it can get close
pic.twitter.com/FVvsIiNU4v
— Matt Cerminaro (@mattcerminaro) April 19, 2024
Ugly week for semis, with $SMH down 10%.
SOX:CRB sitting on the yearly moving average. Still may have some juice in the coming months, but running out of steam longer term. pic.twitter.com/6c19qwb2y8
— Brian G (@alphacharts) April 19, 2024
Commodities appear to have resumed their 2020s uptrend. A prolonged ESG-driven underinvestment cycle, a human resources brain-drain from the commodities/mining sector, and geopolitical disruptions—combined with strong growth from India (now larger than China by population) and US… pic.twitter.com/c6GWbAwXib
— Kathryn Rooney Vera (@KRooneyVera) April 19, 2024
Does not look “risk free” to me. $TLT $TLH
Stickier inflation and high debt levels are not a good combination for bond holders. Bear market continues…#treasuries
Buying the dip in a secular bear market is a dangerous game. pic.twitter.com/07ZfMAtQAe
— David Burrows (@barometerca) April 19, 2024
Something positive to end the week.
Have a great weekend.$ES_F pic.twitter.com/DVKKYGU75Q
— Arun S. Chopra CFA CMT
(@FusionptCapital) April 19, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Friday, April 19, 2024 appeared first on The Chart Report.
