Daily Chart Report 📈 Friday, April 26, 2024
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Today’s Summary
Friday, April 26, 2024
Indices: Nasdaq +1.65% | Russell 2000 +1.05% | S&P 500 +1.02% | Dow +0.40%
Sectors: 7 of the 11 sectors closed higher. Communications led, gaining +2.76%. Utilities lagged, falling -1.09%.
Commodities: Crude Oil futures gained +0.34% to $83.85 per barrel. Gold futures rose +0.20% to $2,347 per oz.
Currencies: The US Dollar Index gained +0.49% to $106.09.
Crypto: Bitcoin fell -1.16% to $63,745. Ethereum fell -0.78% to $3,131.
Volatility: The Volatility Index fell -2.34% to 15.02.
Interest Rates: The US 10-year Treasury yield fell to 4.667%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Patterns repeat – even the ones that fail. $XLC pic.twitter.com/K8GOdwzw1X
— Frank Cappelleri (@FrankCappelleri) April 26, 2024
Today’s Chart of the Day was shared by Frank Cappelleri (@FrankCapperlleri).
- It was a busy week for the Communication Sector ($XLC), as some of its top components reported earnings ($META, $GOOG, $TMUS, $T). These four companies represent over 50% of the sector.
- $XLC completed a rare but bullish Abandoned Baby pattern today. It gapped down –3.5% on Thursday as $META slid -10.5%. However, it gapped up +2.7% on Friday as $GOOG surged +10.0%.
- While today’s move created a bullish pattern, Frank points out that it also invalidated a bearish Head & Shoulders Top. As we know, it’s bullish when bearish patterns fail. In fact, the rally in question began as a Failed Top in October.
The takeaway: The Communications Sector ($XLC) survived a stressful week, gaining +0.81%. It created a rare bullish pattern today while invalidating a bearish one.
Quote of the Day
“Fortunes are made every year by those who take the time to learn to interpret charts properly.”
– William O’Neil
Top Links
S&P 500 Makes a New All-Time High By End of June? – StockCharts.com
David Keller lays out four potential outcomes for the S&P 500 in the months ahead.
Stock market rebound after positive earnings, China rally, Yields rise – The Trade Risk
Evan Medeiros highlights the key developments from this week’s price action.
Keep Your Eyes on Natural Gas – All Star Charts
Ian Culley looks at a potential rebound in Nat Gas.
Does History Make a Case That Bitcoin Has Topped? – The Factor Report
Peter Brandt points out that bull market cycles in Bitcoin have gotten weaker and weaker over the years.
Top Tweets
S&P 500 $SPX posts best week in 6 months pic.twitter.com/xGgAxlPAya
— Barchart (@Barchart) April 27, 2024
Best week since November for $SPX, with a 2.67% gain, but only managed an ‘inside’ candle (ie the high & low were within last week’s range). $XLK & $XLY both +3.5% on the week, and a 39 week high for Utilities $XLU. pic.twitter.com/wwwEEFKrda
— Optuma (@Optuma) April 27, 2024
$SMH Semis
+9.3% this week / -9.7% last week
-1.4% net over two weeks pic.twitter.com/X0KHiRvdoX
— Christian Fromhertz
(@cfromhertz) April 26, 2024
$GOOGL best day since 2015 pic.twitter.com/VPwYPYWkiI
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) April 26, 2024
Alphabet posts the third largest single-day gain in market cap on record, behind $NVDA and $META which were both earlier this year. $GOOGL pic.twitter.com/PYUfOUjrlx
— Bespoke (@bespokeinvest) April 26, 2024
The Google $GOOGL vs Nvidia $NVDA market cap race is back to being interesting
pic.twitter.com/cC54OpIu52
— Evan (@StockMKTNewz) April 26, 2024
Since 2000, the second half of April tends to be much better than the first half for the S&P 500.
A few more days next week, but stocks are trying to rhyme here. pic.twitter.com/OKolkrCsPy
— Ryan Detrick, CMT (@RyanDetrick) April 26, 2024
$HSI #HangSeng Got a double breakout this week.. the coming weeks may finally get quite interesting. $BABA$KWEB$JD$BIDU pic.twitter.com/BAPholJeMH
— Jake Wujastyk (@Jake__Wujastyk) April 26, 2024
Copper prices are the highest since 2022. pic.twitter.com/OI3L15dWNM
— Lisa Abramowicz (@lisaabramowicz1) April 26, 2024
Haven’t heard much talk about #Bitcoin this week.
The cryptocurrency is still consolidating in the 61K-73K in a post-halving malaise.
Wake me when the range breaks! pic.twitter.com/09PYfzdXmF
— Matt Weller CFA, CMT (@MWellerFX) April 26, 2024
Dollar setting up for a move higher.$DXY pic.twitter.com/NWfAJwwjuH
— David Rath, CMT, CFA (@DJwrath) April 26, 2024
The Japanese Yen continues to depreciate and is near 157 vs the USD, but it’s also depreciating vs China’s currency; and Japan is an important trading partner for China. Not just a strong dollar story. Currency markets are getting spicy. pic.twitter.com/IVdVIaSCjv
— Liz Young (@LizYoungStrat) April 26, 2024
BREAKING: The Japanese Yen.
$JPYUSD pic.twitter.com/0KlQEmu8p4
— TrendSpider (@TrendSpider) April 26, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Friday, April 26, 2024 appeared first on The Chart Report.
