Daily Chart Report 📈 Monday, April 15, 2024
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Today’s Summary
Monday, April 15, 2024
Indices: Dow -0.65% | S&P 500 -1.20% | Russell 2000 -1.37% | Nasdaq 100 -1.65%
Sectors: All 11 sectors closed lower. Health Care led but still fell –0.20%. Technology lagged, dropping -1.90%.
Commodities: Crude Oil futures fell -0.29% to $85.41 per barrel. Gold futures rose +0.37% to an all-time high of $2,383 per oz.
Currencies: The US Dollar Index rose +0.16% to a five-month high of $106.18.
Crypto: Bitcoin dropped -3.80% to $63,255. Ethereum fell -1.88% to $3,100.
Volatility: The Volatility Index gained +11.10% to a five-month high of 19.22.
Interest Rates: The US 10-year Treasury yield rose to a five-month high of 4.606%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Oops and deep correction? Or just a false start before a move higher? $RSP pic.twitter.com/bqjBEv8nGl
— Alfonso Depablos, CMT (@AlfCharts) April 15, 2024
Today’s Chart of the Day was shared by Alfonso Depablos (@AlfCharts).
- Breadth looked healthy a few weeks ago, but it’s taken a turn for the worse. The Equal-Weight S&P 500 ($RSP) is coming off its worst week since September (-2.56%), falling another “Wealth is the ability to fully experience life.” today.
- Alfonso points out that $RSP is at risk of a failed breakout after closing below the prior cycle highs today. Failed breakouts can get ugly quickly. As they say, “From failed moves come fast moves in the opposite direction.”
- The S&P 500 is still comfortably above its respective breakout level, but Equal-Weight has downside risk if $RSP is below $160.
The takeaway: The market is vulnerable to broad-based weakness if $RSP fails to recapture its former highs in the coming days.
Quote of the Day
“Wealth is the ability to fully experience life.”
Top Links
What Happened Last Week? – Jotting on Charts
Grant Hawkridge highlights some key takeaways from last week’s price action.
Tax Day Sell Off – Trading Adventures – Trading Adventures
Andy Moss assesses the latest technical damage in the market.
Fill The Gap Episode Thirty-Seven with Robert J. Farrell and Walter Deemer – CMT Association
Two highly respected technicians – Bob Farrell and Walter Deemer, discuss the evolution of Technical Analysis over the decades.
Big Mac Inflation Is Real – All Star Charts
JC Parets examines what the market is saying about inflation.
Will Gold’s 12-Year Cycle Send It Much Higher? – Kimble Charting Solutions
Chris Kimble looks at a 12-year cycle in Gold prices.
Top Tweets
S&P 500 $SPX closes below its 50D moving average for the first time since early November
pic.twitter.com/AVjNUD9CGT
— Barchart (@Barchart) April 15, 2024
The S&P 500 is only down 3.7% from its peak closing price at the end of March. The median intra-year drawdown since 1928 is -13%. What were seeing today is normal volatility – the first 3 months of the year were abnormally smooth. $SPX pic.twitter.com/m4ywcoTzXR
— Charlie Bilello (@charliebilello) April 15, 2024
Well, it’s about time. It has been 105 days since the last 5% correction in the S&P 500. Since 1928, during secular bull markets, 5% corrections occurred about every 84 days on average. It has also been 105 days since a 10% correction. 10% declines typically occurred every 331… pic.twitter.com/LqoQ5ff07T
— Day Hagan Asset Management (@DayHagan_Invest) April 15, 2024
Well, they can’t stay above their 50-DMAs forever.
Here’s a look at the hard breaks below for major US index ETFs: pic.twitter.com/OR8G2iRtRb
— Bespoke (@bespokeinvest) April 15, 2024
The Nasdaq 100 $NDX closed at 8-week lows to break down from the 17,800-18,400 range.
This is the first close below the 50-day EMA since the start of November 2023! pic.twitter.com/2frLlAy1dJ
— Matt Weller CFA, CMT (@MWellerFX) April 15, 2024
Not only is the Dow about to go negative for the year, it is trading below the cloud model for the first time since last fall: pic.twitter.com/ntORNwl6Cb
— John Rothe, CMT (@JohnRothe) April 15, 2024
Did R2K sink back into the drink? pic.twitter.com/A0IWtoNRRH
— Mark Ungewitter (@mark_ungewitter) April 15, 2024
$XLV and $XLF slipping back below those late 2021/ early 2022 highs… pic.twitter.com/DNKkOjeeTK
— Ian McMillan, CMT (@the_chart_life) April 15, 2024
How about that?$GLD $SPY pic.twitter.com/IxUaMf6GbV
— David Rath, CMT, CFA (@DJwrath) April 15, 2024
It’s not just a Gold thing. It’s a metals thing. Copper hitting new 52-week highs pic.twitter.com/GJ5tl5dBhJ
— J.C. Parets (@allstarcharts) April 15, 2024
UnitedHealth $UNH is staring over the edge of a cliff…
Reports tomorrow after the bell.
Will they put in the bottom for the world’s largest healthcare stock? Or does it nosedive on the news?
Group: Healthcare $XLV pic.twitter.com/AepDpxOVMc
— Justin Spittler (@JSpitTrades) April 15, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Monday, April 15, 2024 appeared first on The Chart Report.
