Daily Chart Report 📈 Thursday, April 11, 2024
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Today’s Summary
Thursday, April 11, 2024
Indices: Nasdaq +1.65% | S&P 500 +0.74% | Russell 2000 +0.70% | Dow -0.01%
Sectors: 5 of the 11 sectors closed higher. Technology led by a wide margin, gaining +2.00%. Financials lagged, falling -0.71%.
Commodities: Crude Oil futures fell -1.38% to $85.02 per barrel. Gold futures rose to an all-time high of +1.03% to $2,373 per oz.
Currencies: The US Dollar Index inched higher by +0.06% to a four-month high of $105.26.
Crypto: Bitcoin fell -0.87% to $70,015. Ethereum fell -1.21% to $3,503.
Volatility: The Volatility Index dropped -5.63% to 14.92.
Interest Rates: The US 10-year Treasury yield jumped to a four-month high of 4.591%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Support is spelled S-U-P-P-O-R-T in case you were wondering. $AAPL +3.75% and printing one hell of a hollow candle
pic.twitter.com/GU5JgDTFFP
— Grayson Roze (@GraysonRoze) April 11, 2024
Today’s Chart of the Day was shared by Grayson Roze (@GraysonRoze).
- Apple ($AAPL) had its best day in nearly a year today, gaining +4.33%.
- The stock has struggled all year after experiencing a failed breakout in mid-December. It closed at a five-month low yesterday, down -15% from record highs.
- Over the past month, it has been on the verge of a major breakdown, testing crucial support at $167. However, it reversed exactly where it needed to.
The takeaway: The second-largest stock ($AAPL) avoided a major breakdown today by thrusting off support. If $AAPL continues to rebound, the S&P 500 and Nasdaq will likely return to record highs.
Quote of the Day
“The biggest mistake a fundamental analyst makes is thinking a stock and a company are the same thing.
The biggest mistake a technical analyst makes is thinking they’re different.”
Top Links
If Yields Start Moving at a Faster Pace, Stocks Will Suffer, Says Frank Cappelleri – CNBC
Frank Cappelleri shares his thoughts on Stocks, Yields, and the Dollar.
RRG Indicates That non-Mega Cap Technology Stocks Are Improving – StockCharts
Julius de Kempenaer examines the recent rotation within the S&P 500.
Don’t Be Afraid – The Irrelevant Investor
Michael Batnick discusses the difficulty of investing at all-time highs.
Morning Show Special: A Conversation with Jack Schwager, Author of Market Wizards – StockMarketTV
In this video, JC Parets and Steve Strazza interview Jack Schwager, author of Market Wizards.
Top Tweets
the S&P is closing in on its pre CPI level lol pic.twitter.com/FyCrJoMl6t
— Sam Ro
(@SamRo) April 11, 2024
An important distinction:
The $SPX’s uptrend LINE has been broken.
But the index’s UPTREND remains intact.
The market’s character is never static, which has been evident all along.
In the first 12 trading days since the 10/2723 low, the SPX logged five 1% moves and had… pic.twitter.com/aftRxaj6za
— Frank Cappelleri (@FrankCappelleri) April 11, 2024
Since 2000, during the first half of April stocks don’t do much.
Then as soon as you get past April 15, the second half is usually strong. pic.twitter.com/Vmu2MHX2iC
— Ryan Detrick, CMT (@RyanDetrick) April 11, 2024
Mag 7 ETF $MAGS ATH pic.twitter.com/2ZQIeqHd5h
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) April 11, 2024
Considering yesterday was almost a 90% down day, avoiding immediate downside follow-through today was welcomed. Today had something for everyone: 5100 still holding on SPX but today’s recovery came on negative internals. $SPY $NVDA $AAPL #technicalanalysis #StockMarketNews pic.twitter.com/JaQCDZ7bLx
— John Kolovos, CMT, CFA (@John_Kolovos) April 11, 2024
$SPX S&P 500 market breadth:
% of stocks above their 200 DMA and 50 DMA has been declining after their short-term peak about two weeks ago pic.twitter.com/YVMYxr0wwH
— Dash, CMT, CFP (@Dash_charts) April 11, 2024
Apple posted its biggest one-day rate of change since May 5th, 2023, at a crucial support level. What if it’s not a top? pic.twitter.com/spaN4yePh1
— Sam Gatlin (@sam_gatlin) April 11, 2024
Late $AAPL sellers got trapped & squeezed below support so hard on that news headline.
Is this fuel for a larger move? pic.twitter.com/XN4sadG3yu
— TrendSpider (@TrendSpider) April 11, 2024
Today Amazon $AMZN ended its second longest streak of trading days without a new all-time closing high. pic.twitter.com/3EpTFtNKqy
— Bespoke (@bespokeinvest) April 11, 2024
Our morning note was titled “Yields Show Exhaustion” inspired by the DeMARK Indicators @DeMarkAnalytics on the chart of 10-year #yields which show a short-term counter-trend signal near resistance, supporting an immediate pullback after yesterday’s upswing #fairleadstrategies pic.twitter.com/pjZa9kcybU
— Katie Stockton, CMT (@StocktonKatie) April 11, 2024
Gold’s weekly Relative Strength Index surpassed a reading of 77, a scenario observed in just 3% of precedents since 1973. Instances above 77 have yielded a remarkable 17% annualized return for the precious metal. pic.twitter.com/USFhyzfMXa
— SentimenTrader (@sentimentrader) April 11, 2024
bc of course $NDX pic.twitter.com/CivmoaUsqq
— Arun S. Chopra CFA CMT
(@FusionptCapital) April 11, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday, April 11, 2024 appeared first on The Chart Report.
