Daily Chart Report 📈 Thursday, April 25, 2024
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Today’s Summary
Thursday, April 25, 2024
Indices: S&P 500 -0.46% | Nasdaq -0.55% | Russell 2000 -0.72% | Dow -0.98%
Sectors: 5 of the 11 sectors closed higher. Materials led, gaining +0.71%. Communications lagged by a wide margin, dropping -3.56%.
Commodities: Crude Oil futures gained +0.92% to $83.57 per barrel. Gold futures rose +0.18% to $2,343 per oz.
Currencies: The US Dollar Index fell -0.24% to $105.57.
Crypto: Bitcoin inched up +0.36% to $64,493. Ethereum rose +0.50% to $3,155.
Volatility: The Volatility Index dropped -3.63% to 15.38.
Interest Rates: The US 10-year Treasury yield rose to a five month high of 4.706%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
The weekly RRG shows commodities leading while equities enter the weakening quadrant and bonds continue to underperform. pic.twitter.com/B60Wk2GL0i
— Alfonso Depablos, CMT (@AlfCharts) April 25, 2024
Today’s Chart of the Day was shared by Alfonso Depablos (@AlfCharts).
- It’s a weekly Relative Rotation Graph (RRG) comparing the three primary asset classes, Stocks, Bonds, and Commodities, benchmarked to a standard 60/40 portfolio ($AOR).
- The RRG is divided into four quadrants: Leading, Weakening, Lagging, and Improving. Alfonso points out that Equities have lost momentum over the past two months, with $SPY, $QQQ, and $IWM entering the Weakening quadrant (lower right).
- Bonds ($TLT, $HYG) haven’t left the Lagging quadrant, while Commodities ($USO, $GLD, $SLV, $CPR) have entered the Leading quadrant in the upper right.
The takeaway: Commodities are gaining momentum while Equities have begun to stall. Investors with a traditional 60/40 portfolio are leaving alpha on the table without exposure to Commodities.
Quote of the Day
“The desire to perform all the time is usually a barrier to performing over time.”
– Robert Olstein
Top Links
Bears Come Out of Hibernation – LPL Financial Research
Adam Turnquist breaks down the results of the latest AAII Sentiment Survey.,
SPY Gaps Down by Weekday – Bespoke
Bespoke examines the intraday performance of the S&P 500 ($SPY) after gaping down 1% or more.
Inflation Expectations Edge Higher – All Star Charts
Ian Culley looks at inflation, commodities, and rates.
Cocoa Prices Surge Higher Into Important Resistance! – Kimble Charting Solutions
Chris Kimble points out that Cocoa’s futures are reversing at a key Fibonacci level after a parabolic rally.
Top Tweets
Both filled. https://t.co/mdPmy53Yww
— Walter Deemer (@WalterDeemer) April 25, 2024
Sell in May?
Did you know that these ‘worst six months’ tend to do quite well in an Election year?
In fact, up nearly 78% of the time. pic.twitter.com/F2FNrWk3Fw
— Ryan Detrick, CMT (@RyanDetrick) April 25, 2024
Our Nasdaq Cycle Composite, which consists of the one-, four-, and 10-year cycles, remains in its most bearish stretch of the year. 1/3 pic.twitter.com/g2zq3V3bMp
— Rob Anderson (@_rob_anderson) April 25, 2024
March 2024 was probably not a cyclical top given absence of key divergences.
This doesn’t preclude further downside, however, perhaps into May/June election-year trough. pic.twitter.com/Iapsb99640
— Mark Ungewitter (@mark_ungewitter) April 25, 2024
All 11 sectors of the S&P 500 have a 50-day moving average that is higher than its 200-day moving average pic.twitter.com/CtjOZcs0iF
— Grant Hawkridge (@granthawkridge) April 25, 2024
The $XLI Industrials ETF is sporting a set up that many other ETFs and stocks now share.
Specifically, it is:
Bouncing after its biggest pullback in five months
Trading under its downward sloping 20-DMA
Battling its 50-DMA
The 20-DMA is close to crossing under the… pic.twitter.com/ypQoVkwtbh
— Frank Cappelleri (@FrankCappelleri) April 25, 2024
Many investors keep pretending that this year is just like last year. They’re closing their eyes and just hoping it goes away. But for those of us who are willing to live in reality, it has been very clear for months now that this year is nothing like last year. pic.twitter.com/u89rDLTu48
— J.C. Parets (@allstarcharts) April 25, 2024
10-Year Treasury Yield jumps to 4.7%, its highest level since November 1 pic.twitter.com/yObR8D4uY0
— Barchart (@Barchart) April 26, 2024
$GDX a few pennies and a few days from a 52wk high… been a minute since it did that pic.twitter.com/50qZYLUbwr
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) April 25, 2024
$META accounts for 23% of the Communications Sector $XLC (along with $GOOG & $GOOGL they account for just under half). $META now in the Lagging quadrant vs $XLC on the RRG: pic.twitter.com/UnTgDs9W75
— Optuma (@Optuma) April 25, 2024
Regardless of what tomorrow’s earnings bring, Microsoft is looking very distributive. RS peaked back in November (with momentum) and making lower highs, absolute chart now below the 50-DMA. pic.twitter.com/OgHgjMfM5d
— Scott Brown, CMT (@scottcharts) April 25, 2024
If someone asked you 3 years ago if Ford, Toyota, and General Motors would outperform Tesla over the next 3 years, would you have believed them?$TSLA $TM $GM $F pic.twitter.com/POTFLBmjZk
— Koyfin (@KoyfinCharts) April 25, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday, April 25, 2024 appeared first on The Chart Report.
