Daily Chart Report 📈 Tuesday, April 16, 2024
Powered By:
Today’s Summary
Tuesday, April 16, 2024
Indices: Dow +0.17% | Nasdaq 100 +0.04% | S&P 500 -0.21% | Russell 2000 -0.42%
Sectors: 3 of the 11 sectors closed higher. Technology led, but it was essentially flat (+0.12%). Real Estate lagged, falling -1.53%.
Commodities: Crude Oil futures were flat (-0.06%) at $85.36 per barrel. Gold futures rose +1.04% to an all-time high of $2,408 per oz.
Currencies: The US Dollar Index closed higher for the fifth consecutive day, rising +0.18% to a five-month high of $106.37.
Crypto: Bitcoin rose +0.62% to $63,830. Ethereum fell -0.58% to $3,085.
Volatility: The Volatility Index dropped -4.32% to 18.39.
Interest Rates: The US 10-year Treasury yield rose to a five-month high of 4.669%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Great visual (courtesy of @granthawkridge) showing the change in environment that is underway.
So far yellow is replacing green. Risks increase when red flares up. pic.twitter.com/ouQxGtXKkT
— Willie Delwiche, CMT, CFA (@WillieDelwiche) April 16, 2024
Today’s Chart of the Day was shared by Grant Hawkridge (@granthawkridge), with special thanks to Willie Delwiche for highlighting (@WillieDelwiche).
- The S&P 500 is only down -3.8% from record highs; however, breadth has deteriorated beneath its surface.
26% of S&P 500 stocks are above both their 50-day and 200-day moving average.
39% are above their 200-DMA but below their 50-DMA.
32% are below both moving averages.
- The % of stocks above both moving averages (green) has plummeted from over 75% to 26% in less than three weeks. Most stocks remain above their 200-DMA but below their 50-DMA.
The takeaway: The traffic light has turned from green to yellow. Most stocks are in limbo, but selling will intensify if more stocks lose their 200-DMA.
Quote of the Day
“Stoic detachment combined with emotional awareness is the perfect combination for stocks. Feel the fear, but let reason decide.”
Top Links
Weighing Bearish Evidence in a Bull Market – Grindstone Intelligence
Austin Harrison examines the recent turbulence in the markets.
The Stock Market’s Character has Changed – CappThesis
Frank Cappelleri analyzes the recent price action in the S&P 500.
Potential Hurdles for the Dollar – All Star Charts
Ian Culley highlights a few potential headwinds for the US Dollar Index.
The Thing that Doesn’t Mix Well With Investing – The Irrelevant Investor
Michael Batnick points out that geopolitical events rarely impact the market as much as advertised.
Turnaround Tuesdays 
with The Chart Report
In case you missed it, here’s the recording of our discussion on Spaces from earlier today.
Top Tweets
The most telling stat today is this.
Number of S&P 500 stocks making:
20 day highs: 1
— Frank Cappelleri (@FrankCappelleri) April 16, 2024
150 day and 200 day MA breadth hitting new YTD lows for the Dow constituents…$DIA $DJIA $DJI pic.twitter.com/RnWTA3fKNX
— Ian McMillan, CMT (@the_chart_life) April 16, 2024
The Median Stock is at the same level it was in mid-December, except momentum is way worse now pic.twitter.com/i94YXDCtE2
— J.C. Parets (@allstarcharts) April 16, 2024
$KRE back below its 200dma for the first time since November.. pic.twitter.com/8lqOPkAugr
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) April 16, 2024
1995/96 pops a champagne bottle again as another low vol streak is broken. pic.twitter.com/EymhscbWNs
— Todd Sohn (@Todd_Sohn) April 16, 2024
#spx $spx FWIW top 10 unique 1-year analog matches. pic.twitter.com/Yw3hTVTlg0
— Nautilus Research (@NautilusCap) April 16, 2024
Treasury bears have the upper hand at the moment–10Y Treasury yields are moving higher and comfortably above recent technical levels. Piercing 4.70% and an eventual test of 4.80% would not be out of the question given the recent trend. pic.twitter.com/kf2KsQHs7G
— Liz Young (@LizYoungStrat) April 16, 2024
Even after run up in yields, US 10yr yield is still just +1.5 standard deviations above its 1-year MA — not overextended yet per this measure pic.twitter.com/mGpCO9ihhR
— Kathryn Rooney Vera (@KRooneyVera) April 16, 2024
Fund managers catching on to the fact that commodities have been strong. pic.twitter.com/fn0eSAM5K5
— Willie Delwiche, CMT, CFA (@WillieDelwiche) April 16, 2024
Super Micro $SMCI doesn’t seem too worried about ‘higher for longer’ today. pic.twitter.com/ZLxQ37x20A
— Bespoke (@bespokeinvest) April 16, 2024
Want a simple way to beat the S&P 500 by 0.2% – 0.3% per year in about 57% of all years?
Just exclude the top stock.
Or, better yet, exclude the top 10! #magnificent7
via @NDR_Research pic.twitter.com/sR6AhWDhsj
— Meb Faber (@MebFaber) April 16, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Tuesday, April 16, 2024 appeared first on The Chart Report.
