Daily Chart Report 📈 Tuesday, April 23, 2024
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Today’s Summary
Tuesday, April 23, 2024
Indices: Russell 2000 +1.79% | Nasdaq +1.51% | S&P 500 +1.20% | Dow +0.69%
Sectors: 10 of the 11 sectors closed higher. Communications led, gaining +1.52%. Materials were the only sector that closed lower, dropping -0.86%.
Commodities: Crude Oil futures rose +1.78% to $83.36 per barrel. Gold futures fell -0.18% to $2,342 per oz.
Currencies: The US Dollar Index fell -0.41% to $105.69.
Crypto: Bitcoin fell -0.65% to $66,421. Ethereum rose +0.58% to $3,220.
Volatility: The Volatility Index dropped -7.32% to 15.69.
Interest Rates: The US 10-year Treasury yield inched lower to 4.602%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
And we are back through the 2/22 gap. Pretty solid short-term defensive save. Also, no OS reading yet on RSI – nice stand there, too. If we can now hold this area, chances increase that the drawdown is close to being over…$SPX $SPY $ES_F pic.twitter.com/OQTm4xuIjN
— Ian McMillan, CMT (@the_chart_life) April 23, 2024
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life).
- The S&P 500 ($SPX) has bounced +2% this week after falling for six consecutive days. The max drawdown throughout this pullback has been -5.5% (closing basis).
- $SPX reclaimed 5,000 today after filling a gap from Feb. 22nd last week. Ian points out that RSI avoided its first oversold reading since the October lows, suggesting momentum remains in a bullish range.
- At -5.5%, this could end up being a very vanilla pullback. Although, it certainly didn’t feel vanilla. The $VIX spiked over +50%, and breadth got washed out.
The takeaway: The S&P 500 is back above 5,000 after bouncing +2% from Friday’s low. Momentum remains strong, and the next bullish objective is all-time highs.
Quote of the Day
“You will be much more in control if you realize how much you are not in control.”
– Benjamin Graham
Top Links
All Star Charts Gold Rush Live Event – All Star Charts
In case you missed it, here’s the recording of today’s live Gold Rush event with JC Parets and Ian Culley.
Let’s Talk about Geopolitical Events – Carson Research
Ryan Detrick examines how stocks have reacted to past geopolitical events.
May Almanac: Historically Poor in Election Years – Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in May of Presidential Election years.
A Relative Report – Jotting on Charts
Grant Hawkridge highlights some of the relative trends within the markets.
The Only Stock Market Pattern that Matters – Capp Thesis
Frank Cappelleri breaks down the recent price action and patterns in the S&P 500.
Top Tweets
Biggest gain for the S&P 500 since February–up 1.2%
— Gunjan Banerji (@GunjanJS) April 23, 2024
The $SPX pattern since October’22:
Uptrend
Uptrend line break
Repeat pic.twitter.com/WLR6TfBtIF
— Frank Cappelleri (@FrankCappelleri) April 23, 2024
S&P 500 with a max pullback of 5.5% in ’24 so far.
Since 1980, only 4 full years saw a smaller pullback.
Avg yr since 1980 with a 14.2% max pullback. pic.twitter.com/2SZwV4mwlL
— Ryan Detrick, CMT (@RyanDetrick) April 23, 2024
Financials still below overhead supply. Do you think they breakout soon or does it take some time? pic.twitter.com/RLjJordL8c
— J.C. Parets (@allstarcharts) April 23, 2024
Fresh 52-wk highs for the $XLF vs $SPY ratio as financials complete a relative trend reversal confirmed by an initiation thrust pic.twitter.com/qgbUaD2K53
— Steven Strazza (@sstrazza) April 23, 2024
Chinese tech trying to break out $KWEB pic.twitter.com/bkeVExpTY5
— Jamie Saettele, CMT (@JamieSaettele) April 23, 2024
A momentous day for the Brits yesterday, as the FTSE 100 Index reached a new all-time high.
This morning’s trading has started off positively. pic.twitter.com/AwXKrIabv0
— Koyfin (@KoyfinCharts) April 23, 2024
How strong is the gold bull run?
* On April 19th — Gold reached 22%** > the 200 day moving average, she has only spent 60 ish days up there since 2010.
**That’s a lot of a $16T asset class in 2024. pic.twitter.com/BLPzBE3IMq
— Lawrence McDonald (@Convertbond) April 23, 2024
The most impressive thing about the rally in gold is how it rallied in the face of a stronger USD/DXY. pic.twitter.com/iY2FtDvJYD
— Greg Rieben (@gregrieben) April 23, 2024
Gold:Silver Ratio over the past century.
Does this ratio mean-revert, or break out of this 100-year base?
I’m leaning the latter. Silver (like copper) has industrial uses, whereas gold is more risk-off. During the 2018-2020 risk-off period, gold outperformed. Late 2020-2021… pic.twitter.com/Hjy3iEgYha
— Brian G (@alphacharts) April 23, 2024
Look at commodities $DBC bullish engulfing the last 3 days pic.twitter.com/cTg0qxsWk0
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) April 23, 2024
One catalyst of the movement to Bond ETFs: the changing rate regime. Long duration Treasuries peak to trough decline of -47% from March 2020 to October 2023 measured over 900 trading days. The prior record was just over 300-days. There have been only 4 longer than 200-days. pic.twitter.com/0O7PtW8tGK
— Todd Sohn (@Todd_Sohn) April 23, 2024
16 $SPX stocks had their best day of the year today, incl $GE with +8.28%, its best 1 day gain since Sept 2020 and highest close since April 2008: pic.twitter.com/x5R4vgIJ1o
— Optuma (@Optuma) April 23, 2024
— Arun S. Chopra CFA CMT
(@FusionptCapital) April 23, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Tuesday, April 23, 2024 appeared first on The Chart Report.
