Daily Chart Report 📈 Wednesday, April 17, 2024
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Today’s Summary
Wednesday, April 17, 2024
Indices: Dow -0.12% | S&P 500 -0.58% | Russell 2000 -0.99% | Nasdaq 100 -1.24%
Sectors: 4 of the 11 sectors closed higher. Utilities led by a wide margin, gaining +2.09%. Technology lagged, falling -1.44%.
Commodities: Crude Oil futures slid -3.13% to $82.69 per barrel. Gold futures fell -0.81% to $2,388 per oz.
Currencies: The US Dollar Index dropped -0.44% to $105.91.
Crypto: Bitcoin dropped -4.00% to $63,830. Ethereum fell -3.23% to $2,985.
Volatility: The Volatility Index fell -0.92% to 18.22.
Interest Rates: The US 10-year Treasury yield fell to 4.589%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Textbook false breakout in Midcaps ETF $MDY
Seeing a lot of these… pic.twitter.com/nJTrfunA12
— Justin Spittler (@JSpitTrades) April 17, 2024
Today’s Chart of the Day was shared by Justin Spittler (@JSpitTrades).
- The S&P 500 is only down -4.4% from record highs. However, the market looks increasingly weaker as you go down the cap scale.
- The Mid-Cap ETF ($MDY) is down -7.0% from record highs, while Small-Caps ($IWM) are in a media-defined bear market, down -20.4%. It’s worth noting that $MDY lost one of its star players last month as $SMCI graduated to the S&P 500.
- Mid-Caps broke out to record highs in March, but Justin points out that $MDY is firmly below its 2021 peak, confirming a failed breakout. Failed breakouts can get ugly quickly. As they say, “From failed moves come fast moves in opposite directions.”
The takeaway: The S&P 500 remains comfortably above its prior cycle highs. However, Mid-Caps are dealing with a failed breakout, and Small-Caps are so weak that they never had a breakout to ruin in the first place.
Quote of the Day
“Risk is good. Not properly managing your risk is a dangerous leap.”
Top Links
Stocks Can Go Down – Carson Group
Ryan Detrick looks at the recent pullback in the S&P 500 from a historical perspective.
Election Year Drawdowns Happen – S&P 500 Average Pullback 13% since 1952 – Almanac Trader
Jeff Hirsch points out that election years have historically averaged a double-digit drawdown.
Stock Market Video Analysis April 17, 2024 – Alphatrends
Brian Shanon dissects the recent pullback and highlights some key levels to watch in the near term.
How to Adapt to Changing Markets – All Star Charts
JC Parets shares his thoughts on the current market environment.
Tech Stocks Struggling at Double Top Fibonacci Resistance! – Kimble Charting Solutions
Chris Kimble examines a bad break in the Equal-Weight Nasdaq 100 ETF ($QQEW).
Top Tweets
Markets finally hit turbulence, but this is typical in most years. The S&P 500 is in a 4.4% drawdown right now. This pullback is shallow (so far) when compared to the average annual max drawdown of 14.2% since 1980. pic.twitter.com/snwNIhXpwC
— Cetera Investment Management (@ceteraIM) April 17, 2024
I’ve been thinking a lot lately about how the median annual $SPX drawdown since 1980 is -10%. That would be 4,300, or -15% from today. The median drawdown of just the lower half is -7.5%. With a standard deviation of 10%, this is all within the range of “normal” volatility. pic.twitter.com/zEOEcmWhEv
— Brett Villaume, CMT, CAIA (@brettvillaume) April 17, 2024
No, you should never blindly invest in seasonality, but still worth watching.
Note that election years tend to chop around until Memorial Day, then a summer rally is quite normal. pic.twitter.com/S93LAj3t6B
— Ryan Detrick, CMT (@RyanDetrick) April 17, 2024
9 of 11 SPDR sectors beat the $SPX today (-0.58%), with $XLRE (-0.83%) making a new all-time relative low and the semis dragging down $XLK (-1.44%). On a stock level, 62.8% out-performed today, but only 34.4% are out-performing YTD: pic.twitter.com/MogFoPvGoO
— Optuma (@Optuma) April 17, 2024
Russell 2000 with % of stocks above their respective 20 day moving average in single digits (9%) for the first time since September 2022 (7%)…$IWM $RUT $RTY_F pic.twitter.com/0JsJwULHcl
— Ian McMillan, CMT (@the_chart_life) April 18, 2024
50d MAV coming for all…both absolute and now relative Mr SOXX pic.twitter.com/Cwpkb3NyYW
— conradseric, CMT, CAIA, CEFA (@conradseric) April 18, 2024
$XLU – best relative level vs $SPY in 3 months.
Best relative session vs $SPY in a year pic.twitter.com/jD83lyFbNe
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) April 17, 2024
Yes that’s another new 52-week low for Consumer Discretionary relative to the S&P500. But don’t worry, the consumer doesn’t matter. I’m sure it’ll be fine. pic.twitter.com/oOLJF1Pv7I
— J.C. Parets (@allstarcharts) April 17, 2024
Discretionary vs. Staples ratio closes below the 200 DMA for the first time since May 17th, 2023. $XLY $XLP $SPX $SPY pic.twitter.com/yADFA6y9ML
— Shane C. Murphy (@murphycharts) April 17, 2024
Crude Oil Futures are failing at the 61.8% retracement level. I’m looking to the anchored VWAP from the September high as a potential level of interest. This level coincides with the 38.2% retracement level, adding to its significance. pic.twitter.com/zPqrTyKPJs
— Sam Gatlin (@sam_gatlin) April 17, 2024
the U.S. stock market is the world stock market pic.twitter.com/QL4NKG9Tgq
— Sam Ro
(@SamRo) April 17, 2024
First I’m paying through the nose for chocolate.
Now it’s coffee.
Life is cruel sometimes.
Hey, at least sugar is down! pic.twitter.com/feHvCdNDqf— Jay Kaeppel (@jaykaeppel) April 17, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Wednesday, April 17, 2024 appeared first on The Chart Report.
