Daily Chart Report 📈 Wednesday, April 24, 2024
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Today’s Summary
Wednesday, April 24, 2024
Indices: Nasdaq +0.32% | S&P 500 +0.02% | Dow -0.11% | Russell 2000 -0.36%
Sectors: 8 of the 11 sectors closed higher. Consumer Discretionary led, gaining +0.96%. Industrials lagged, falling -0.80%.
Commodities: Crude Oil futures fell -0.66% to $82.81 per barrel. Gold futures fell -0.16% to $2,338 per oz.
Currencies: The US Dollar Index rose +0.13% to $105.82.
Crypto: Bitcoin dropped -3.25% to $64,259. Ethereum fell -2.50% to $3,140.
Volatility: The Volatility Index rose +1.72% to 15.96.
Interest Rates: The US 10-year Treasury yield rose to 4.648%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
So, the biggest, baddest company in the world is going to complete a double top right in the middle of a bull market for stocks?
Is that really the bet you want to make?
I’m making the bet this is just a failed top in $AAPL pic.twitter.com/ABNilAZNMl
— Steven Strazza (@sstrazza) April 24, 2024
Today’s Chart of the Day was shared by Steve Strazza (@sstrazza).
- Apple ($AAPL) is on a three-day winning streak, gaining +2.1% this week. It’s trying to reclaim a major support level after violating it last week.
- $AAPL peaked in mid-December, forming a failed breakout or double top. It hit a 52-week low on Friday, down -16.5% (weekly basis). The stock has lost half a trillion dollars in market cap and is no longer the largest in the S&P 500.
- Steve points out that $AAPL has set the stage for a bullish reversal. While price made new lows last week, RSI refused to reach oversold, forming a bullish momentum divergence. If $AAPL reclaims $170, it will mark a failed top.
The takeaway: $AAPL could trap the bears below $170. Doing so would represent a failed top. As the saying goes, “From failed moves come fast moves in the opposite direction.”
Quote of the Day
“The averages are merely the backdrop of the game; the real contests are waged over stocks themselves.”
– Justin Mamis
Top Links
Major Moves Mean Major Gains for Large Caps – Schaeffer’s Investment Research
Rocky White looks at how stocks perform after huge losses in market capitalization, similar to what $NVDA just experienced.
10% Downside Risk For Stocks as Value Takes The Lead – StockCharts.com
Julius de Kempenaer analyzes recent sector rotation.
Is Agriculture ETF (DBA) Ready To Break Out And Send Bearish Message To Bonds? – Kimble Charting Solutions
Chris Kimble examines a potential breakout in the Commodities ETF ($DBC) and what it would mean for Bonds ($TLT).
Stock Market Analysis April 24, 2024 Alphatrends Brian Shannon – Alphatrends
Brian Shannon breaks down recent price action and highlights some key levels to be aware of in the near term.
All Star Charts Gold Rush Live Event – All Star Charts
In case you missed it, here’s the recording of yesterday’s live Gold Rush event with JC Parets and Ian Culley.
Top Tweets
Staying open to a retest of 4,800 on the S&P.$SPX $SPY $NDX pic.twitter.com/1S8lhx952C
— Shane C. Murphy (@murphycharts) April 24, 2024
BofA:
Do you own semis? April is 2nd worst month of year for SOX returns but May is the 2nd best for returns. Get you some!$SPX $QQQ $SMH $SOXX $SOXL $NVDA pic.twitter.com/w7VV522HPz
— Seth Golden (@SethCL) April 24, 2024
$XLY has dropped below its 200-day SMA relative to $XLP for the first time in a year (orange arrow) and is this close
to producing a “death cross” (blue arrow) pic.twitter.com/yugeDFdEkl
— David Settle, CMT (@davidsettle42) April 24, 2024
U.S. outperformance running out of steam?
50-day rolling over.
RSI at risk of breaking below 40.$VTI $VEU pic.twitter.com/rFXnnJlMCn
— David Rath, CMT, CFA (@DJwrath) April 24, 2024
$FXI back above the 200-MA for the first time since Aug 2023. pic.twitter.com/HicMI6HUhv
— Gavin | Options Trading IQ (@OptiontradinIQ) April 24, 2024
$HSI At an important confluence zone. A big status quo change if price breaks out from here. $KWEB $JD$BABA$BIDU@eliant_capital pic.twitter.com/yJ8Rb5CpHI
— Jake Wujastyk (@Jake__Wujastyk) April 24, 2024
Silly, farfetched thought: Could the strength in China this week be a catch-up play to copper? pic.twitter.com/SxfPeYMGQW
— Brian G (@alphacharts) April 24, 2024
Silver is retesting major multi-year support and should consolidate, then trade much higher from current levels. $SI_F $SIVR pic.twitter.com/2SYP0D5QcS
— Peter Brandt (@PeterLBrandt) April 25, 2024
$AAPL measured % swing almost to the penny here. $SPX $QQQ @Optuma pic.twitter.com/O32LIoROUQ
— Mo (@optionflys) April 24, 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
pretty gnarly island reversal there in $META pic.twitter.com/pMpuwfjuMl
— J.C. Parets (@allstarcharts) April 24, 2024
$META -13% going for its worst day since Oct 2022. But we’ll see how she trades tomorrow.
And that Feb earnings gap below $400 pic.twitter.com/oCO796Pkqf
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) April 24, 2024
Ya gotta love it.$TSLA $META pic.twitter.com/jM8WDeBDVS
— TrendSpider (@TrendSpider) April 24, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Wednesday, April 24, 2024 appeared first on The Chart Report.
