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Today’s Summary
Friday, April 9th, 2021
Indices: US Stocks ended the week on a positive note, with the Dow Jones Industrial Average gaining 297 points or 0.89%. The S&P 500 and Nasdaq rose 0.77% and 0.51%, respectively. The Russell 2000 was unchanged (0.04%).
Sectors: 7 of the 11 sectors closed higher. Health Care led, rising 1.10%. Energy lagged, falling 0.66%.
Commodities: Crude Oil futures slipped 0.47% to $59.32 per barrel. Gold futures moved lower by 0.76% to $1,745 per ounce.
Currencies: The US Dollar Index inched higher by 0.12%.
Interest Rates: The 10-year US Treasury yield rose to 1.666%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$SPX $COMPQ $INDU – A confident close; a confident market market. pic.twitter.com/7lV6oLlEBU
— Rob Moreno (@rightviewrob) April 9, 2021
Today’s Chart of the Day was shared by Rob Moreno (@rightviewrob). The Dow, S&P 500, and Nasdaq 100 all closed at record highs today. To be fair, the Nasdaq Composite (lower panel) was unable to reach an all-time high, but it’s within striking distance. Interestingly, the past three weeks have all ended with strong rallies into the close. Ending the week with this sort of price action is anything but bearish.
Quote of the Day
“Man blames fate for other accidents but feels personally responsible for a hole-in-one.”
– Martha Beckman
Top Links
A Goldilocks First Quarter Has Bulls Smiling – LPL Financial Research
The team at LPL Financial Research explains that solid Q1 gains have historically led to further gains.
Why Copper is Crushing Gold – Untitled Chart Show
Josh Brown and JC Parets highlight some of the big-picture trends across the markets.
Fairlead’s Stockton on What’s Ahead for the VIX – Bloomberg
Katie Stockton shares her technical perspective on Volatility.
Stock Market Technical Analysis April 9, 2021 – AlphaTrends.Net
Brian Shannon analyzes this week’s price action and lays out some levels to watch next week.
Fill the Gap Podcast with Special Guest Jeff deGraaf – CMT Association
In this podcast, Jeff deGraaf of Renaissance Macro Research discusses his research process and shares some insights on the current macro environment.
Top Tweets
Third straight week with a sharp rally into the weekend.
— Bespoke (@bespokeinvest) April 9, 2021
Very similar late Friday $SPY ramp to the one we saw 2 weeks ago. And though we were off last Friday, we saw a similar ramp with a smaller magnitude on Thursday afternoon pic.twitter.com/7dqaOYAmSB
— Steve Sosnick (@SteveSosnick) April 9, 2021
Dow Transports up 10 straight weeks$DJT pic.twitter.com/Z1bnYRFlTM
— Jared Blikre (@SPYJared) April 9, 2021
$EWW $EWL $EWT $EWU https://t.co/WxX6KWGXed pic.twitter.com/R8Qybkn2ND
— Ian McMillan, CMT (@the_chart_life) April 9, 2021
?? Sweden’s OMX 30 Index casually logging its 14th straight new all-time weekly high, i.e., every week of 2021 so far… pic.twitter.com/rBdv6Z9qDV
— Frank Cappelleri (@FrankCappelleri) April 9, 2021
1-month returns on @KoyfinCharts $NDX +12.5%$SPX +8.0%$EFA +4.9%$EEM +2.2%$IWM +1.9% pic.twitter.com/tfgmzUU2T6
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) April 9, 2021
A follow up. Gold price % +(-) when:
*Gold/SPX ratio > 200wk EMA = +1,375%
*Gold/SPX ratio < 200wk EMA = (-32%)
*Buy and Hold Gold = +909%
Hold gold when there is a reason to hold gold. Otherwise, dead money.
Thanks @mark_ungewitter pic.twitter.com/X3s9reKQOl— Jay Kaeppel (@jaykaeppel) April 9, 2021
millennials are breaking out pic.twitter.com/81icdHM9oS
— Louis Sykes (@haumicharts) April 9, 2021
Who knows why but today was the lowest NYSE volume day of the year. pic.twitter.com/kXWJeqDSy3
— Peter Boockvar (@pboockvar) April 9, 2021
I can't remember a week when the market made a YTD low in total volume each day.
Congrats everyone, we did it.— Tom Hearden (@followtheh) April 9, 2021