Sponsored By:
Today’s Summary
Tuesday, April 13th, 2021
Indices: US Indices were mixed in today’s session. The Dow Jones Industrial Average inched lower by 68 points or 0.20%. The S&P 500 and Nasdaq gained 0.33% and 1.05%, respectively. The Russell 2000 underperformed, falling 0.22%.
Sectors: 7 of the 11 sectors closed higher. Utilities led, rising 1.19%. Financials lagged, falling 0.93%.
Commodities: Crude Oil futures moved higher by 0.80% to $60.18 per barrel. Gold futures rose 0.86% to $1,748 per ounce.
Currencies: The US Dollar Index fell 0.28%.
Interest Rates: The 10-year US Treasury yield dropped to 1.616%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Yields have stabilized a bit lately just as NASDAQ has started to outperform Russell 2000 & growth has outperformed value
[Past performance is no guarantee of future results] pic.twitter.com/NyjvQohBZc— Liz Ann Sonders (@LizAnnSonders) April 13, 2021
Today’s Chart of the Day was shared by Liz Ann Sonders (@LizAnnSonders). The chart shows the US 10-year Treasury yield in blue, over the past three years with two closely watched ratios below. A few weeks ago, we discussed why yields were probably due for some pause, and that’s pretty much what we’ve seen play out since then. Liz Ann points out that while yields have moved sideways in recent weeks, the Nasdaq has begun to outperform the Russell 2000, and Growth has begun to outperform Value. Looking at this chart, it’s pretty clear that the action in yields has been driving these relative trends in the stock market. If yields continue to stabilize or turn lower, it would likely be a favorable environment for Growth-oriented areas of the market like the Nasdaq.
Sponsored:
Join us this Saturday, April 17th for the 5th Annual Chart Summit!
You’ll have the chance to hear from an elite group of professional technicians as they reveal their market insights and offer professional-level strategies you can use to control risk and increase profitability in today’s market.
It’s fast-paced, action-packed, and completely FREE to attend!
More than 15 speakers are scheduled to deliver fast and informative 25-minute livestream presentations. We will announce the full speaker list shortly — sign up now and check back for the full agenda!
Quote of the Day
“In this business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten”
– Peter Lynch
Top Links
“How Much Was the Market Up Today?” – Bespoke
Bespoke points out that both $SPY and $QQQ have closed higher than the open for 13 consecutive days now.
Semiconductor Red Hot Performance Tests 20-Year Breakout Level – Kimble Charting Solutions
Chris Kimble shows that the Semiconductor Index, $SOX, is testing a key long-term Fibonacci level.
Looking for Clear Sector Leadership – Potomac Fund Management
Dan Russo identifies the strongest/weakest sectors of the S&P 500.
Is There Seasonality in the Bond Market? – LPL Financial Research
The team at LPL Financial Research examines seasonal patterns in the fixed income markets.
A Decisive Breakout in Bitcoin Has it Set Up For a Further 10% Gain in the Near Term, According to One Technical Analyst – Business Insider
Katie Stockton offers her technical outlook on Bitcoin.
Top Tweets
In the last nine trading sessions, the worst day for the S&P 500 was a loss of 0.1%.
— Eddy Elfenbein (@EddyElfenbein) April 13, 2021
The S&P 500 Index has gained 53.7% over the past 12 months.
Looking at other big 12 months gains tells 2 stories.
1.) Higher a yr later is normal, up a median of 14.9% and higher more than 90% of the time.
2.) It isn't easy, as there are many red numbers 3 and 6 months later. pic.twitter.com/XuwTpyKTht
— Ryan Detrick, CMT (@RyanDetrick) April 13, 2021
S&P 1500 Bank Index with earnings season kicking off tomorrow morning. pic.twitter.com/maeyqs53I3
— Dan Russo, CMT (@DanRusso_CMT) April 13, 2021
We have seen a solid recovery from Discretionary stocks as of late. $XLY pic.twitter.com/HremU17ZBL
— Ian McMillan, CMT (@the_chart_life) April 13, 2021
Not a lot of confirmation in trader risk appetite right now.
Equal Weight, Small Caps, & High Beta all under-performing the latest leg higher in large caps equities. $SPX pic.twitter.com/K7DS7sILWb
— Andrew Thrasher, CMT (@AndrewThrasher) April 13, 2021
Return dispersion much tighter when "very overbought." @StrategasRP pic.twitter.com/peGtRX6GTk
— Chris Verrone (@verrone_chris) April 13, 2021
CSI 300 Index 1D$CSI $ASHR pic.twitter.com/3DE6wWmCdi
— Shane C. Murphy (@murphycharts) April 13, 2021
There hasn’t been a lot of new trends in the market lately. Palladium however put in a new 52 week high last month and is moving higher daily. ATH’s soon? pic.twitter.com/cJqr0PZKjz
— Jason Perz (@JasonPerz138) April 13, 2021
$RBLX (Entertainment) Fresh IPO base with a new relative high as well. pic.twitter.com/mrWvo9aIW9
— Pratyush Tulsian (@PrattyCharts) April 13, 2021
Bitcoin at $62K now pic.twitter.com/Ag2wcGfSVN
— Dani Burger (@daniburgz) April 13, 2021
Bitcoin tripled after taking out its 2017 highs. Can Ethereum do the same? $ETH.X #ethereum #cryptocurrencies #Bitcoin pic.twitter.com/ktGbiAOjQt
— Greg Rieben (@gregrieben) April 13, 2021