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Today’s Summary
Friday, April 17th, 2020
Indices: US Stocks ended the week on a positive note with the Dow Jones Industrial Average advancing 705 points or 2.99%. The S&P 500 and Nasdaq gained 2.68% and 1.38%, respectively. The Russell 2000 was the strongest of the major averages, jumping 4.33%.
Sectors: All 11 sectors closed higher. Energy led significantly, surging 10.62%. Technology lagged but still closed higher by 1.33%.
Commodities: Crude Oil futures tumbled 8.84% to $18.20 per barrel. Gold futures dropped 1.90% to $1,699 per ounce.
Currencies: The US Dollar Index fell 0.31%.
Interest Rates: The US 10-year Treasury yield rose to 0.654%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Intraday S&P 500 chart not getting great breadth confirmation this morning with a lower short-term high in new 52wk highs. pic.twitter.com/CkYN0Nrj92
— Andrew Thrasher, CMT (@AndrewThrasher) April 17, 2020
Today’s Chart of the Day was shared on Twitter by Andrew Thrasher (@AndrewThrasher). It is an hourly chart showing the number of new 52-week highs on the NYSE, along with a chart of the S&P 500 over the past three weeks. Andrew points out that breadth, as measured by the number of NYSE new 52-week highs, is failing to confirm the higher high that was made in the S&P 500 today. Bulls want to see this breadth indicator confirm new highs in the S&P 500, as it had been doing throughout the recent leg higher, up until today. This negative breadth divergence indicates a lack of broad participation, which tells us that this vicious rally off the lows may be running out of steam.
Quote of the Day
“The stock market is never obvious. It is designed to fool most of the people, most of the time.”
– Jesse Livermore (Trader)
Top Links
How Did the Market Fare this Week? – NYSE
In this video, Market Maker, Jay Woods gives a quick recap of this week’s price action in stocks.
Is Stock Rally Getting too Thin? – The Lyons Share
Dana Lyons explains that the rebound rally has bad breadth.
MAGA-Cap Stocks Continue to Lead – All Star Charts
Steve Strazza discusses the fact that the largest stocks in the market continue to do most of the heavy lifting for major indices.
Stock Market Gains Overstating Health of the Rally – See It Market
Willie Delwiche points out that market internals are weakening despite the recent move higher.
Stock Market Video Analysis for Week Ending 4/17/20 – AlphaTrends.Net
Here’s Brian Shannon’s weekly video where he lays out some of the key levels he’s watching.
Top 10 Tweets
In the last 18 sessions, the S&P 500 has gained 28.5%.
— Eddy Elfenbein (@EddyElfenbein) April 17, 2020
The gap between the Nasdaq & Dow is steadily widening, with the biggest weekly outperformance of the tech-heavy Nasdaq in 18 years. @SarahPonczek pic.twitter.com/8cyJYec1fe
— Lisa Abramowicz (@lisaabramowicz1) April 17, 2020
Absolutely critical juncture for bears. Market rallied to the 50-62% retracement area, touched the 50dMA this morning, RSI stalling in the upper 50s, and MACD touching the center line. If they can't reverse the market here, watch out. 2650 is the first support level. $SPX pic.twitter.com/WC3rLnTEbT
— Jim Denholm, CMT (@denholm_jim) April 17, 2020
Value Line Geometric Index retraced 38.2% while S&P 500 SPX retraced 50% of the current fall$VLG $SPX pic.twitter.com/nStPeM6p2G
— Bhagyashree (@sunsofttech) April 17, 2020
small caps, yo$IWM $SPY pic.twitter.com/Fq5AUTm3uK
— BostonCharts (@bostonchaahhts) April 17, 2020
$TLT Is this a failed breakout on 20+ Year Treasury Bonds at ~$170? If so, what could that mean for Rates? Banks? Small Caps? $TNX $KBE $IWM pic.twitter.com/x7FslEaQAX
— Ian McMillan, CMT (@the_chart_life) April 17, 2020
Gold at a hold your breath moment – breakout or fakeout confirmation here $GLD #gold pic.twitter.com/u4Zzj86yot
— Drew Wells, CMT®, CIMA® (@DrewTheCharts) April 17, 2020
#Gold met its long-standing P&F target of 1778 on Tuesday. Currently underlying inverted H&S neckline is being re-tested. A decline below 1670 would place higher targets into doubt $GC_F $GLD pic.twitter.com/BAWlJVZglz
— Peter Brandt (@PeterLBrandt) April 17, 2020
#oil update! Crude oil down another 7.5%, price now below USD 19. pic.twitter.com/iMpeIinEzy
— jeroen blokland (@jsblokland) April 17, 2020
Would you rather own Stocks or Bonds for the next 3 months?
— The Chart Report (@TheChartReport) April 17, 2020