The Smallest Stocks Are Sending the Biggest Message π The Chart Report
Chart of the Day
π Today's Chart of the Day was shared by Drew Wells.
Micro-Caps (IWC) closed at new all-time highs today and new multi-year highs relative to Mega-Caps (MGC).
The ratio has reclaimed a confluence of key levels, including the 200-week moving average and 2020 pivot lows, highlighting the strengthening long-term relative trend.
Leadership from the most speculative segment of the market points to a clear risk-on environment and supportive conditions for equities broadly.
The Takeaway: Outperformance in the riskiest stocks reinforces the bullish expansion of risk appetite.
More Great Charts
The S&P 500 has been up 3% for 3 weeks in a row for just the third time since 1950.
View the full post from Phil Rosen.
The S&P 500 is at all-time highs while consumer sentiment is at all-time lows.
See the entire tweet from Charlie Bilello.
When the Michigan Consumer Sentiment survey reaches these depressed levels, average one-year returns have been roughly +16.76%.
Examine the whole post from NautilusCap.
The Nasdaqβs 13-day winning streak has come to an end, and if the pullback continues, the prior resistance level at 26k may act as potential support.
Read the full analysis from Matt Weller.
Technology, Real Estate, and Consumer Discretionary are seeing the largest % of stocks at 52-week highs.
View the whole tweet from Bespoke.
Biotech continues to rank among the marketβs strongest groups.
One of the best signals within the space is when earlier-stage, clinical-trial companies begin to outperform their commercial-stage peers.
See the complete post from Ricardo Sarraf.
The percentage of global markets above their 50 and 200-day moving averages is back above 80%.
Read the full analysis from Willie Delwiche.
The Psychedelics ETF (PSIL) destroyed its daily volume record in first 30 minutes of trading today.
Examine the entire tweet from Eric Balchunas.
The Roundhill Cannabis ETF (WEED) broke out to new 2-month highs on 4/20.
Check out the full post from Stockspy.
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