Friday, April 29th, 2022
Indices: Dow -2.77% | Russell 2000 -2.81% | S&P 500 -3.63% | Nasdaq 100 -4.47%
Sectors: All 11 sectors closed lower by 2% or more. Materials led, but still fell -2.01%. Consumer Discretionary lagged, tumbling -5.08%.
Commodities: Crude Oil futures fell -1.19% to $104.11 per barrel. Gold futures gained +0.30% to $1,897 per ounce.
Currencies: The US Dollar Index snapped a six-day winning streak, falling -0.44%.
Crypto: Bitcoin moved lower by -2.97% to $38,568 Ethereum dropped -4.13% to $2,815.
Interest Rates: The US 10-year Treasury yield rose to 2.939%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by John Roque of 22V Research (@daChartLife). The Nasdaq is in a bear market no matter how you define it. John reminds us that bear market rallies can be deceptive, seductive, and painful on the way down. The table shows the counter-trend rallies that occurred in the 2000-2002 bear market. The index dropped about 80% during that period, however, it wasn’t a straight line down. There were 15 rallies of 10% or more and 8 rallies of 20% or more. At this point, the Nasdaq could rally more than 16% and it would still be below a downward sloping 200-day moving average. We’ll likely see a relief rally in the coming weeks, given how sharp the decline has been recently. However, these counter-trend rallies can’t be trusted as long as the Nasdaq is in a downtrend.
Quote of the Day
“If the market does not rally as it should during bullish seasonal periods, it is a sign that other forces are stronger and that when the seasonal period ends those forces will really have their say.”
– Edson Gould
It’s Less Complicated Than You Think – The Reformed Broker
Josh Brown explains that technicals help you tune out the noise…especially in this sort of market environment.
Commodities Face 14-Year Breakout Test – Kimble Charting Solutions
Chris Kimble points out that Commodities and the Aussie Dollar are testing long-term resistance.
Passing the Torch to Grains – All Star Charts
The team at All Star Charts examines some of the strongest commodities.
Market Weakness Prevails – Stock Market & Bitcoin Analysis 4/29/22 – AlphaTrends
In this video, Brian Shannon recaps this week’s terrible price action and lays out some levels to keep an eye on next week.
6 Charts Focused on the Long-Term – LPL Financial Research
The team at LPL Financial Research gives some long-term perspective amid the recent weakness.
2022 goes in the books as the worst start to a calendar year (through April's close) in the S&P 500's history. Down roughly -13.3%.
Previous record was 1970's 4-month decline of -11.45%.
— Steve Deppe, CMT (@SJD10304) April 29, 2022
— TradingView (@tradingview) April 29, 2022
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) April 29, 2022
— Rob Moreno (@rightviewrob) April 29, 2022
#CCMP — Cocktail conversation sound bite.
Nasdaq Composite 16-month rate of change crossed below ZERO = unattractive risk/reward out 3-months fwd. pic.twitter.com/UtF2m7pmJC
— Nautilus Research (@NautilusCap) April 29, 2022
Given recent leadership groups and the GDP, it looks like we are moving more to the right side here. Nothing's ever perfect but tracking pretty well. pic.twitter.com/6wFRakUCYS
— Gregory Krupinski (@G_krupins) April 29, 2022
Large Cap growth outperformance went parabolic over Value over 8 straight months starting 2020. April 2022 cemented the double-top reversal … technically this has a ways to go! $RLG/$RLV https://t.co/yoFvLQ9MGu pic.twitter.com/J2U8UoeaVH
— brian.joyce.nasdaq (@Nasdaqbjoyce) April 29, 2022
Amazon on track for its worst day since 2006 pic.twitter.com/xIdgnQX57I
— Michael Batnick (@michaelbatnick) April 29, 2022
— Ian McMillan, CMT (@the_chart_life) April 29, 2022
Worst drawdown for Amazon since 2009 pic.twitter.com/QXijXiafMA
— Ben Carlson (@awealthofcs) April 29, 2022
Chart data 1990 to Current… pic.twitter.com/o2MSKnOOPw
— Grant Hawkridge (@granthawkridge) April 29, 2022
You’re all caught up now. Thanks for reading!