Wednesday, April 1st, 2020
Indices: US Stocks continued lower in today’s session with the Dow Jones Industrial Average dropping 974 points or 4.44%. The S&P 500 and Nasdaq both fell 4.41%. The Russell was by far the worst of the major indices, plunging 7.03%.
Sectors: All 11 sectors closed lower by at least 1%. Consumer Staples led but still fell 1.69%. Financials lagged, tumbling 6.10%.
Commodities: Crude Oil futures moved higher by 2.69% to 20.64 per barrel. Gold futures rose 0.49% to $1,605 per ounce.
Currencies: The US Dollar Index gained 0.37%.
Interest Rates: The US 10-year Treasury yield dropped to 0.583%.
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 in a note titled; “S&P Facing a Historical Kiss of Resistance“ by Chris Kimble. It’s a chart of the S&P 500 over the past 12 years. Chris points out that the index spent the past nine years inside of a rising channel and above its 200-week moving average. However, last month’s waterfall decline sent price piercing through both of these areas of support. As we know, broken support tends to act as resistance when price eventually returns to the scene of the crime. With last week’s sharp rebound, the S&P 500 is now facing a crucial test of dual resistance to kick off Q2 2020
Quote of the Day
“Mistakes are always forgivable, if one has the courage to admit them.’
– Bruce Lee (Actor)
The Craziest Month in Stock Market History – Of Dollars and Data
Data scientist, Nick Maggiulli shares some interesting stats that convey just how ‘crazy’ March 2020 was for the markets.
The Good, The Bad, and the Ugly Commodities in Q1 – Bespoke
Bespoke breaks down the Q1 2020 performance of some of the most-watched commodities.
Behind the Charts with Jonathan Krinsky and David Keller, CMT – StockCharts.com
In this video, David Keller interviews Jonathan Krinsky about his career as a Technical Analyst. They discuss how witnessing bear markets shape your research process as an analyst.
Stock Market Swing Trade Ideas – The Trade Risk
Evan Mederios shares three potential swing trade setups including, $GSX, $VEEV, $DOCU, and $TDOC.
Amazon Charts Shows It’s Ripe for a Bounce Back Toward Record High, Says Market Analyst – CNBC
Todd Gordon breaks down a chart of Amazon and outlines a way to trade the stock using options.
Top 10 Tweets
20-year annualized total return on the S&P 500 is just 4.7%. An equity investor over that period has seen their money halved twice and now the fastest bear market from an all-time high in history. Good times! pic.twitter.com/s8C3g60KoJ
— Tony Welch, CFA, CFP®, CMT (@tonywelch17) April 1, 2020
Weekly $SPX chart. 5 period MA in red. 200 period MA in green. 38.2% retrace level in blue.
The word of the day is confluence pic.twitter.com/mM06sPG7FQ
— Dan Russo, CMT (@DanRusso_CMT) March 31, 2020
Could it actually work this perfectly? pic.twitter.com/FKyAdtSWYO
— Ivan Beljan CMT (@BellTimeTrading) March 31, 2020
— Stephanie Lewicky (@SLewicky_TDA) April 1, 2020
This isn't a market call but just a reminder…
If we do fall back to the prior low, it doesn't mean we spike higher from there. 2018 saw a "test of the low" before more selling came in December. pic.twitter.com/HdDKZmS1BL
— Andrew Thrasher, CMT (@AndrewThrasher) April 1, 2020
Commodity prices have fallen to the lowest level in decades! pic.twitter.com/XeSOjsie5Q
— jeroen blokland (@jsblokland) April 1, 2020
— J.C. Parets (@allstarcharts) April 1, 2020
Crude Oil… not saying energy is making a comeback… but if there's a rally to be had… with Trump threatening war on Twitter and Technical's lining up… at the very least we have a risk:reward proposition. pic.twitter.com/WRPcQ4mSia
— Sam McCallum (@honeystocks1) April 1, 2020
— Brian Shannon, CMT (@alphatrends) April 1, 2020
Bull markets take you to levels you never thought you would see.
Bear markets take you to levels you never thought you would see again.
— Willie Delwiche (@WillieDelwiche) April 1, 2020