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Today’s Summary
Friday, April 26th, 2019
Indices: US stocks ended the week on a positive note with the Dow Jones Industrial Average gaining 81 points or 0.31%. The Russell 2000 was the strongest of the major indices, closing up 0.96%.
Stocks: Shares of the electric car maker, Tesla ($TSLA) were down 5.04% today as price broke a key support level.
Sectors: Healthcare led, gaining 1.02%. Energy lagged, falling 1.16%.
Commodities: WTI Crude Oil futures fell 2.90% to settle at $63.30. Gold Futures were higher by 0.71% and settled around $1,288 per ounce.
Currencies: The US Dollar Index fell 0.17%.
Interest Rates: The US 10-year Treasury yield fell to 2.502%.
Here are some of the best charts, articles, and ideas being shared on the web today!
Today’s chart of the day was shared on Twitter by David Zarling (@360research). It’s a ratio chart showing the performance of Ford ($F) relative to Tesla ($TSLA). We like the chart because it illustrates how Ford is breaking out while Tesla is breaking down. Tesla has been getting even more attention than usual lately. Shares are down nearly 30% YTD and this week, it broke a key support level around $240-250. Ford, on the other hand, has been breaking out and is up over 40% YTD! Could this be the start of a regime change in favor of traditional automakers after years of underperformance versus the electric car maker?
Quote of The Day
“The symbol of all relationships among such men, the moral symbol of respect for human beings is the trader.”
– Ayn Rand (Philosopher)
Tesla Breaking Down – The Chart Report
Here’s a piece from The Chart Report that features what some of the smartest technicians are saying about the break down in Tesla ($TSLA) right now.
XLV Gets an Injection – Greg Schnell – StockCharts.com
Greg Schnell of StockCharts.com writes how the Healthcare sector has potential upside from here, after taking a beating over the past few weeks.
Ford (F) Market Cap Back Above Tesla (TSLA) – Bespoke
In our Chart of the Day above, we mentioned how Ford was breaking out relative to Tesla. This short note from Bespoke touches on the fact that today, Ford’s market-cap exceeded Tesla’s. They found that just four-months ago Tesla’s market-cap was double Ford’s market cap.
11 Things You Need to Know About the Yield Curve – LPL Research
This note from LPL Financial Research lays out everything you need to know about the yield curve for your next cocktail party.
Brian Shannon’s Weekly Market Recap
Here is Brian Shannon’s weekly market video where he recaps this past week and gives his outlook for the week ahead.
Top 10 Tweets
It's always nice when new S&P highs are confirmed by new highs by the daily cumulative a-d line.
— Walter Murphy (@waltergmurphy) April 26, 2019
Wall Street Week…
S&P 500: All-Time High
Dow: All-Time High
Nasdaq 100: All-Time High
Bonds: All-Time High
(note: total return – includes interest/dividends) pic.twitter.com/LX0LWDh49D— Charlie Bilello (@charliebilello) April 26, 2019
NYSE 200d breadth momentum surpasses 50% threshold. More evidence of a cyclical bull market. $SPX #breadth pic.twitter.com/wEcenspc2D
— Mark Ungewitter (@mark_ungewitter) April 26, 2019
Technology stocks have gone back to the future — about 20 years back, as a colleague's chart shows. pic.twitter.com/NITpJrmYdB
— Bloomberg Radio's Dave Wilson (@TheOneDave) April 26, 2019
Literally should now be on everyone's screen: $SMH vs $SPX, tops in this ratio tend to precede tops in the market. $TXN told us things were not great and that the 2H ramp is not a given, you now $INTC cuts numbers! pic.twitter.com/NYm0zu970J
— Dan Russo, CMT (@DanRusso_CMT) April 26, 2019
Bitcoin -9% in a couple minutes pic.twitter.com/07SEJNNLl9
— Jonathan Krinsky,CMT (@jkrinskypga) April 25, 2019
#lumber $LS Lumber key long term support zone between $275-$300 thus far holding. pic.twitter.com/xJ9Axwfb8M
— Tarek I. Saab (@FibLines) April 26, 2019
A couple of longer term VWAP and Fib levels to be aware of in $TSLA pic.twitter.com/UMQPUhd4Da
— Brian Shannon, CMT (@alphatrends) April 26, 2019
As my friend @LMT978 says so well “nothing good happens below the 200dma…” and we know that surprises tend to be in the direction of the primary trend so disastrous Q1 for $TSLA was to be expected given price action of big sellers…#NoSlidMarks ?? pic.twitter.com/vIlb2kk5EB
— Mark W. Yusko (@MarkYusko) April 26, 2019
Narrator: 'It was not a tech company'$TSLA pic.twitter.com/UQm7sCRMlp
— Arun "not today bruh" Chopra CFA CMT (@FusionptCapital) April 26, 2019