TECHNICAL ANALYSIS (by Intraday Dynamics)
Major Indices Week of April 12, 2024
VIX Volatility Index Daily Close
DJIA Daily Candles
Stocks saw another sharp downturn last week as ‘risk assets’ took a multi-pronged hit from inflation data, bank earnings and geopolitical unrest. Wednesday’s timing saw volatility but no extreme as prices plunged into Friday’s trade. Friday’s intraday low in the Dow almost precisely accounted for a 5% decline from the recent record highs, which is a ‘typical’ mid-cycle correction. The close is the lowest daily settlement since 24 January 2024. We remain in extremely critical timing through the end of this month where volatility can continue. The VIX is already showing extreme fear with the selloff. Secondary markets were down hard on the week, while tech stocks recovered with the FANG setting a record high close on Thursday before selling off, but able to end the week higher.
CPI Inflation
TLT iShares 20YR Monthly
10YR Yield
Bonds took a hit on CPI data while commodities, led by precious metals, surged higher, with Friday providing a massive loop-the-loop in gold and silver…ending in a sharp bearish reversal for gold and a slight uptick in silver. Silver plunged over $1.50 from the intraday high with gold dropping $100 intraday from Its record peak. The intraday high in gold touched a trendline on the monthly inflation-adjusted chart.
*To continue reading this week’s update, please visit Intraday Dynamics for more information and get a 30-DAY FREE TRIAL.
