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Todayās Summary
Monday, April 1, 2024
Indices:Ā Nasdaq 100Ā +0.21%Ā | S&P 500Ā -0.20%Ā | DowĀ -0.60%Ā | Russell 2000Ā -1.02%
Sectors:Ā 3 of the 11 sectors closed higher. Communications led, gainingĀ +0.77%. Real Estate lagged, fallingĀ -1.75%.
Commodities:Ā Crude Oil futures roseĀ +0.65%Ā to a five-month high of $83.71 per barrel. Gold futures gainedĀ +0.84%Ā to an all-time high of $2,257 per oz.
Currencies:Ā The US Dollar Index roseĀ +0.41%Ā to $104.96.
Crypto:Ā Bitcoin fellĀ -2.22%Ā to $69,699. Ethereum droppedĀ -3.84%Ā to $3,506.
Volatility:Ā The Volatility Index roseĀ +5.08%Ā to 13.66.
Interest Rates:Ā The US 10-year Treasury yield rose to 4.313%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the DayĀ
$XLE – Energy is pretty energetic. pic.twitter.com/JysBMzyxHG
— Larry Thompson (@HostileCharts) April 1, 2024
š Todayās Chart of the Day was shared by Larry Thompson (@HostileCharts).
- The Energy Sector ($XLE) closed at its highest level in nearly a decade today after clearing resistance at $94 on Friday.
- $XLE hasnāt done much since the Summer of 2022, but itāsĀ still dominatingĀ in the post-COVID era. Itās upĀ +380%Ā from the March 2020 lows, while the next best sector (Tech) is upĀ +208%.
- Larry points out that breadth and momentum are strong. RSI has confirmed the breakout by hitting multi-year highs, while all 26 components are above their 20-day and 50-day moving averages.
The takeaway: The Energy sector ($XLE) is waking up from a two-year nap, and market internals suggest a new leg higher.
Quote of the Day
āDon’t believe everything you read on the internet.ā
ā John Maynard Keynes
Top Links
Q1 2024 Asset Class Performance + Big Winners and Losers – Bespoke
Bespoke breaks down the winners and losers in Q1.
Markets Tend to Stall in the Spring of Election Years. Here’s Why. – Yahoo Finance
John Kolovos offers his thoughts on seasonality and the current market environment.
My Favorite Small-cap Trade for Q2 – All Star Charts
JC Parets shares his thoughts on Small Caps.
Gold Still Has More Upside Duration Ahead, Says Renaissance Macro’s Jeff deGraaf – CNBC
Jeff deGraaf discusses Stocks, Gold, and more.
Top Tweets
Final heat map of the S&P 500ās performance from today pic.twitter.com/RCdHE05zxt
— Evan (@StockMKTNewz) April 1, 2024
At last week's new all-time high close, breadth improved to 86% of S&P 500 member companies above their respective 200d MAs. That's consistent with an ongoing bull market and inconsistent with a major market top (and specifically in contrast to the end of the 1990s). It suggestsā¦ pic.twitter.com/QZ1uHM6lMN
— Kathryn Rooney Vera (@KRooneyVera) April 1, 2024
$RTY $RTY_F $RUT $IWM Simply retesting the breakout point to start the week. pic.twitter.com/TWcvlHrH4r
— Jake Wujastyk (@Jake__Wujastyk) April 1, 2024
Dominance of Mag7 relative to broader market has certainly faded relative to this point last year ā¦ broader market actually outpaced Mag7 in March
[Past performance is no guarantee of future results] pic.twitter.com/6XJ82MYJjQ— Liz Ann Sonders (@LizAnnSonders) April 1, 2024
Stock market bulls are definitely in control while these areas are at new highs. pic.twitter.com/GL7lF4SHFm
— Grant Hawkridge (@granthawkridge) April 1, 2024
Buy new highs. $XLE #energy pic.twitter.com/rBRfLobyqO
— Against All Odds Research (@JasonP138) April 1, 2024
Crude Oil starting to break above 2+ years of trendline resistance. $CL_F
Watch how price reacts to the 2022 High ā VWAP around ~$85. pic.twitter.com/Jy39jB0ykq
— TrendSpider (@TrendSpider) April 1, 2024
$DBA Ag commodities ETF vertical pic.twitter.com/SbSMGVKX6O
— Mike Zaccardi, CFA, CMT š (@MikeZaccardi) April 1, 2024
You selling commodities here? or do you not own enough commodities? pic.twitter.com/9RiRGjRIsP
— J.C. Parets (@allstarcharts) April 1, 2024
Gold is +8% YTD while gold miners are +3%. However, over the last month Gold is up 10% while miners are up 21%. Do miners catch up or does Gold catch down? pic.twitter.com/0GaGpaOKpN
— Liz Young (@LizYoungStrat) April 1, 2024
One of the more clever April Fool's jokes ever was when the 2/10 inverted two years ago today.
Two years later and no recession, huge stock gains, and no sign of a recession today.
— Ryan Detrick, CMT (@RyanDetrick) April 1, 2024