A Pause in the Panic π The Daily Chart Report
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Todayβs Summary
Monday, April 7, 2025
Indices: Nasdaq +0.19% | S&P 500 -0.23% | Dow -0.91% | Russell 2000 -0.92%
Sectors: 2 of the 11 sectors closed higher. Technology led, rising +0.60%. Real Estate lagged, dropping -2.41%.
Commodities: Crude Oil fell -2.08% to a four-year low of $60.70 per barrel. Gold dropped -2.04% to $2,974 per oz.
Currencies: The US Dollar Index rose +0.56% to $103.47.
Crypto: Bitcoin rose +1.00% to $79,127. Ethereum fell -1.72% to $1,553.
Volatility: The Volatility Index rose +3.69% to 46.97.
Interest Rates: The US 10-year Treasury yield jumped to 4.203%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Ian McMillan (@the_chart_life).
- The Nasdaq 100 ($QQQ) closed slightly higher today by +0.2% after clawing back a -4.8% loss. Despite today's reversal, $QQQ remains -21.5% off its February peak on a closing basis.
- Ian pointed out that $QQQ found support at the prior cycle highs before bouncing this morning. $QQQ peaked at this level in Q4 2021 before entering into a multi-month bear market.
- Bull and bear markets are more subjective than the media's definition of a 20% advance or decline. However, if the Nasdaq loses its prior cycle highs, it will further confirm that a new bear market is underway.
The Takeaway: The Nasdaq 100 ($QQQ) closed slightly higher today after successfully retesting its 2021 highs. If $QQQ loses this pivotal level, it will be further evidence that a new bear market has begun.
Quote of the Day
"When things go badly, people become cautious. Then, their caution causes things to go well, and when things go well, they become incautious. I think thatβs a forever cycle."
- Howard Marks
Top Links
Where's the Support? - Alfonso's Daily Note
Alfonso De Pablos highlights a potential support level for the S&P 500 ($SPY).
No Where To Hide - The Strazza Letter
Steve Strazza points out that few assets have been immune to the recent weakness.
Wild Swings - CappNotes
Frank Cappelleri breaks down the recent price action and patterns in the S&P 500.
Country ETFs since "Liberation Day" - Bespoke
Bespoke examines how international markets have performed since Liberation Day.