Powered By:
Today’s Summary
Wednesday, April 10, 2024
Indices: Nasdaq -0.85% | S&P 500 -0.95% | Dow -1.09% | Russell 2000 -2.52%
Sectors: Energy was the only positive sector, gaining +0.31%. Real Estate lagged, dropping -4.11% – its worst day in nearly two years.
Commodities: Crude Oil futures rose +1.15% to $86.21 per barrel. Gold futures fell -0.59% to $2,348 per oz.
Currencies: The US Dollar Index had its best day in more than a year, surging +1.04% to a four-month high of $105.19.
Crypto: Bitcoin rose +2.16% to $70,630. Ethereum gained +1.14% to $3,546.
Volatility: The Volatility Index rose +5.61% to 15.81.
Interest Rates: The US 10-year Treasury yield jumped to a four-month high of 4.544%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$DXY Possible cup & handle continuation on daily scale. pic.twitter.com/V6KurBIhRS
— Aksel Kibar, CMT (@TechCharts) April 10, 2024
🏆 Today’s Chart of the Day was shared by Aksel Kibar (@TechCharts).
- The US Dollar Index had its best day in over a year today, surging +1.04%. It blasted through resistance at $105, closing at its highest since November.
- Aksel points out that today’s breakout marks the completion of a two-month Cup & Handle pattern. This bullish pattern targets last year’s highs, around $107.
- $DXY has trended higher all year, while risk assets, including Stocks, Gold, and Bitcoin, have all made record highs. However, if the Dollar accelerates, it could begin to weigh on risk assets.
The takeaway: The US Dollar (DXY) firmly broke out to a year-to-date high today, and it’s resolving higher out of a bullish continuation pattern. Renewed strength could be a headwind for risk assets in the coming weeks.
Quote of the Day
“If you need to ask someone whether we’re in a bear market, we’re not.”
Top Links
Best Six Months Rally Respite Underway April Tracks Election Year Seasonality – Almanac Trader
Jeff Hirsch checks in on April seasonality.
Stock Market & Bitcoin Analysis April 10 2024 Alphatrends Anchored VWAP – AlphaTrends
Brian Shannon breaks down recent price action and lays out key levels to watch in the near term.
Inflation Fight Far From Over – Hi Mount Research
Willie Delwhice shares his thoughts on commodities and inflation.
Commodities Time to Shine – Dash Charts
Dash Charts looks at some of the noteworthy trends in commodities.
Dollar-Yen Hits a 33-Year High – All Star Charts
Ian Cully highlights the breakout in the Dollar-Yen currency pair.
Top Tweets
It is now or never for the $QQQ bears.
Smash these lows or prepare for the squeeze of a lifetime. 🍋 pic.twitter.com/3vY4qLwqP1
— TrendSpider (@TrendSpider) April 10, 2024
This morning's bearish opening gap from the $SPX is the second biggest negative jump in a year.
We still have last week's lows in the vicinity, but this jolt will add to the questions of trend pic.twitter.com/pyHd3G2LKT
— John Kicklighter (@JohnKicklighter) April 10, 2024
$SPX slid more than 1% on Wednesday, heading for only its fifth drop of at least 1% this year, per Bloomberg data. The index has rebounded after each of the prior four days in 2024 when it sold off a minimum of 1%, averaging a gain of roughly 1% the following session. pic.twitter.com/gdGNXI32NW
— Jessica Menton (@JessicaMenton) April 10, 2024
Not a super great tendency for the S&P to rebound after a big negative gap on CPI day. pic.twitter.com/gRePeklUeA
— Jason Goepfert (@jasongoepfert) April 10, 2024
The S&P 500 is up 8.2% YTD in '24 and the max peak-to-trough pullback has been only 2.0%.
Your avg year since 1980 pulls back 14.2%.
I know panic is in the air after the CPI print, but let's put things in perspective here. pic.twitter.com/BU6r9o3miF
— Ryan Detrick, CMT (@RyanDetrick) April 10, 2024
I find it odd but not completely surprising that the recent narrative is that Tech should be avoided in favor of Cyclicals.
Below is a chart of the Equal-weighted Technology ETF relative to the Equal-weighted $SPX – I'll let you decide what should be done for sectors that… pic.twitter.com/vRGSYPLUwY
— Mark Newton CMT (@MarkNewtonCMT) April 10, 2024
Some charts I've been thinking about.$TNX $SPY $GOLD $RSPG $RSPU $VIX pic.twitter.com/rpWAOrA1uM
— Shane C. Murphy (@murphycharts) April 10, 2024
US Dollar Index $DXY – best day since March 2023. Highest since last November. pic.twitter.com/R8LmcMASbw
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) April 10, 2024
Uh oh… pic.twitter.com/pm1Yw3FJxK
— Walter Deemer (@WalterDeemer) April 11, 2024
The duration nightmare lives on pic.twitter.com/ieltd34BZe
— Todd Sohn (@Todd_Sohn) April 10, 2024
Gold loves uncertainty. $GLD
“We are prepared for a very broad range of interest rates, from 2% to 8% or more" – Jamie Dimon. pic.twitter.com/07NWN52Qvz
— Brian G (@alphacharts) April 10, 2024
A good example from First Trust showing the historical results of letting political biases impact investment decisions. pic.twitter.com/M06bpSBcA4
— Andrew Thrasher, CMT (@AndrewThrasher) April 10, 2024