Daily Chart Report ? Thursday, April 2nd, 2020
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Today’s Summary
Thursday, April 2nd, 2020
Indices: US Stocks closed higher in today’s session with the Dow Jones Industrial Average gaining 470 points or 2.24%. The S&P 500 and Nasdaq finished up 2.28% and 1.72%, respectively. The Russell 2000 underperformed the other major indices but still gained 1.29%.
Sectors: All 11 sectors closed higher. Energy led significantly, rebounding 9.16%. Consumer Discretionary lagged but still closed higher by 0.37%.
Commodities: Crude Oil futures had a historic day, surging 24.67% to 25.30 per barrel. Gold futures moved higher by 1.98% to $1,635 per ounce.
Currencies: The US Dollar Index gained 0.63%.
Interest Rates: The US 10-year Treasury yield rose to 0.609%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared with us in a note by MarketShark. We call this chart pack, “The Good, The Bad, and The Ugly.” The Nasdaq ETF, $QQQ, is “The Good” because it is the only one whose long-term uptrend remains intact after last month’s historic crash. The S&P 500 ETF, $SPY, is “The Bad” because it broke its long-term uptrend line, which is now acting as resistance. There is still hope for $SPY if it can confirm a failed breakdown this week by closing back above that long-term uptrend line. Lastly, the Dow Jones Industrial Average ETF, $DIA, is “The Ugly” because its the only one of the three trading below the December 2018 lows. Also, its long-term uptrend has been broken for weeks now.
Quote of the Day
“The stock market is the best place to spot emerging trends”
– Howard Lindzon (Venture Capitalist)
Top Links
Sector Relative Strength – Bespoke
Bespoke takes a look at how each of the 11 sectors have performed, relative to the S&P 500.
Why the Market Doesn’t Need to Plummet Further Amid Coronavirus – Yahoo Finance
In this article, Joe Fahmy explains why he remains optimistic on US Stocks despite the coronavirus pandemic.
Keeping Your Winners – MurphyCharts
Shane Murphy discusses some of the challenges of trading in this market environment and points to a few technical developments worth keeping an eye on.
Chart Summit 2020 Review With JC and Strazza – Technical Analysis Radio
In this podcast, JC Parets and Steve Strazza highlight some of the key themes from this past weekend’s 4th annual Chart Summit event.
What a Month – A Simple Strategy – GK Trading
Gregory Krupinski shares a simple trend-following strategy to help swing traders navigate this volatile market environment.