Daily Chart Report ? Thursday, April 23rd, 2020
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Today’s Summary
Thursday, April 23rd, 2020
Indices: US Stocks ended mostly flat after giving back the day’s earlier gains. The Dow Jones Industrial Average closed higher by just 40 points or 0.17%. The S&P 500 and Nasdaq changed just 0.05% and 0.01%, respectively. The Russell 2000 was the strongest of the major indices, gaining 1.04%.
Sectors: Energy led by a wide margin, gaining 3.23%. Utilities lagged falling 1.68%.
Commodities: The June Crude Oil futures contract surged 19.74% to $16.50 per barrel. Gold futures rose 0.41% to $1,745 per ounce.
Currencies: The US Dollar Index inched higher by 0.09%.
Interest Rates: The US 10-year Treasury yield moved lower to 0.602%.
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 on Twitter by Renaissance Macro Research (@RenMacLLC). The chart shows the Gold Miners ETF, $GDX, along with a ratio chart of $GDX relative to the S&P 500 index below it. As Renaissance points out, $GDX broke out to a seven-year high today. Price has formed a massive base over the past five years with that $31 level acting as a brick wall of resistance. As we know, the bigger the base, the higher in space! Further strengthening the bull case for Gold Miners, is the fact that $GDX is breaking out relative to the S&P 500.
Quote of the Day
“When everyone is looking for gold, it’s a good time to be in the pick and shovel business.”
– Mark Twain (Writer)
Top Links
Three Must-See Charts on the S&P 500, Semiconductors and Tech – Bloomberg
In this clip from Bloomberg, Katie Stockton of Fairlead Strategies offers her technical perspective on the S&P 500, Semiconductors, and the Technology Sector.
Why Aren’t Stocks Down More? – The Irrelevant Investor
Michael Batnick explains that the recent strength from Mega-Cap names, coupled with the cap-weighted nature of the S&P 500, have helped disguise some of the weakness in other areas of the market.
Gold Bounces Right Where it was Supposed to – Bespoke
Bespoke points out that former resistance is now acting as support for the popular Gold ETF, $GLD.
The Bear Market is Just Getting Started – The Final Bar
In this episode of The Final Bar, David Keller and Jeff Huge consider the bear case for Stocks.
Copper vs. Gold: A Macro Microcosm – Topdown Charts
Callum Thomas discusses what the Copper/Gold ratio could be telling us about the macro risk environment right now.
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