Daily Chart Report ? Friday, April 24th, 2020
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Today’s Summary
Friday, April 24th, 2020
Indices: US Stocks ended the week on a positive note with the Dow Jones Industrial Average advancing 260 points or 1.11%. The S&P 500 and Nasdaq gained 1.39% and 1.65%, respectively. The Russell 2000 rose 1.56%.
Sectors: All 11 sectors closed higher. Technology led, gaining 2.12%. Energy lagged but still inched higher by 0.23%.
Commodities: The June Crude Oil futures contract rose 2.67% to $16.94 per barrel. Gold futures fell 0.56% to $1,736 per ounce.
Currencies: The US Dollar Index slipped 0.14%.
Interest Rates: The US 10-year Treasury yield was unchanged and currently sits at 0.601%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Chris Verrone of Strategas Research (@verrone_chris). It’s a chart of the S&P Energy Sector over the past year and a half, along with the percentage of stocks within the sector that are trading at 52-week lows. The big headline this week was the collapse of the May Crude Oil futures contract on Monday. Despite this development, Energy stocks held up surprisingly well. Chris notes “Zero Energy stocks traded to a 52-week low this week. Are stocks discounting the worst of the Oil crisis has passed?” The sector is still in a long-term downtrend and could easily continue lower from here. However, this sort of price action suggests that fears surrounding the impact of negative Oil prices may be a bit overblown.
Quote of the Day
– Thomas Jefferson (3rd US President)
Top Links
What Happened in the Market this Week? – NYSE
In this video, Market Maker, Jay Woods discusses this week’s price action in stocks.
Why Volatility Suggests Further Weakness May be in Store – Andrew Thrasher
Andrew Thrasher explains that stocks could be in for further weakness if the Volatility Index ($VIX) remains elevated above the 30th percentile of its one-year range.
High Low Friday 4/24/20 – Dana Lyons
Here’s a quick read from Dana Lyons that highlights a few noteworthy new highs and lows across the markets.
Are Gold and Silver Mining Stocks Ready for Some “Breaking” Out News? – Kimble Charting Solutions
Chris Kimble points out that the Gold and Silver Miners Index, $XAU, is attempting a long-term breakout.
Stock Market Video Analysis for Week Ending 4/24/20 – AlphaTrends.net
Here’s Brian Shannon’s weekly video where he lays out some key levels of interest to keep an eye on next week.
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Lessons From Volatility Masters – Trading During The Pandemic 2020
Sunday, April 26th, 10 am – 2:30 pm EST
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Top 10 Tweets
You’re all caught up now. Thanks for reading!