Daily Chart Report ? Wednesday, April 29th, 2020
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Today’s Summary
Wednesday, April 29th, 2020
Indices: US Stocks closed higher in today’s session with the Dow Jones Industrial Average advancing 532 points or 2.21%. The S&P 500 and Nasdaq gained 2.66% and 3.57%, respectively. Small-Caps continued their recent outperformance, with the Russell 2000 jumping 4.83%.
Sectors: Energy led for the second day in a row, soaring 7.41%. Utilities lagged, falling 0.91%.
Commodities: The June Crude Oil futures surged 25.53% to $15.49 per barrel. Gold futures rose 0.42% to $1,730 per ounce.
Currencies: The US Dollar Index fell 0.34%.
Interest Rates: The US 10-year Treasury yield inched higher to 0.629%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Bhagyashree (@sunsofttech). It is a chart of the Copper/Gold ratio with the 10-year US Treasury yield in the lower pane. The Copper/Gold ratio is often used as a barometer for global economic growth. When the ratio is rising, it means Copper is outperforming Gold, which is a healthy sign for risk-appetite and global growth. It is also highly correlated to the US 10-year Treasury yield. Over the past few weeks, the Copper/Gold ratio has been consolidating below the 2009 lows, and it’s now attempting to break back above this key level. If Copper/Gold is able to break out and continue higher in the near-term, it would be a positive sign for risk-appetite, and the 10-year US Treasury yield would likely follow higher as well.
Quote of the Day
– Jeff Bezos (CEO of Amazon)
Top Links
Bank Stocks About To Send Monumental Message To The Broad Market! – Kimble Charting Solutions
Chris Kimble takes a look at a monthly chart of the Bank Index ($BKX) and emphasizes that this important index is currently facing a confluence of resistance.
Andrew Thrasher on What to Expect From The Fed – TD Ameritrade Network
In this clip, Andrew Thrasher offers his take on volatility, growth vs. value, and the possibility of negative interest rates.
Energy (XLE) Finally Above the 50-DMA – Bespoke
Bespoke points out that the Energy Sector ETF, $XLE closed above its 50-day moving average for the first time in over 70 trading days.
Podcast with Chris Ciovacco, Chief Investment Strategist, Ciovacco Capital Management – Technical Analysis Radio
In this podcast, JC Parets interview Chris Ciovacco of Ciovacco Capital Management. They discuss how he’s approaching the current market environment.
Commodity Commentary: Oil & Gold – Topdown Charts
Mike Zaccardi shares his thoughts on WTI Crude oil futures, Gold, Energy Stocks, and the US dollar.
Top 10 Tweets
Holy cow. pic.twitter.com/3L0GOSVxP1
— Jay Yarow (@jyarow) April 29, 2020