Daily Chart Report ? Tuesday, April 6th, 2021
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Today’s Summary
Tuesday, April 6th, 2021
Indices: US stocks closed slightly lower in today's session with the Dow Jones Industrial Average slipping 97 points or 0.29%. The S&P 500 and Nasdaq were more or less flat (0.10% & 0.05%, respectively). The Russell 2000 inched lower by 0.25%.
Sectors: 6 of the 11 sectors closed higher. Utilities led, rising 0.53%. Tech lagged, falling 0.43%.
Commodities: Crude Oil futures gained 1.16% to $59.33 per barrel. Gold futures moved higher by 0.83% to $1,743 per ounce.
Currencies: The US Dollar Index fell 0.29%.
Interest Rates: The 10-year US Treasury yield moved lower to 1.647%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Dan Gorghuber (@Futures_Runner). It's a daily candlestick chart of the Investco Water Resources ETF ($PHO) over the past year and a half. This ETF is comprised of companies in the water industry including, Roper Technologies ($ROP), American Water Works Company ($AWK), and Xylem ($XYL). As you can see, price is breaking out to all-time highs after consolidating for three months at the 1.618% Fibonacci extension of the March 2020 decline. Dan points out that this isn't just any ole' breakout, it's a breakaway gap. Breakaway gaps are when price gaps above resistance, giving even more bullish conviction to the breakout.
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Quote of the Day
"5:1 (risk /reward). Five to one means I’m risking one dollar to make five. What five-to-one does is allow you to have a hit ratio of 20%. I can actually be a complete imbecile. I can be wrong 80% of the time, and I’m still not going to lose."
– Paul Tudor Jones
Top Links
Precious Metals Finding Support and Eyeing Breakouts - Bespoke
Bespoke reviews the recent price action in Gold and Silver.
All Eyes on the Technology Sector - Potomac Fund Management
Dan Russo takes a look at all 11 sectors of the S&P 500.
Commodities Bulls Hope US Dollar Peaks Here! - Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the US Dollar.
Interview with Mish From MarketGauge (Lessons From the Pits) - Against All Odds Research
Here's a good conversation with Jason Perz and Mish Schneider. They discuss futures trading, risk management, and more.
End Best Six Months Rally Sets Up "Sell in May" - Almanac Trader
Seasonality expert, Jeff Hirch examines how stocks have historically performed around this time of year.
Top Tweets
You’re all caught up now. Thanks for reading!