Daily Chart Report ? Thursday, April 8th, 2021
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Today’s Summary
Thursday, April 8th, 2021
Indices: US Stocks closed higher in today’s session with the Dow Jones Industrial Average inching up 57 points or 0.17%. The S&P 500 and Nasdaq rose 0.42% and 1.03%, respectively. The Russell 2000 gained 0.88%.
Sectors: 8 of the 11 sectors closed higher. Tech led, rising 1.44%. Energy lagged, falling 1.30%.
Commodities: Crude Oil futures were unchanged and continue to trade around $59.79 per barrel. Gold futures moved higher by 0.86% to $1,757 per ounce.
Currencies: The US Dollar Index fell 0.38%.
Interest Rates: The 10-year US Treasury yield dropped to 1.614%.
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 Macro Charts (@MacroCharts). It’s a chart of Gold over the past decade. Gold is in somewhat of a precarious spot right now. The yellow metal fell 19% between August and March, but price has firmed up in recent weeks after finding support around $1,700 per ounce. MacroCharts highlights a number of bullish developments. For starters, Gold is attractive from a contrarian perspective considering the largest Gold ETFs recently saw massive outflows, suggesting market participants have capitulated. Secondly, both Gold and Silver printed bullish hammer candles last week. Lastly, Gold Mining Stocks have been acting strong over the past week, hinting that Gold will follow suit. The stage has been set for a rebound here, but the yellow metal has a lot to prove. Keep an eye on how price behaves in the weeks ahead!
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Quote of the Day
“A smooth sea never made a skilled sailor.”
– Franklin D. Roosevelt
Top Links
Andrew Thrasher Talks Drop in Market Volatility, the FOMC Meeting, and Jobless Claims – TD Ameritrade Network
In this clip, Andrew Thrasher offers his technical perspective on the VIX and more.
Strong Breadth at Record Highs – Potomac Fund Management
Dan Russo analyzes market breadth right now.
Sentiment Running Hot – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
It’s Hard to Find Pessimism, Except in This One Market – SentimenTrader
Jason Goepfert points out that the Japanese yen is quite hated right now.
Quarterly Crypto Price Review with All Star Charts – Osprey
In this video, Dr. Phil Pearlman and JC Parets discuss recent price action in the Cryptocurrency space.
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