Daily Chart Report ? Friday, April 1st, 2022
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Today’s Summary
Friday, April 1st, 2022
Indices: Russell 2000 +1.01% | Dow +0.40% | S&P 500 +0.34%| Nasdaq 100 +0.15%
Sectors: All 11 sectors closed lower. Real Estate led, gaining 1.99%. Industrials lagged, falling -0.78%.
Commodities: Crude Oil futures fell -0.86% to $99.42 per barrel. Gold futures dropped -1.55% to $1,924 per ounce.
Currencies: The US Dollar Index gained +0.22%.
Crypto: Bitcoin rose +1.78% to $46,325. Ethereum gained +5.17% $3,453.
Interest Rates: The US 10-year Treasury yield moved higher to 2.386%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared in a note by John Roque of 22V Research. It’s a monthly chart of Newmont Mining Corp. ($NEM) over the past four decades. Gold has pulled back over the past couple of weeks, yet Gold Mining Stocks have continued to show strength. One of the largest Gold Mining Stocks, $NEM, just broke out of a 34-year base that dates back to 1987. In the note, John makes a compelling case for Newmont – “Momentum is strong across all periodicities and not overbought using the long-term momentum indicator (pink). Newmont is outperforming the S&P by a ton in 2022 with a 30% gain vs. -4% for the S&P. With a market cap of nearly $64 billion it’s likely that NEM would be the gold stock most likely to be bought by investors who would not normally buy a gold stock.”
Quote of the Day
“The first of April is the day we remember what we are the other 364 days of the year.”
– Mark Twain
Top Links
Bespoke sums up this week’s price action in the S&P 500.
April Almanac: S&P 500 Up 15 of the Last 16 Aprils – Almanac Trader
Jeff Hirsch points out that April has been a strong month for stocks.
Crude Oil Ends Month in Bear Market, Says Joe Friday – Kimble Charting Solutions
Chris Kimble takes a look at a large bearish reversal in Crude Oil prices last month.
Did You Know the Yield Curve Inverted? | 5 Charts – LPL Financial Research
The team at LPL Financial Research highlights five noteworthy charts to keep an eye on.
The Truth About the Yield Curve – All Star Charts – All Star Charts
The team at All Star Charts weighs in on the yield curve.
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Top Tweets
Weekly $SPX update: not too surprising that stocks took a pause this week. Pretty quiet all things considered. pic.twitter.com/nQIfBbi2lF
— Michael Turvey (@MikeTurvey_TDA) April 1, 2022
The 6 months before mid-terms is reputed to be seasonally weak. Here’s the last 40 yrs. If a crisis comes along, sure, otherwise that doesn’t look like a good bet pic.twitter.com/jyxukn6mOE
— Urban Carmel (@ukarlewitz) April 1, 2022
The 2-10s spread re-inverts: pic.twitter.com/4WIAeh3tXe
— Lisa Abramowicz (@lisaabramowicz1) April 1, 2022
You’re all caught up now. Thanks for reading!