Daily Chart Report ? Thursday, April 7th, 2022
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Today’s Summary
Thursday, April 7th, 2022
Indices: S&P 500 +0.43% | Dow +0.25% | Nasdaq 100 +0.23% | Russell 2000 -0.35%
Sectors: 7 of the 11 sectors closed higher. Health Care led, rising +1.92%. Communications lagged, falling -0.87%.
Commodities: Crude Oil futures inched lower by -0.21% to $96.03 per barrel. Gold futures gained +0.76% to $1,938 per ounce.
Currencies: The US Dollar Index rose for the sixth consecutive day by +0.13% to its highest in nearly two years.
Crypto: Bitcoin gained +1.02% $43,663. Ethereum moved higher by +2.20% to $3,237.
Interest Rates: The US 10-year Treasury yield rose for the fifth straight day, to a three-year high of 2.660%.
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 Renaissance Macro Research (@RenMacLLC). It’s a chart of the Health Care Sector ETF, $XLV, over the past 21 months. The five largest components in this sector include $UNH, $JNJ, $ABBV, $PFE, and $LLY. The Health Care sector broke out to an all-time high today for the first time since December. Health Care is a defensive sector, along with things like Utilities, Consumer Staples, and Energy. All four of these defensive sectors have been outperfoming recently, which as Renaissance points out, is emblematic of a late-cycle environment. Seeing Health Care and other defensive sectors leading like this doesn’t exactly paint a bullish picture for the broader market going forward. But regardless of what this means for the broader market, Health Care stocks are breaking out and look poised to continue higher.
Quote of the Day
“The market is always to be considered as having three movements, all going on at the same time. The first is the narrow movement from day to day. The second is the short swing, running from two weeks to a month or more; the third is the main movement, covering at least four years in its duration.”
– Charles Dow
Top Links
Bulls Head for the Hills Once Again – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Semiconductors (SMH) Market Leadership Facing Important Test! – SeeItMarket.com
Chris Kimble shows that Semiconductor stocks are at a make-or-break point.
This Other Yellow Metal is Hitting Decade Highs – PFT Trading
Greg Rieben takes a look at the strength in Uranium and Uranium stocks.
Leveraged Oil-Energy ETFs Up More Than 50% YTD – Nasdaq
Here’s a list of some leveraged oil-energy ETFs that are up more than 50% so far in 2022.
Questioning the Rally in Rates – All Star Charts
The team at All Star Charts points out that stocks are not confirming the rise in rates.
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You’re all caught up now. Thanks for reading!
