Daily Chart Report π Tuesday, April 4th, 2023
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Todayβs Summary
Tuesday, April 4th, 2023
Indices: Nasdaq 100 -0.37% |S&P 500 -0.58% | Dow -0.59% | Russell 2000 -1.81%
Sectors: 4 of the 11 sectors closed higher. Utilities led, gaining +0.51%. Industrials lagged, dropping -2.24%.
Commodities: Crude Oil futures continued higher by +0.36% to $80.71 per barrel. Gold futures rose +1.89% to a new 52-week high of $2,038 per oz.
Currencies: The US Dollar Index dropped -0.47% to $101.57.
Crypto: Bitcoin rose +1.22% $28,154. Ethereum gained +2.77% to $1,862.
Interest Rates: The US 10-year Treasury yield dropped to a six month low of 3.342%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared in a note by John Roque of 22V Research (@daChartLife). Gold is trading firmly above $2,000/oz. for the first time in more than a year, and itβs just 2.5% away from breaking out to all-time highs. It booked its fifth highest daily close on record today, after closing at an all-time high on a monthly, and quarterly basis last week. Weβve seen this movie twice before in the post-Covid era, and itβs ended with Gold Bugs in tears. The two prior breakout attempts in 2020 & 2022 failed to produce a new leg higher. Will the third attempt be the charm? As John points out, itβs now or never for Gold, as triple tops are rare. To hear more of Johnβs thoughts on Gold, Check out our conversation here.
Quote of the Day
βGold, much more so than any other commodity, is about sentiment and psychology.β
β Peter Lynch
Top Links
It would be weird β All Star Charts
JC Parets highlights a few bullish developments for stocks.
Gold Back at 52-Week Highs β Bespoke
Bespoke takes a look at the strength in Gold.
Gold Bulls Dancing As Prices Close at Monthly/Quarterly Highs! β Kimble Charting Solutions
Chris Kimble explains why Gold could be heading to $3,00/oz.
When Uncle Utilities (XLU) Shows Up Drunk β StockCharts.com
Mish Schneider examines the outlook for the Utilities sector.