Daily Chart Report π Friday, April 1, 2024
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Todayβs Summary
Monday, April 1, 2024
Indices: Nasdaq 100 +0.21% | S&P 500 -0.20% | Dow -0.60% | Russell 2000 -1.02%
Sectors: 3 of the 11 sectors closed higher. Communications led, gaining +0.77%. Real Estate lagged, falling -1.75%.
Commodities: Crude Oil futures rose +0.65% to a five-month high of $83.71 per barrel. Gold futures gained +0.84% to an all-time high of $2,257 per oz.
Currencies: The US Dollar Index rose +0.41% to $104.96.
Crypto: Bitcoin fell -2.22% to $69,699. Ethereum dropped -3.84% to $3,506.
Volatility: The Volatility Index rose +5.08% to 13.66.
Interest Rates: The US 10-year Treasury yield rose to 4.313%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Larry Thompson (@HostileCharts).
- The Energy Sector ($XLE) closed at its highest level in nearly a decade today after clearing resistance at $94 on Friday.
- $XLE hasnβt done much since the Summer of 2022, but itβs still dominating in the post-COVID era. Itβs up +380% from the March 2020 lows, while the next best sector (Tech) is up +208%.
- Larry points out that breadth and momentum are strong. RSI has confirmed the breakout by hitting multi-year highs, while all 26 components are above their 20-day and 50-day moving averages.
The takeaway: The Energy sector ($XLE) is waking up from a two-year nap, and market internals suggest a new leg higher.
Quote of the Day
βDon't believe everything you read on the internet.β
β John Maynard Keynes
Top Links
Q1 2024 Asset Class Performance + Big Winners and Losers - Bespoke
Bespoke breaks down the winners and losers in Q1.
Markets Tend to Stall in the Spring of Election Years. Here's Why. - Yahoo Finance
John Kolovos offers his thoughts on seasonality and the current market environment.
My Favorite Small-cap Trade for Q2 - All Star Charts
JC Parets shares his thoughts on Small Caps.
Gold Still Has More Upside Duration Ahead, Says Renaissance Macro's Jeff deGraaf - CNBC
Jeff deGraaf discusses Stocks, Gold, and more.