Daily Chart Report 📈 Tuesday, April 2, 2024
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Today’s Summary
Tuesday, April 2, 2024
Indices: S&P 500 -0.72% | Nasdaq 100 -0.94% | Dow -1.00% | Russell 2000 -1.80%
Sectors: 2 of the 11 sectors closed higher. Energy led by a notable margin, gaining +1.40%. Health Care lagged, falling -1.56%.
Commodities: Crude Oil futures rose +1.72% to a five-month high of $85.15 per barrel. Gold futures rose for the sixth day, gaining +1.09% to an all-time high of $2,282 per oz.
Currencies: The US Dollar Index fell -0.20% to $104.75.
Crypto: Bitcoin dropped -6.07% to $65,469. Ethereum dropped -6.46% to $3,279.
Volatility: The Volatility Index rose +6.88% to 14.60.
Interest Rates: The US 10-year Treasury yield rose to a four-month high of 4.353%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Another way to visualize the cycle is to show it as a clock. If 12:00 is the start of the cycle, compared to the longest cycles in history, it’s only around 3 pm right now. Based on the average cycle, it’s 6 pm. Time is still on our side. /END pic.twitter.com/kSREs3YXHU
— Jurrien Timmer (@TimmerFidelity) April 2, 2024
Today’s Chart of the Day was shared in a thread by Jurrien Timmer (@TimmerFidelity).
- The S&P 500 has been in a bull market for 17 months, gaining +45%.
- The median bull market lasts 30 months and gains +90%.
- Jurrien shows the data as if it were a clock, pointing out that it’s 6 pm based on the average cycle and 3 pm compared to the longest cycles.
The takeaway: We’re about halfway through a “typical” bull market cycle. This bull could run for another year before it’s considered old.
Quote of the Day
“A bull market is a bull.
It tries to throw off its riders.”
– Richard Russell
Top Links
Wow What a Difference - All Star Charts
JC Parets looks at some of the trends that are emerging this year.
April Market Outlook - Grindstone Intelligence
Austin Harrison highlights some key areas to watch this month.
Streaks of the S&P 500 - Bespoke
Bespoke examines a few notable streaks in the S&P 500.
Is the Gold Miners ETF (GDX) Ready To Blast Off Higher? - Kimble Charting Solutions
Chris Kimble points out that Gold Miners are nearing a decision point.
Top Tweets