Daily Chart Report 📈 Wednesday, April 3, 2024
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Today’s Summary
Wednesday, April 3, 2024
Indices: Russell 2000 +0.54% | Nasdaq +0.21% | S&P 500 +0.11% | Dow -0.11%
Sectors: 7 of the 11 sectors closed higher. Communications led, gaining +0.79%. Staples lagged, falling -1.10%.
Commodities: Crude Oil futures rose +0.33% to a five-month high of $85.43 per barrel. Gold futures rose for the seventh day, gaining +1.45% to an all-time high of $2,315 per oz.
Currencies: The US Dollar Index dropped -0.50% to $104.23.
Crypto: Bitcoin rose +0.79% to $65,988. Ethereum gained +1.02% to $3,312.
Volatility: The Volatility Index fell -1.92% to 14.32.
Interest Rates: The US 10-year Treasury yield inched lower to 4.349%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by John Kolovos (@John_Kolovos).
- Silver broke out to a 2-year high today after blasting through resistance at $26/oz.
- Futures have surged +10% in the past five days, marking Silver’s best five-day rally since Nov. ’22.
- It’s approaching near-term resistance at $29 from the 2020/2021 peaks, but John points out that today’s breakout ultimately targets the 2011 highs at $45.
The takeaway: Silver is slowly building a long-term uptrend, and today’s move opens the door to significant upside. This also confirms the bull market in precious metals, as Silver is starting to outshine Gold.
Quote of the Day
"One of the frustrating things for people who miss the first rally in a bull market is that they wait for the big correction, and it never comes. The market just keeps climbing and climbing."
– Marty Zweig
Top Links
April Ends Best Six Months #1 DJIA - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in April.
Stock Market Analysis April 3 2024 - AlphaTrends
Brian Shannon analyzes recent price action and some key levels to watch in the near term.
Market Breadth vs. Market Returns - LPL Financial Research
Adam Turnquist offers his perspective on market breadth.
Silver Looks Ready For a Major Breakout! - See It Market
Chris Kimble breaks down a long-term chart of Silver ($SLV).
Do Fast Starts Mean Strong Years For the SPX - Schaeffer's Investment Research
Rocky White examines how the S&P 500 performs after a strong first quarter.