Daily Chart Report πŸ“ˆ Thursday, April 4, 2024

Patrick Dunuwila
April 4, 2024

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Today’s Summary
Thursday, April 4, 2024

Indices: Russell 2000 -1.08% | S&P 500 -1.23% | Dow -1.35% | Nasdaq 100 -1.55%

Sectors: All 11 sectors closed lower. Energy led but still closed lower by -0.06%. Technology lagged, falling -1.58%.

Commodities: Crude Oil futures rose +1.36% to a five-month high of $86.59 per barrel. Gold futures snapped a seven-day winning streak, falling -0.28% to $2,309 per oz.

Currencies: The US Dollar Index was flat at $104.21.

Crypto: Bitcoin rose +3.86% to $68,538. Ethereum gained +0.51% to $3,329.

Volatility: The Volatility Index jumped +14.11% to a five-month high of 14.11.

Interest Rates: The US 10-year Treasury yield fell to 4.313%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

πŸ† Today’s Chart of the Day was shared by Jason Goepfert (@jasongoepfert).

  • After a nasty intraday reversal, the S&P 500 closed lower by -1.23% today.
  • Meanwhile, the Volatility Index ($VIX) had its best day since October, surging +14.1% to a five-month high of $16.34.
  • Going back to 1990, Jason found nine other instances where the $VIX closed above 16 for the first time in over 100 trading days. Six months later, the S&P 500 was always higher, with a median return of +4.8%.

The takeaway: Volatility is flaring up for the first time since the October lows, but that hasn’t been a good reason to sell the S&P 500. This isn’t necessarily bullish, but good luck arguing it’s bearish.

Quote of the Day

β€œI think investors always learn the lessons of the recent past. And that is the lesson.”

– Seth Klarman

Top Links

There's 'No Way' the Fed is Cutting 3 Times This Year, Says Craig Johnson - Fox Business News
Craig Johnson shares his thoughts on the S&P 500, Interest Rates, Gold, and Crude Oil.

Bonds Tank as Commodities Soar - All Star Charts
Ian Culley examines the resurgence in Commodities and Yields.

Two Examples of Sector Sentiment Analysis - Thrasher Analytics
Andrew Thrasher outlines a bullish setup in the Materials sector and a bearish setup in the Technology sector.

Silver Breakout Adds To Massively Bullish Price Pattern! - Kimble Charting Solutions
Chris Kimble points out that Silver is forming a long-term cup and handle pattern.

Top Tweets

Copper Miners breaking out this week. $COPX pic.twitter.com/cV4kdb4lWf

β€” Jim Knarr (@ChartMonitor) April 4, 2024

You’re all caught up now. Thanks for reading!

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