Daily Chart Report ๐ Monday, April 8, 2024
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Todayโs Summary
Monday, April 8, 2024
Indices: Russell 2000 +0.50% | Dow -0.03% | S&P 500 -0.04% | Nasdaq -0.05%
Sectors: 6 of the 11 sectors closed higher. Energy led by a wide margin, gaining +2.47%. Health Care lagged, dropping -2.53%.
Commodities: Crude Oil futures fell -0.55% to $86.43 per barrel. Gold futures rose +0.24% to an all-time high of $2,351 per oz.
Currencies: The US Dollar Index fell -0.16% to $104.12.
Crypto: Bitcoin rose +3.25% to $71,613. Ethereum gained +6.94%to $3,694.
Volatility: The Volatility Index dropped -5.24% to 15.18.
Interest Rates: The US 10-year Treasury yield rose to a four-month high of 4.422%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Bespoke (@bespokeinvest).
- The largest sector of the S&P 500 (Tech) is lagging this year, yet the index is hovering near record highs. Techโs relative performance peaked on Jan. 24th and is currently at a three-month low.
- While Tech has underperformed, Bespoke points out that several other sectors, including Communications, Energy, Financials, Industrials, Materials, and Utilities, have perked up over the same period.
- Other sectors remain relatively weak, including Consumer Discretionary, Consumer Staples, Real Estate, and Health Care. All four are at or near multi-year lows versus the S&P 500.
The takeaway: The legendary Ralph Acampora once said, โRotation is the lifeblood of every bull market.โ It allows the leading sectors to correct or consolidate without dragging down the overall index.
Quote of the Day
"One glance is worth a thousand earnings forecasts. The tape tells all, and our job is to learn how to listen properly."
โ Stan Weinstein
Top Links
What Happened Last Week? โ Jotting on Charts
Grant Hawkridge highlights some key developments from last week.
VIX Spikes Above 16 โ Is This the End? โ StockCharts
David Keller examines recent price action in the Volatility Index ($VIX).
Red Flags vs Green Flags โ The Weekly Trend Podcast
David Zarling and Ian McMillan discuss the state of the markets.
Bloomberg ETF IQ 04/08/2024 โ Bloomberg
Todd Sohn shares some insights on the ETF space.
โReal Moneyโ Is Outpacing โPaper Moneyโ โ All Star Charts
JC Parets looks at Gold priced in foreign currencies.
Top Tweets
Youโre all caught up now. Thanks for reading!