Daily Chart Report πŸ“ˆ Tuesday, April 9, 2024

Patrick Dunuwila
April 9, 2024

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Today’s Summary
Tuesday, April 9, 2024

Indices: | Nasdaq +0.39% | Russell 2000 +0.34% | S&P 500 +0.14% | Dow -0.02% 

Sectors: 9 of the 11 sectors closed higher. Real Estate led, gaining +1.27%. Financials lagged, falling -0.57%.

Commodities: Crude Oil futures fell -1.39% to  $85.23 per barrel. Gold futures rose +0.48% to an all-time high of $2,362 per oz.

Currencies: The US Dollar Index was unchanged at $104.11.

Crypto: Bitcoin fell -3.46% to $69,135. Ethereum dropped -5.10% to $3,505.

Volatility: The Volatility Index fell -1.38% to 14.97.

Interest Rates: The US 10-year Treasury yield dropped to 4.366%.

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 Mike Zaccardi (@MikeZaccardi).

  • Super Micro Computers ($SMCI) is up +218% year-to-date, and it’s only April. It’s the best-performing stock in the S&P 500 by a wide margin, up 3x the second-best ($NVDA).
  • However, $SMCI has struggled since being added to the S&P 500. It peaked just two days before and is currently down -24%. Momentum has deteriorated, with RSI at a four-month low of 44.
  • Mike points out that $SMCI has formed a potential Head & Shoulders Top over the past two months. It’s not the cleanest H&S pattern, but the general structure is there. That said, if this bearish pattern fails, it could spark a sharp leg higher, as we saw with $NVDA in October.

The takeaway: The top stock in the S&P 500 has formed a potential top, but if this topping pattern fails, expect a sharp recovery to record highs and beyond.

Quote of the Day

"The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane."

– Marcus Aurelius

Top Links

Break On Through (To the Other Side) - Day Hagan Asset Management
Art Huprich examines the noteworthy trends in the market.

Three Important Stock Market Indicators - CappThesis
Frank Cappelleri analyzes recent price action in the S&P 500 and more.

Gold’s Silver Lining has a Touch of Grey - Nasdaq Market Intelligence Desk
Brian Joyce highlights the breakout in precious metals.

Trend Following: Energy Edition - All Star Charts
JC Parets looks at breadth within the Energy sector.

Strategas' Chris Verone Gets Technical With Tech Stocks - CNBC
Chris Verrone shares his thoughts on rotation within the market.

Top Tweets

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

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