Daily Chart Report π Wednesday, April 10, 2024
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Todayβs Summary
Wednesday, April 10, 2024
Indices: Nasdaq -0.85% | S&P 500 -0.95% | Dow -1.09% | Russell 2000 -2.52%
Sectors: Energy was the only positive sector, gaining +0.31%. Real Estate lagged, dropping -4.11% - its worst day in nearly two years.
Commodities: Crude Oil futures rose +1.15% to $86.21 per barrel. Gold futures fell -0.59% to $2,348 per oz.
Currencies: The US Dollar Index had its best day in more than a year, surging +1.04% to a four-month high of $105.19.
Crypto: Bitcoin rose +2.16% to $70,630. Ethereum gained +1.14% to $3,546.
Volatility: The Volatility Index rose +5.61% to 15.81.
Interest Rates: The US 10-year Treasury yield jumped to a four-month high of 4.544%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Aksel Kibar (@TechCharts).
- The US Dollar Index had its best day in over a year today, surging +1.04%. It blasted through resistance at $105, closing at its highest since November.
- Aksel points out that today's breakout marks the completion of a two-month Cup & Handle pattern. This bullish pattern targets last year's highs, around $107.
- $DXY has trended higher all year, while risk assets, including Stocks, Gold, and Bitcoin, have all made record highs. However, if the Dollar accelerates, it could begin to weigh on risk assets.
The takeaway: The US Dollar (DXY) firmly broke out to a year-to-date high today, and it's resolving higher out of a bullish continuation pattern. Renewed strength could be a headwind for risk assets in the coming weeks.
Quote of the Day
"If you need to ask someone whether weβre in a bear market, weβre not."
β Walter Deemer
Top Links
Best Six Months Rally Respite Underway April Tracks Election Year Seasonality - Almanac Trader
Jeff Hirsch checks in on April seasonality.
Stock Market & Bitcoin Analysis April 10 2024 Alphatrends Anchored VWAP - AlphaTrends
Brian Shannon breaks down recent price action and lays out key levels to watch in the near term.
Inflation Fight Far From Over - Hi Mount Research
Willie Delwhice shares his thoughts on commodities and inflation.
Commodities Time to Shine - Dash Charts
Dash Charts looks at some of the noteworthy trends in commodities.
Dollar-Yen Hits a 33-Year High - All Star Charts
Ian Cully highlights the breakout in the Dollar-Yen currency pair.