Daily Chart Report π Thursday, April 18, 2024
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Todayβs Summary
Thursday, April 18, 2024
Indices: Dow +0.06% | S&P 500 -0.22% | Russell 2000 -0.26% | Nasdaq 100 -0.57%
Sectors: 6 of the 11 sectors closed higher. Utilities led, gaining +0.56%. Technology lagged, falling -1.14%.
Commodities: Crude Oil futures fell -0.71% to $82.10 per barrel. Gold futures rose +0.40% to $2,398 per oz.
Currencies: The US Dollar Index rose +0.27% to $106.18.
Crypto: Bitcoin rose +3.65% to $63,515. Ethereum rose +2.71% to $3,066.
Volatility: The Volatility Index fell -1.15% to 18.01.
Interest Rates: The US 10-year Treasury yield rose to 4.635%.
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 Jeff Hirsch (@AlmanacTrader).
- The S&P 500 rose +10.2% in Q1 (red), marking the third-best Q1 in an election year. However, the index peaked on the final day of the quarter.
- Jeff points out that Q2 has historically gotten off to a rough start after a strong Q1 in election years. There have been 18 election years since 1950 (black). Seven of them have been above average (green).
- Despite this two-month speed bump, the final seven months of the year have been stronger than usual when $SPX is up big in Q1.
The takeaway: The S&P 500 got slightly ahead of itself in Q1. While this has historically been followed by weakness in April-May, the final seven months of the year have been stronger than usual.
Quote of the Day
βShow me the charts, and Iβll tell you the news.β
β Bernard Baruch
Top Links
Testing Support β Trading Adventures
Andy Moss reviews the key takeaways from this weekβs price action.
Rates Are Higher, Just Like Everyone Expected β Carson Research
Ryan Detrick looks at interest rates from a contrarian perspective.
Interest Rates Zig and Zag β All Star Charts
Ian Culley breaks down the 10-year Treasury yield using Elliot Wave Theory.
Chart Requests Live β Stock Market TV
Check out todayβs episode of Chart Requests Live and join us on Tuesday if you missed it.
Top Tweets
Youβre all caught up now. Thanks for reading!