Daily Chart Report 📈 Tuesday, April 23, 2024
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Today’s Summary
Tuesday, April 23, 2024
Indices: Russell 2000 +1.79% | Nasdaq +1.51% | S&P 500 +1.20% | Dow +0.69%
Sectors: 10 of the 11 sectors closed higher. Communications led, gaining +1.52%. Materials were the only sector that closed lower, dropping -0.86%.
Commodities: Crude Oil futures rose +1.78% to $83.36 per barrel. Gold futures fell -0.18% to $2,342 per oz.
Currencies: The US Dollar Index fell -0.41% to $105.69.
Crypto: Bitcoin fell -0.65% to $66,421. Ethereum rose +0.58% to $3,220.
Volatility: The Volatility Index dropped -7.32% to 15.69.
Interest Rates: The US 10-year Treasury yield inched lower to 4.602%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life).
- The S&P 500 ($SPX) has bounced +2% this week after falling for six consecutive days. The max drawdown throughout this pullback has been -5.5% (closing basis).
- $SPX reclaimed 5,000 today after filling a gap from Feb. 22nd last week. Ian points out that RSI avoided its first oversold reading since the October lows, suggesting momentum remains in a bullish range.
- At -5.5%, this could end up being a very vanilla pullback. Although, it certainly didn’t feel vanilla. The $VIX spiked over +50%, and breadth got washed out.
The takeaway: The S&P 500 is back above 5,000 after bouncing +2% from Friday’s low. Momentum remains strong, and the next bullish objective is all-time highs.
Quote of the Day
“You will be much more in control if you realize how much you are not in control.”
– Benjamin Graham
Top Links
All Star Charts Gold Rush Live Event - All Star Charts
In case you missed it, here's the recording of today's live Gold Rush event with JC Parets and Ian Culley.
Let's Talk about Geopolitical Events - Carson Research
Ryan Detrick examines how stocks have reacted to past geopolitical events.
May Almanac: Historically Poor in Election Years - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in May of Presidential Election years.
A Relative Report - Jotting on Charts
Grant Hawkridge highlights some of the relative trends within the markets.
The Only Stock Market Pattern that Matters - Capp Thesis
Frank Cappelleri breaks down the recent price action and patterns in the S&P 500.
Top Tweet
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The most impressive thing about the rally in gold is how it rallied in the face of a stronger USD/DXY. pic.twitter.com/iY2FtDvJYD
— Greg Rieben (@gregrieben) April 23, 2024