Daily Chart Report ๐ Thursday, April 25, 2024
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Todayโs Summary
Thursday, April 25, 2024
Indices: S&P 500 -0.46% | Nasdaq -0.55% | Russell 2000 -0.72% | Dow -0.98%
Sectors: 5 of the 11 sectors closed higher. Materials led, gaining +0.71%. Communications lagged by a wide margin, dropping -3.56%.
Commodities: Crude Oil futures gained +0.92% to $83.57 per barrel. Gold futures rose +0.18% to $2,343 per oz.
Currencies: The US Dollar Index fell -0.24% to $105.57.
Crypto: Bitcoin inched up +0.36% to $64,493. Ethereum rose +0.50% to $3,155.
Volatility: The Volatility Index dropped -3.63% to 15.38.
Interest Rates: The US 10-year Treasury yield rose to a five month high of 4.706%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Alfonso Depablos (@AlfCharts).
- Itโs a weekly Relative Rotation Graph (RRG) comparing the three primary asset classes, Stocks, Bonds, and Commodities, benchmarked to a standard 60/40 portfolio ($AOR).
- The RRG is divided into four quadrants: Leading, Weakening, Lagging, and Improving. Alfonso points out that Equities have lost momentum over the past two months, with $SPY, $QQQ, and $IWM entering the Weakening quadrant (lower right).
- Bonds ($TLT, $HYG) havenโt left the Lagging quadrant, while Commodities ($USO, $GLD, $SLV, $CPR) have entered the Leading quadrant in the upper right.
The takeaway: Commodities are gaining momentum while Equities have begun to stall. Investors with a traditional 60/40 portfolio are leaving alpha on the table without exposure to Commodities.
Quote of the Day
โThe desire to perform all the time is usually a barrier to performing over time."
โ Robert Olstein
Top Links
Bears Come Out of Hibernation - LPL Financial Research
Adam Turnquist breaks down the results of the latest AAII Sentiment Survey.,
SPY Gaps Down by Weekday - Bespoke
Bespoke examines the intraday performance of the S&P 500 ($SPY) after gaping down 1% or more.
Inflation Expectations Edge Higher - All Star Charts
Ian Culley looks at inflation, commodities, and rates.
Cocoa Prices Surge Higher Into Important Resistance! - Kimble Charting Solutions
Chris Kimble points out that Cocoa's futures are reversing at a key Fibonacci level after a parabolic rally.
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