Daily Chart Report π Monday, April 29, 2024
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Todayβs Summary
Monday, April 29, 2024
Indices: Russell 2000 +0.70% | Dow +0.38% | Nasdaq 100 +0.36% | S&P 500 +0.32%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining +2.33%. Communications lagged, falling -1.16%.
Commodities: Crude Oil futures fell -1.45% to $82.63 per barrel. Gold futures rose +0.45% to $2,358 per oz.
Currencies: The US Dollar Index dropped -0.42% to $105.64.
Crypto: Bitcoin rose +1.16% to $63,832. Ethereum fell -1.47% to $3,215.
Volatility: The Volatility Index fell -2.26% to 14.68.
Interest Rates: The US 10-year Treasury yield fell to 4.616%.
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 Justin Spittler (@JSpitTrades).
- Semiconductors led last week, with $SMH having its best week in nearly a year (+9.3%). However, $SMH tumbled -9.7% the week before, marking its worst in two years.
- Justin points out that $SMH is testing its 50-day moving average from below while two prominent Semiconductor stocks, $AMD and $SMCI, report earnings tomorrow evening.
- $AMD represents less than 4% of $SMH, while $SMCI isn't even in the ETF. However, both companies will likely set the tone for the entire group.
The takeaway: The Semiconductor ETF ($SMH) has returned to the scene of the crime ahead of tomorrow's data dump. If $SMH resolves higher, the broader market will likely follow.
Quote of the Day
βBuy when everyone else is selling and hold when everyone else is buying. This is not merely a catchy slogan. It is the very essence of successful investments.β
β J. Paul Getty
Top Links
Stocks Are Tight Ahead Of Earnings, FOMC, and Jobs Data - Trading Adventures
Andy Moss looks at how the markets are positioned as we kick off the busiest week of earnings season.
Trending... - MurphyCharts
Shane Murphy examines the long-term trend in the S&P 500.
Bears Get Whipsawed: What Does it Mean For Stocks? - Ciovacco Capital Management
Chris Ciovacco breaks down some of the latest trends across the markets.
Yen Crashing: What You Need to Know - All Star Charts
JC Parets shares his thoughts on the Japanese Yen after hitting a 30-year low.
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