Daily Chart Report 📈 Friday, April 1, 2024

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Today’s Summary
Monday, April 1, 2024

Indices: Nasdaq 100 +0.21% | S&P 500 -0.20% | Dow -0.60% | Russell 2000 -1.02%

Sectors: 3 of the 11 sectors closed higher. Communications led, gaining +0.77%. Real Estate lagged, falling -1.75%.

Commodities: Crude Oil futures rose +0.65% to a five-month high of $83.71 per barrel. Gold futures gained +0.84% to an all-time high of $2,257 per oz.

Currencies: The US Dollar Index rose +0.41% to $104.96.

Crypto: Bitcoin fell -2.22% to $69,699. Ethereum dropped -3.84% to $3,506.

Volatility: The Volatility Index rose +5.08% to 13.66.

Interest Rates: The US 10-year Treasury yield rose to 4.313%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day 

$XLE – Energy is pretty energetic. pic.twitter.com/JysBMzyxHG

— Larry Thompson (@HostileCharts) April 1, 2024

Today’s Chart of the Day was shared by Larry Thompson (@HostileCharts).

• The Energy Sector ($XLE) closed at its highest level in nearly a decade today after clearing resistance at $94 on Friday.

• $XLE hasn’t done much since the Summer of 2022, but it’s still dominating in the post-COVID era. It’s up +380% from the March 2020 lows, while the next best sector (Tech) is up +208%.

• Larry points out that breadth and momentum are strong. RSI has confirmed the breakout by hitting multi-year highs, while all 26 components are above their 20-day and 50-day moving averages.

The takeaway: The Energy sector ($XLE) is waking up from a two-year nap, and market internals suggest a new leg higher.

Top Tweets

Final heat map of the S&P 500’s performance from today pic.twitter.com/RCdHE05zxt

— Evan (@StockMKTNewz) April 1, 2024

At last week’s new all-time high close, breadth improved to 86% of S&P 500 member companies above their respective 200d MAs. That’s consistent with an ongoing bull market and inconsistent with a major market top (and specifically in contrast to the end of the 1990s). It suggests… pic.twitter.com/QZ1uHM6lMN

— Kathryn Rooney Vera (@KRooneyVera) April 1, 2024

$RTY $RTY_F $RUT $IWM Simply retesting the breakout point to start the week. pic.twitter.com/TWcvlHrH4r

— Jake Wujastyk (@Jake__Wujastyk) April 1, 2024

Dominance of Mag7 relative to broader market has certainly faded relative to this point last year … broader market actually outpaced Mag7 in March
[Past performance is no guarantee of future results] pic.twitter.com/6XJ82MYJjQ

— Liz Ann Sonders (@LizAnnSonders) April 1, 2024

Stock market bulls are definitely in control while these areas are at new highs. pic.twitter.com/GL7lF4SHFm

— Grant Hawkridge (@granthawkridge) April 1, 2024

Buy new highs. $XLE #energy pic.twitter.com/rBRfLobyqO

— Against All Odds Research (@JasonP138) April 1, 2024

Crude Oil starting to break above 2+ years of trendline resistance. $CL_F

Watch how price reacts to the 2022 High VWAP around ~$85. pic.twitter.com/Jy39jB0ykq

— TrendSpider (@TrendSpider) April 1, 2024

$DBA Ag commodities ETF vertical pic.twitter.com/SbSMGVKX6O

— Mike Zaccardi, CFA, CMT (@MikeZaccardi) April 1, 2024

You selling commodities here? or do you not own enough commodities? pic.twitter.com/9RiRGjRIsP

— J.C. Parets (@allstarcharts) April 1, 2024

Gold is +8% YTD while gold miners are +3%. However, over the last month Gold is up 10% while miners are up 21%. Do miners catch up or does Gold catch down? pic.twitter.com/0GaGpaOKpN

— Liz Young (@LizYoungStrat) April 1, 2024

One of the more clever April Fool’s jokes ever was when the 2/10 inverted two years ago today.

Two years later and no recession, huge stock gains, and no sign of a recession today.

— Ryan Detrick, CMT (@RyanDetrick) April 1, 2024

You’re all caught up now. Thanks for reading!