Daily Chart Report 📈 Tuesday, April 2, 2024

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Today’s Summary
Tuesday, April 2, 2024

Indices: S&P 500 -0.72% | Nasdaq 100 -0.94% | Dow -1.00% | Russell 2000 -1.80%

Sectors: 2 of the 11 sectors closed higher. Energy led by a notable margin, gaining +1.40%. Health Care lagged, falling -1.56%.

Commodities: Crude Oil futures rose +1.72% to a five-month high of $85.15 per barrel. Gold futures rose for the sixth day, gaining +1.09% to an all-time high of $2,282 per oz.

Currencies: The US Dollar Index fell -0.20% to $104.75.

Crypto: Bitcoin dropped -6.07% to $65,469. Ethereum dropped -6.46% to $3,279.

Volatility: The Volatility Index rose +6.88% to 14.60.

Interest Rates: The US 10-year Treasury yield rose to a four-month high of 4.353%.

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

Chart of the Day 

Another way to visualize the cycle is to show it as a clock. If 12:00 is the start of the cycle, compared to the longest cycles in history, it’s only around 3 pm right now. Based on the average cycle, it’s 6 pm. Time is still on our side. /END pic.twitter.com/kSREs3YXHU

— Jurrien Timmer (@TimmerFidelity) April 2, 2024

Today’s Chart of the Day was shared in a thread by Jurrien Timmer (@TimmerFidelity).

• The S&P 500 has been in a bull market for 17 months, gaining +45%.

• The median bull market lasts 30 months and gains +90%.

• Jurrien shows the data as if it were a clock, pointing out that it’s 6 pm based on the average cycle and 3 pm compared to the longest cycles.

The takeaway: We’re about halfway through a “typical” bull market cycle. This bull could run for another year before it’s considered old.

Top Tweets

$SPY – Hammer Candle at the 20 day SMA. Let’s see what hump day brings. pic.twitter.com/115rSXnIJG

— Larry Thompson (@HostileCharts) April 2, 2024

Net new highs for the S&P is still positive (and has been positive for more than 100 straight trading days), but today we saw Health Care’s reading break into negative territory.

Look at the explosion of new highs in the Energy sector too: pic.twitter.com/MubquchKMn

— Bespoke (@bespokeinvest) April 2, 2024

Today’s price action is another reminder that Energy is one of the better diversifiers in the post-pandemic world.

Only sector that has tended to move with yields. pic.twitter.com/OTblz6ycdB

— Warren Pies (@WarrenPies) April 2, 2024

US 10-year yields climb to the highest since November. pic.twitter.com/3ao8dmnTa8

— Lisa Abramowicz (@lisaabramowicz1) April 2, 2024

10-year yield. pic.twitter.com/EPnJUq7gt9

— Louis Spector, CMT (@EastCoastCharts) April 2, 2024

Another big day for gold. $GLD +1.5%
ATH pic.twitter.com/fbg2rXn4bA

— Mike Zaccardi, CFA, CMT (@MikeZaccardi) April 2, 2024

Yo, Charts – Quarterly chart for silver. For 5 decades silver has always recorded higher lows & always been a BASE & B/out metal. First target $30. $40 would be the next “counted” objective.
⁦@gnoble79⁩
⁦@DougKass⁩
⁦@LukeGromen⁩
⁦@dylangrice⁩ pic.twitter.com/JS24GlYHnb

— da Chart Life (@daChartLife) April 2, 2024

Price compression eventually leads to price expansion…Silver on the monthly. #Silver $SLV pic.twitter.com/uhQ0zsT9bZ

— Greg Rieben (@gregrieben) April 2, 2024

Seeing this play out again today with Japan down and China up. The ratio between the two peaked in January and has begun making a series of lower highs, favoring China. $FXI $EWJ pic.twitter.com/7nHAyDDyBd

— Andrew Thrasher, CMT (@AndrewThrasher) April 2, 2024

When the kids say, “we’re so back”, what they mean is that crypto prices are literally back. They’re back to where everything started to completely fall apart last time. pic.twitter.com/fgYyRk94l0

— J.C. Parets (@allstarcharts) April 2, 2024

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