Daily Chart Report 📈 Monday, April 8, 2024
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Today’s Summary
Monday, April 8, 2024
Indices: Russell 2000 +0.50% | Dow -0.03% | S&P 500 -0.04% | Nasdaq -0.05%
Sectors: 6 of the 11 sectors closed higher. Energy led by a wide margin, gaining +2.47%. Health Care lagged, dropping -2.53%.
Commodities: Crude Oil futures fell -0.55% to $86.43 per barrel. Gold futures rose +0.24% to an all-time high of $2,351 per oz.
Currencies: The US Dollar Index fell -0.16% to $104.12.
Crypto: Bitcoin rose +3.25% to $71,613. Ethereum gained +6.94%to $3,694.
Volatility: The Volatility Index dropped -5.24% to 15.18.
Interest Rates: The US 10-year Treasury yield rose to a four-month high of 4.422%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
The Tech sector’s relative strength has actually been trending slightly downward for the last few weeks.
Communication Services, Energy, Financials, Industrials, Materials, and Utilities have all seen pick-ups in relative strength over the same time frame. pic.twitter.com/vIXmh54M7G
— Bespoke (@bespokeinvest) April 8, 2024
Today’s Chart of the Day was shared by Bespoke (@bespokeinvest).
- The largest sector of the S&P 500 (Tech) is lagging this year, yet the index is hovering near record highs. Tech’s relative performance peaked on Jan. 24th and is currently at a three-month low.
- While Tech has underperformed, Bespoke points out that several other sectors, including Communications, Energy, Financials, Industrials, Materials, and Utilities, have perked up over the same period.
- Other sectors remain relatively weak, including Consumer Discretionary, Consumer Staples, Real Estate, and Health Care. All four are at or near multi-year lows versus the S&P 500.
The takeaway: The legendary Ralph Acampora once said, “Rotation is the lifeblood of every bull market.” It allows the leading sectors to correct or consolidate without dragging down the overall index.
Quote of the Day
“One glance is worth a thousand earnings forecasts. The tape tells all, and our job is to learn how to listen properly.”
– Stan Weinstein
Top Links
What Happened Last Week? – Jotting on Charts
Grant Hawkridge highlights some key developments from last week.
VIX Spikes Above 16 – Is This the End? – StockCharts
David Keller examines recent price action in the Volatility Index ($VIX).
Red Flags vs Green Flags – The Weekly Trend Podcast
David Zarling and Ian McMillan discuss the state of the markets.
Bloomberg ETF IQ 04/08/2024 – Bloomberg
Todd Sohn shares some insights on the ETF space.
“Real Money” Is Outpacing “Paper Money” – All Star Charts
JC Parets looks at Gold priced in foreign currencies.
Top Tweets
The sun wasn’t the only eclipse from today — double inside bars on $SPY
The most ironic outcome is the most likely.
pic.twitter.com/34mVv75zTB
— TrendSpider (@TrendSpider) April 9, 2024
$SPX: Each pullback from a high has had the potential to turn into a topping pattern.
However, each pullback has been gobbled up by buyers waiting for the dip.
Has it paid to be aggressively short even though a drawdown hasn’t even totaled 3% yet? No.
Is it THAT easy? Again,… pic.twitter.com/qve19ucgzD
— Frank Cappelleri (@FrankCappelleri) April 8, 2024
Weekly RSI(14) for $SPX has been > 70 for 11 straight weeks – longest run since Jan 2018. On a sector basis, $XLC is 12 weeks (most ever), followed by $XLF (11) and $XLI (8). $XLE moved > 70 for the 1st time since May 2022: pic.twitter.com/hEbB3BwuGX
— Optuma (@Optuma) April 8, 2024
Forget the breakout, $IWM is simply trending higher. I guess we should take that. pic.twitter.com/9pfAhkKxbl
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) April 8, 2024
This level still creating problems for the Tech sector pic.twitter.com/i0ag3VnGum
— Austin Harrison, CFA, CMT (@meanstoatrend) April 8, 2024
Apple $AAPL flirting with disaster here pic.twitter.com/mRG4vPpm0W
— Barchart (@Barchart) April 8, 2024
We’re just one week in. But if historically-strong April ends up negative, it can be a warning sign pic.twitter.com/fx5FPmDiEy
— Scott Brown, CMT (@scottcharts) April 8, 2024
With the 10y Treasury yield comfortably above 4.35% (i.e. what was a key technical level), 4.50% is not far off. A hot CPI print on Wednesday would probably do it. pic.twitter.com/NDKy7Id6xF
— Liz Young (@LizYoungStrat) April 8, 2024
The crypto miners (crypto proxies) correlation to Bitcoin has vanished.
It was a fun and profitable few years trading this correlation.
Goodbye for now. #Bitcoin $BTC $MARA $RIOT $HUT $HIVE pic.twitter.com/LxbDiCN2HO
— Greg Rieben (@gregrieben) April 8, 2024
seems like a pretty normal consolidation on top of support…$BTC $BTCUSD $IBIT pic.twitter.com/eL909WYQFl
— Ian McMillan, CMT (@the_chart_life) April 8, 2024
People’s eyes are hurting, and they’re seeking answers pic.twitter.com/RZEPGKdvgk
— Shalom Goodman (@ShalomGood) April 8, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Monday, April 8, 2024 appeared first on The Chart Report.
