Daily Chart Report 📈 Thursday, April 4, 2024
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Today’s Summary
Thursday, April 4, 2024
Indices: Russell 2000 -1.08% | S&P 500 -1.23% | Dow -1.35% | Nasdaq 100 -1.55%
Sectors: All 11 sectors closed lower. Energy led but still closed lower by -0.06%. Technology lagged, falling -1.58%.
Commodities: Crude Oil futures rose +1.36% to a five-month high of $86.59 per barrel. Gold futures snapped a seven-day winning streak, falling -0.28% to $2,309 per oz.
Currencies: The US Dollar Index was flat at $104.21.
Crypto: Bitcoin rose +3.86% to $68,538. Ethereum gained +0.51% to $3,329.
Volatility: The Volatility Index jumped +14.11% to a five-month high of 14.11.
Interest Rates: The US 10-year Treasury yield fell to 4.313%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
The $VIX closed above 16 for the first time in almost six months.
Can someone point out the scary part please? pic.twitter.com/gbay7D7Noi
— Jason Goepfert (@jasongoepfert) April 4, 2024
Today’s Chart of the Day was shared by Jason Goepfert (@jasongoepfert).
- After a nasty intraday reversal, the S&P 500 closed lower by -1.23% today.
- Meanwhile, the Volatility Index ($VIX) had its best day since October, surging +14.1% to a five-month high of $16.34.
- Going back to 1990, Jason found nine other instances where the $VIX closed above 16 for the first time in over 100 trading days. Six months later, the S&P 500 was always higher, with a median return of +4.8%.
The takeaway: Volatility is flaring up for the first time since the October lows, but that hasn’t been a good reason to sell the S&P 500. This isn’t necessarily bullish, but good luck arguing it’s bearish.
Quote of the Day
“I think investors always learn the lessons of the recent past. And that is the lesson.”
– Seth Klarman
Top Links
There’s ‘No Way’ the Fed is Cutting 3 Times This Year, Says Craig Johnson – Fox Business News
Craig Johnson shares his thoughts on the S&P 500, Interest Rates, Gold, and Crude Oil.
Bonds Tank as Commodities Soar – All Star Charts
Ian Culley examines the resurgence in Commodities and Yields.
Two Examples of Sector Sentiment Analysis – Thrasher Analytics
Andrew Thrasher outlines a bullish setup in the Materials sector and a bearish setup in the Technology sector.
Silver Breakout Adds To Massively Bullish Price Pattern! – Kimble Charting Solutions
Chris Kimble points out that Silver is forming a long-term cup and handle pattern.
Top Tweets
I want the names of those responsible for this
pic.twitter.com/kxuhDyKJ6M
— Jim Carroll (@vixologist) April 4, 2024
$SPY One of these things is not like the others.
pic.twitter.com/IwpqdebRoF
— TrendSpider (@TrendSpider) April 4, 2024
The S&P 500 fell 1.2% today, only the 4th daily decline of 1% or more this year. Since 1928, the average year has 29 of these declines. It’s been an extremely mild year thus far, one should expect more volatility ahead. $SPX pic.twitter.com/qxSQag9ArV
— Charlie Bilello (@charliebilello) April 4, 2024
Highest close in spot $VIX for 2024. pic.twitter.com/F4IOYRvuLF
— Andrew Thrasher, CMT (@AndrewThrasher) April 4, 2024
$IEI / $HYG High Yield Credit Spreads
not a major move, but could be starting to widen out a bit from low levels
– something to keep an eye on over next week for ay stress in Credit Markets pic.twitter.com/5LddUDkuNF
— Christian Fromhertz
(@cfromhertz) April 4, 2024
A bit of a false look there on $TLT? pic.twitter.com/GEeKwsL4t8
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) April 4, 2024
The Silver/Gold ratio just hit a year-to-date high pic.twitter.com/vsnc2VaQ9u
— Austin Harrison, CFA, CMT (@meanstoatrend) April 4, 2024
Is copper next? pic.twitter.com/eJwSjk8Ypu
— Alfonso Depablos, CMT (@AlfCharts) April 4, 2024
Copper Miners breaking out this week. $COPX pic.twitter.com/cV4kdb4lWf
— Jim Knarr (@ChartMonitor) April 4, 2024
Pot stocks with a hard rejection at prior highs$MJ pic.twitter.com/zHQ11PUnRR
— David Rath, CMT, CFA (@DJwrath) April 4, 2024
“It’s 1 pm, trading’s dead. I’m taking a long lunch.” pic.twitter.com/bIplh5kSUB
— Eddy Elfenbein (@EddyElfenbein) April 4, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday, April 4, 2024 appeared first on The Chart Report.
