Daily Chart Report 📈 Tuesday, April 9, 2024
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Today’s Summary
Tuesday, April 9, 2024
Indices: | Nasdaq +0.39% | Russell 2000 +0.34% | S&P 500 +0.14% | Dow -0.02%
Sectors: 9 of the 11 sectors closed higher. Real Estate led, gaining +1.27%. Financials lagged, falling -0.57%.
Commodities: Crude Oil futures fell -1.39% to $85.23 per barrel. Gold futures rose +0.48% to an all-time high of $2,362 per oz.
Currencies: The US Dollar Index was unchanged at $104.11.
Crypto: Bitcoin fell -3.46% to $69,135. Ethereum dropped -5.10% to $3,505.
Volatility: The Volatility Index fell -1.38% to 14.97.
Interest Rates: The US 10-year Treasury yield dropped to 4.366%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$SMCI head and shoulders top?
Under the 50dma for the first time since December. pic.twitter.com/4kR0mb0yC4— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) April 9, 2024
Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi).
- Super Micro Computers ($SMCI) is up +218% year-to-date, and it’s only April. It’s the best-performing stock in the S&P 500 by a wide margin, up 3x the second-best ($NVDA).
- However, $SMCI has struggled since being added to the S&P 500. It peaked just two days before and is currently down -24%. Momentum has deteriorated, with RSI at a four-month low of 44.
- Mike points out that $SMCI has formed a potential Head & Shoulders Top over the past two months. It’s not the cleanest H&S pattern, but the general structure is there. That said, if this bearish pattern fails, it could spark a sharp leg higher, as we saw with $NVDA in October.
The takeaway: The top stock in the S&P 500 has formed a potential top, but if this topping pattern fails, expect a sharp recovery to record highs and beyond.
Quote of the Day
“The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane.”
– Marcus Aurelius
Top Links
Break On Through (To the Other Side) – Day Hagan Asset Management
Art Huprich examines the noteworthy trends in the market.
Three Important Stock Market Indicators – CappThesis
Frank Cappelleri analyzes recent price action in the S&P 500 and more.
Gold’s Silver Lining has a Touch of Grey – Nasdaq Market Intelligence Desk
Brian Joyce highlights the breakout in precious metals.
Trend Following: Energy Edition – All Star Charts
JC Parets looks at breadth within the Energy sector.
Strategas’ Chris Verone Gets Technical With Tech Stocks – CNBC
Chris Verrone shares his thoughts on rotation within the market.
Top Tweets
The moment of truth. $QQQ
Will tomorrow’s CPI print start the next leg higher or will we finally get a pullback?
pic.twitter.com/QlSM7l9MPN
— TrendSpider (@TrendSpider) April 9, 2024
For equities, last week’s setback notwithstanding, the overall price action continues to look supportive of an expanding cyclical bull market within a maturing secular bull market. pic.twitter.com/G6FhGsP6Pn
— Jurrien Timmer (@TimmerFidelity) April 9, 2024
Today, the equal-weight S&P 500 fund $RSP will celebrate its 100th consecutive session levitating above its 50-day moving average.
It’s done this only 4 times in its history.
All good things come to an end. pic.twitter.com/sigZQHJDwW
— Jason Goepfert (@jasongoepfert) April 9, 2024
Sell in May and go away is wrong, and it’s been wrong for a long-time on $SPX. Might be good for the golf game, but sell in July is a better market call. In Presidential election years, Q2 is much different path than traditional path. pic.twitter.com/j9j2naubKs
— RenMac: Renaissance Macro Research (@RenMacLLC) April 9, 2024
Google and Amazon back to their former highs pic.twitter.com/zBtFkSZABf
— J.C. Parets (@allstarcharts) April 9, 2024
Fighting Tech momentum hasn’t been a winning strategy, although there’s quite an imbalance between sector flows compared to reflationary sectors. pic.twitter.com/YdyQ57obPm
— Todd Sohn (@Todd_Sohn) April 9, 2024
In the past 10 trading sessions, #gold has advanced 9 times – and it is doing so while already pushing record highs.
Here is how often in the past 60 years gold has been up 9 times in a rolling 10-day (2 week) period and the number of times it’s done it at record highs (6) pic.twitter.com/aw1HtHO3IC
— John Kicklighter (@JohnKicklighter) April 9, 2024
$GLD Weekly. Good place for a digestion. pic.twitter.com/OjrLRe9b7V
— Brian G (@alphacharts) April 9, 2024
$CPER $HG_F pic.twitter.com/2rR3fmijI4
— Ian McMillan, CMT (@the_chart_life) April 9, 2024
Industrial Metals relative strength (vs. SPX) ready to turn? pic.twitter.com/31JCnejxqA
— Nautilus Research (@NautilusCap) April 9, 2024
The tax man cometh.
Last year’s best performing stocks are the worst performers today, while the worst performers last year are rallying today. pic.twitter.com/C9XSVcI0t5— Bespoke (@bespokeinvest) April 9, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Tuesday, April 9, 2024 appeared first on The Chart Report.
