Daily Chart Report 📈 Wednesday, April 3, 2024
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Today’s Summary
Wednesday, April 3, 2024
Indices: Russell 2000 +0.54% | Nasdaq +0.21% | S&P 500 +0.11% | Dow -0.11%
Sectors: 7 of the 11 sectors closed higher. Communications led, gaining +0.79%. Staples lagged, falling -1.10%.
Commodities: Crude Oil futures rose +0.33% to a five-month high of $85.43 per barrel. Gold futures rose for the seventh day, gaining +1.45% to an all-time high of $2,315 per oz.
Currencies: The US Dollar Index dropped -0.50% to $104.23.
Crypto: Bitcoin rose +0.79% to $65,988. Ethereum gained +1.02% to $3,312.
Volatility: The Volatility Index fell -1.92% to 14.32.
Interest Rates: The US 10-year Treasury yield inched lower to 4.349%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Silver looks like $45. Regardless of where it ends up in the long term, the breakout above the ’23 highs means the uptrend that began in 2020 is likely in the early stages of resuming. $SLV #Silver #Commodities #trendfollowing pic.twitter.com/W3ZhxkSuNe
— John Kolovos, CMT, CFA (@John_Kolovos) April 3, 2024
Today’s Chart of the Day was shared by John Kolovos (@John_Kolovos).
- Silver broke out to a 2-year high today after blasting through resistance at $26/oz.
- Futures have surged +10% in the past five days, marking Silver’s best five-day rally since Nov. ’22.
- It’s approaching near-term resistance at $29 from the 2020/2021 peaks, but John points out that today’s breakout ultimately targets the 2011 highs at $45.
The takeaway: Silver is slowly building a long-term uptrend, and today’s move opens the door to significant upside. This also confirms the bull market in precious metals, as Silver is starting to outshine Gold.
Quote of the Day
“One of the frustrating things for people who miss the first rally in a bull market is that they wait for the big correction, and it never comes. The market just keeps climbing and climbing.”
– Marty Zweig
Top Links
April Ends Best Six Months #1 DJIA – Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in April.
Stock Market Analysis April 3 2024 – AlphaTrends
Brian Shannon analyzes recent price action and some key levels to watch in the near term.
Market Breadth vs. Market Returns – LPL Financial Research
Adam Turnquist offers his perspective on market breadth.
Silver Looks Ready For a Major Breakout! – See It Market
Chris Kimble breaks down a long-term chart of Silver ($SLV).
Do Fast Starts Mean Strong Years For the SPX – Schaeffer’s Investment Research
Rocky White examines how the S&P 500 performs after a strong first quarter.
Top Tweets
April tends to be a good month for the $SPX up +2.1% on average since 1995 (closer to +1.5% in years with super strong Q1s)…glad to have one month before ‘Sell in May and Go Away’ comes to the forefront seasonally #fairleadstrategies pic.twitter.com/JskKeTRhiB
— Katie Stockton, CMT (@StocktonKatie) April 3, 2024
Take a look at the last few bullish engulfing daily candlesticks on the Russell 2000 Index. $RUT $IWM $VTWO pic.twitter.com/v2PzH7gtBL
— Shane C. Murphy (@murphycharts) April 3, 2024
600 days and counting for small-caps… 4th longest streak without a new high. pic.twitter.com/A6YGENzP2n
— Todd Sohn (@Todd_Sohn) April 3, 2024
Big base
pic.twitter.com/4l97gAab33
— J.C. Parets (@allstarcharts) April 3, 2024
It’s only right that they send Gold to the golden Fibonacci extension on this breakout, right?
$GLD pic.twitter.com/VCcdSoutkC
— TrendSpider (@TrendSpider) April 3, 2024
Gold closed at an all-time high on more than half of all trading days over the past month.
None of its prior surges coincided with meaningful peaks. It was higher six months later each time. pic.twitter.com/jt79XkrQeW
— Jason Goepfert (@jasongoepfert) April 3, 2024
Silver exploding higher to 27 for the first time since March 2022 pic.twitter.com/FNm0DJTsXt
— Barchart (@Barchart) April 3, 2024
Yo, Charts — pic.twitter.com/nQ2R183jCM
— da Chart Life (@daChartLife) April 3, 2024
Silver $SI_F pic.twitter.com/dunSkvSp08
— Ian Culley, CMT (@IanCulley) April 3, 2024
Base Metals with a potential failed breakdown…$DBB pic.twitter.com/Ak3DVthRko
— Ian McMillan, CMT (@the_chart_life) April 3, 2024
In 2005 Copper prices re-established a new and elevated price range.
Is Copper poised to re-establish a new and much higher pricing structure? $HG_F #Copper $CPER pic.twitter.com/SgDGTCstDj— Peter Brandt (@PeterLBrandt) April 3, 2024
#Ethereum trying to make a stand at the
VWAP from the late January low pic.twitter.com/A6aohxbqM0
— Brian Shannon, CMT (@alphatrends) April 3, 2024
Here is some market trivia for you: Japan’s recent recovery to new all-time highs after spending 34 years below it prompted me to compare that episode to the US in 1929, the NASDAQ Composite in 2000, and the Shanghai Composite in 2007. The NASDAQ in 2000 took 15 years to recover,… pic.twitter.com/RCiKVvVDXU
— Jurrien Timmer (@TimmerFidelity) April 3, 2024
Total Returns over last year…
Toyota: +71%
Stellantis: +65%
Ferrari: +56%
Honda: +40%
GM: +24%
BMW: +14%
Ford: +13%
Mercedes-Benz: +11%
Tesla: -20% pic.twitter.com/pzFuhq5LZS— Charlie Bilello (@charliebilello) April 3, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Wednesday, April 3, 2024 appeared first on The Chart Report.
