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Today’s Summary
Monday, April 3rd, 2023
Indices: Dow +0.98% |S&P 500 +0.37% |Russell 2000 -0.01% | Nasdaq 100 -0.25%
Sectors: 7 of the 11 sectors closed higher. Energy led by a wide margin, gaining +4.53%. Real Estate lagged, falling -0.94%.
Commodities: Crude Oil futures had their best day in nearly a year, jumping +6.28% to $80.42 per barrel. Gold futures rose +0.71% to a new 52-week high of $2,000 per oz.
Currencies: The US Dollar Index dropped -0.53% to $102.05.
Crypto: Bitcoin fell -0.92% $27,927. Ethereum rose +0.78% to $1,810.
Interest Rates: The US 10-year Treasury yield dropped to 3.417%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$OEF S&P 100 Mega Caps:
Short-term overbought for the 1st time since early Feb.
Last few o/b readings here: pic.twitter.com/A9YiYy984h
— Frank Cappelleri (@FrankCappelleri) April 3, 2023
Today’s Chart of the Day was shared by Frank Cappelleri (@FrankCappelleri). It’s a two-hour bar chart of the S&P 100 Mega Cap ETF ($OEF). $OEF cleared an important resistance level around $187 today, closing at a seven month high. Frank points out that RSI is reaching overbought (above 70) for the first time since February on the two-hour chart. The prior five overbought readings since October have led to pullbacks for $OEF. In recent weeks, the dramatic outperformance from Mega Cap stocks has masked some of the weakness beneath the surface of the major indices. It will be interesting to see if $OEF can sustain the recent breakout above $187. If the breakout fails, the major indices will need smaller cap stocks to step up to the plate in a big way.
Quote of the Day
“If you can give up your ego and listen to what the markets are telling you, you can have a huge source of information.”
– Jeffery Yass
Top Links
April Technical Market Outlook – Grindstone Intelligence
Austin Harrison examines the outlook for the stocks in April.
DJIA, S&P 500, NASDAQ, and Russell 2000 Historically Strong Before Good Friday – Almanac Trader
Jeff Hirsch takes a look at how the major indices have historically performed around Good Friday.
Silver Creates Largest Bullish Quarterly Candlestick in Decades; Breakout Next? – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of Silver.
Back to the Scene of the Crime – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the most noteworthy technical developments across the markets.
Fading Jim Cramer and Cathie Wood | Trendlines over Headlines with Guest, Matthew Tuttle – The Chart Report
In this weeks episode, Matthew Tuttle, Founder & CEO of Tuttle Capital Management joins us to discuss two of his firm’s highly debated ETFs – The Inverse ARKK ETF ($SARK) and the Inverse Jim Cramer ETF ($SJIM).
Top Tweets
I thought I was done sharing this chart in early February, and again in early March, but the market had other ideas. pic.twitter.com/hfObn4RpR1
— Steve Deppe, CMT (@SJD10304) April 3, 2023
You don't have a bull market unless the S&P 500 is above the February highs. This isn't new. This has been the level to watch for the better part of the last year pic.twitter.com/yK4cB6P235
— Austin Harrison, CFA, CMT (@meanstoatrend) April 3, 2023
As a ~market historian~, I feel obligated to tell you all that April has been the S&P 500's second-strongest month for returns since 1950 pic.twitter.com/cRUZsRga2z
— Callie Cox (@callieabost) April 3, 2023
Here’s the average daily April performance of the S&P 500 since 1950. pic.twitter.com/1SO0dtp8Iw
— Alfonso Depablos (@AlfCharts) April 3, 2023
NASDAQ 100 getting closer to retracing half of loss from peak
[Past performance is no guarantee of future results] pic.twitter.com/rBuGbHS3vV— Liz Ann Sonders (@LizAnnSonders) April 3, 2023
2 Nasdaq stocks are responsible for 40% of Nasdaq gain in the last 90 days; 7 stocks are responsible for 90% of gains. Those 2 were Tsla and Nvda. There are more than 3000 stocks in the Nasdaq. pic.twitter.com/i4S1zWYc5V
— Roy Mattox (@RoyLMattox) April 2, 2023
Make of it what you will…
But on Friday, we got a Zweig Breadth Thrust$SPY $SPX #stocks pic.twitter.com/TNQfG7W2WZ
— Grant Hawkridge (@granthawkridge) April 3, 2023
Zweig thrust ratio must go from below 0.40 to above 0.615 in 10 trading days or less. But is 10-day interval counted from day one or day zero? pic.twitter.com/UYyTcdhixw
— Mark Ungewitter (@mark_ungewitter) April 3, 2023
The gap higher on the WTI crude this morning (5.9%) was the biggest bullish jump since April 29, 2020 – shortly after the infamous inversion. Some notable technical clearance there, but limited follow through thus far $CL_F pic.twitter.com/KeHheOmut5
— John Kicklighter (@JohnKicklighter) April 3, 2023
look at those candles the past few months 👀 pic.twitter.com/tMJVKiYVcT
— J.C. Parets (@allstarcharts) April 3, 2023
#Gold edges through the $2,000 level again looking to test the $2014.91 hiigh of two weeks ago. pic.twitter.com/2voHx88Uo0
— Gil Morales – TheOWLTrader.com & VoSI (@gilmoreport) April 3, 2023
Big day for french fries. Both Lamb Weston and Mickey D's on the 52-week high list pic.twitter.com/zjKTzBvZ2L
— Scott Brown, CMT (@scottcharts) April 3, 2023
Dogecoin dog replaces Twitter logo on homepage, meme token’s price soars 30% https://t.co/TQlymPMfMl pic.twitter.com/yggX3ruoIq
— New York Post (@nypost) April 3, 2023