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Todayβs Summary
Thursday, April 13th, 2023
Indices: Nasdaq 100 +2.03% | S&P 500 +1.33% | Russell 2000 +1.30% | Dow +1.14%
Sectors: 10 of the 11 sectors closed higher. Consumer Discretionary led, gaining +2.21%. Real Estate was the only sector that closed lower, falling -0.32%.
Commodities: Crude Oil futures fell -1.32% to $82.16 per barrel. Gold futures rose +1.50% to $2,055 per oz β the second-highest daily close ever.
Currencies: The US Dollar Index dropped -0.52% to $101.01.
Crypto: Bitcoin gained +1.60% to $30,381. Ethereum rose +4.84% to an 11-month high of $2,012.
Interest Rates: The US 10-year Treasury yield rose to 3.449%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$DXY Dollar peaking over the edge.. pic.twitter.com/Cx3FTHp0ab
— David Yocum (@YocumsCharting) April 13, 2023
Todayβs Chart of the Day was shared by David Yocum (@YocumsCharting). The US Dollar Index is on track for its fifth consecutive down week, marking its longest weekly losing streak in more than two years. It closed at its lowest level in nearly a year today (51-week lows to be exact). More importantly, itβs back below a crucial support level (around $102-$103) which has been a major inflection point. Dollar strength has been a significant headwind for Stocks, Gold, Crypto, and other risk assets over the past two years. Itβs no surprise that those assets stopped going down around the same time that the Dollar peaked last year. Risk assets will likely continue to benefit if the Dollar continues to weaken in the coming months.
Quote of the Day
βThe greatest value of a picture is when it forces us to notice what we never expected to see.β
β John Tukey
Top Links
Finding the Next Stock to Break Out β All Star Charts
JC Parets examines the US Dollar and its influence on risk assets.
If at First You Donβt Succeedβ¦ β Bespoke
Bespoke takes a look at Crude Oil and its struggle to reclaim its 200-day moving average.
This Indicator Suggests Gold to Outperform Stocks for Years β Kimble Charting Solutions
Chris Kimble breaks down the Dow vs. Gold ratio and what it suggests for Gold.
What if It Doesnβt Work Out? | Greg Schnell, CMT | Your Daily Five β StockCharts.com
In this video, Greg Schnell discusses the S&P 500βs battle with 4,100.
In Case You Missed It
In our latest episode of Trendlines over Headlines, Willie Delwiche of Hi Mount Research joined us to discuss breadth, sentiment, interest rates, commodities, and more! Click the video below to watch the full conversation.
Subscribe to our YouTube channel here for new episodes every Friday!
Top Tweets
Highest close for the S&P 500 since February 15. pic.twitter.com/89RfQVWkmt
— Eddy Elfenbein (@EddyElfenbein) April 13, 2023
$VIX 52wk low close pic.twitter.com/iY2I4G4GvC
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) April 13, 2023
#ES_F, 1d
I would not be surprised if the market moves above the 4200 level and traps bulls… This market definitely knows how to fool the majority. pic.twitter.com/Qb5dshxdP1
— Yuriy Matso (@yuriymatso) April 13, 2023
So – what's up with the S&P 500 $SPY $SPX ?
Andrew Cardwell & Constance Brown identified RSI ranges as trend indicators.
RSI (weekly) 40 – 80 is Bullish. RSI 20 – 60 is Bearish. $SPY currently = RSI 56.8.
If 60 acts as resistance π§Έ
If not π pic.twitter.com/0T3pD9ax5A— Jay R. Ligon (@TheeDisruptor) April 13, 2023
Knock, Knock, Knockin' on record highs, for gold pic.twitter.com/PXtXn9XrD9
— Peter Boockvar (@pboockvar) April 13, 2023
Gold now flirting with the highest closing prices ever, priced in traditional USD pic.twitter.com/Ubbpk73FSX
— J.C. Parets (@allstarcharts) April 13, 2023
I look at #Silver once a year- Surprised to see this #trendline– back in play. Bull or bear- you have the decision to make at $25 bucks… pic.twitter.com/5A9pJOIk6h
— Chris Robinson (@cer_hedge) April 13, 2023
$ETH powering through the AVAPs from the 2020 lows and the 2021 highs. pic.twitter.com/DiJUu6YdD3
— Dan Russo, CMT (@DanRusso_CMT) April 13, 2023
#Ethereum is in the process of reclaiming last summer's highs at the psychological level of $2,000; if it does, it will be a major feather in the hat for the entire crypto space. pic.twitter.com/Ctkh2McQxF
— Alfonso Depablos (@AlfCharts) April 13, 2023
Great. First egg prices, now coffee and sugar! My breakfast budget is soaring so fast I may have no choice but to start sleeping in⦠pic.twitter.com/PCahnPuTF3
— Jay Kaeppel (@jaykaeppel) April 13, 2023
The S&P 500 closed at 4146 today. There's still 3 weeks to go, but incredibly the only indicator with a perfect track record ("markets in turmoil") may live on… pic.twitter.com/1U8XB24qGm
— Charlie Bilello (@charliebilello) April 13, 2023