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Todayās Summary
Monday, April 17th, 2023
Indices:Ā Russell 2000Ā +1.22%Ā |Ā S&PĀ 500Ā +0.33%Ā |Ā DowĀ +0.30%Ā |Ā Nasdaq 100Ā +0.06%
Sectors: 8Ā of the 11 sectors closed higher. Real EstateĀ led, gainingĀ +2.27%. EnergyĀ lagged, fallingĀ -1.18%.
Commodities: Crude Oil futures fellĀ -2.05%Ā toĀ $80.83 per barrel. GoldĀ futures fellĀ –0.44%Ā toĀ $2,007 per oz.
Currencies: The US Dollar Index roseĀ +0.51%Ā toĀ $102.10.
Crypto:Ā Bitcoin droppedĀ -2.74%Ā to $29,500. Ethereum fellĀ -1.98%Ā to $2,078.
Interest Rates: The US 10-year Treasury yield rose to 3.602%.
Here areĀ the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Big tech is tight.
Trading in a 3% range for more than 2 weeks.$QQQ pic.twitter.com/5dvuJaiv8r
— Greg Rieben (@gregrieben) April 17, 2023
Todayās Chart of the Day was shared by Greg Rieben (@gregrieben).Ā Greg points out that $QQQ has been trading in a tightĀ range of less than 3%Ā so far this month. Keep in mind, this is taking place after the index gained more thanĀ 20%Ā in Q1 – its best quarterly gain in nearly three years. After a strong rally, it’s perfectly normal, and even healthy,Ā to see some pause. This tight consolidation resembles a bull flag. It’s also constructive to seeĀ priceĀ holdingĀ above its February high. Some of the worst moves in the past year have begun as failed breakouts, but price has been respecting its former high for a change.
Quote of the Day
“There’s so much disagreement about investing, and it’s because nobody really knows.”
– Robert Schiller
Top Links
What is the VIX Telling Us Today? – Interactive Brokers
Steve Sosnick shares his perspective on the VIX.
10 Reasons to Expect Stocks to Continue to Suprise to the Upsidde – Ryan Detrick
In this Twitter thread, Ryan Detrick highlights 10 bullish developments to keep in mind.
European Treasure – Bespoke
Bespoke takes a look at Europe’s outperformance over the US.
Breadth Isnāt Bad. It Just Isnāt Good. And Thatās Okay. – Grindstone Intelligence
Austin Harrison examines several breadth metrics.
Forget the Macro and Focus on Price – The Next Big Move
Joe Fahmy lays out five reasons why the S&P 500 could continue to climb the wall of worry.
In Case You Missed It
Chris Verrone of Strategas ResearchĀ joined us to share his perspective on the S&P 500, Market Leadership, Financials, Interest Rates, Gold, Crypto, and more!
Subscribe to ourĀ YouTube channel hereĀ for new episodes every Friday!
Top Tweets
Daily Mkt Mood: Neutral to Risk-On
1. Stocks mainly higher
2. Volume up
3. $VIX w/ a 16-handle
4. Bonds lower
5. $BKX up 1%S&P 500 starting to break above its range, unclear if it holds. Earnings next big catalyst.
Bitcoin-3%, worst day in a month, something to monitor.
— Abigail Doolittle (@TheChartress) April 17, 2023
#sp500 You have to love 4200 and the 50% — Half-way-back trade for stonks. Look at how much energy has been spent on 4156. Levels- Probably something you should just keep ignoring.. Bull or Bear. š pic.twitter.com/NbA71xf5Z4
— Chris Robinson (@cer_hedge) April 17, 2023
$VIX … lowest since the SPX ATH pic.twitter.com/sjchTC640G
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) April 17, 2023
$VIX is more often a contrarian indicator than a confirming one. Itās been especially good over the past year. More in my @IBKR_Campus article below: https://t.co/k6xKDEVuCe pic.twitter.com/IFumU7Tg22
— Steve Sosnick (@SteveSosnick) April 17, 2023
$VIX is not the only way to measure volatility.
Bollinger Band Width is coming off it's lowest levels since October 2021. Just in time for earnings and that critical test of the $4,200 level in $SPX.
They say "from contraction comes expansion" so get your popcorn ready. pic.twitter.com/0unngIEKEe
— Larry Thompson (@HostileCharts) April 17, 2023
Polarity for now? or Polarity for good? pic.twitter.com/qjZgr4aCqd
— J.C. Parets (@allstarcharts) April 17, 2023
Although it unwound a touch this past week, speculative positioningĀ on S&P 500 futures remains the most bearish in over a decade. pic.twitter.com/wLnVrYXm0N
— Liz Young (@LizYoungStrat) April 17, 2023
Itās been 6 months since the S&Pās low.
āSince WW2, we found 13 prior periods in which the $SPX made a major low after a 20%+ drop and then didn't make a new low in the next six months ..
Six and twelve months after,.. the S&P 500 was higher 12 times.ā š@bespokeinvest pic.twitter.com/akHjt6SnWB
— Carl Quintanilla (@carlquintanilla) April 17, 2023
Europe has been the driver of global equity outperformance versus the S&P 500. pic.twitter.com/E6gS4jucSD
— Bespoke (@bespokeinvest) April 17, 2023
Some Charts That Have My Attention$ACWX bullish price action above the MAs but still looking for that relative breakout. If it happens, ROW over US will be a big theme. pic.twitter.com/OWw8r1HlbT
— Dan Russo, CMT (@DanRusso_CMT) April 17, 2023
$DXY $SPX pic.twitter.com/wMHmcm3wL9
— Ian McMillan, CMT (@the_chart_life) April 17, 2023
$SPY pic.twitter.com/gvpAHwDtm4
— Arun S. Chopra CFA CMTš§ (@FusionptCapital) April 17, 2023