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Todayâs Summary
Tuesday, April 18th, 2023
Indices: S&P 500 +0.09% | Nasdaq 100 +0.03% | Dow -0.03% | Russell 2000 -0.40%
Sectors: 7 of the 11 sectors closed higher. Industrials led, gaining +0.48%. Health Care lagged, falling -0.68%.
Commodities: Crude Oil futures were flat and continue to trade at $80.90 per barrel. Gold futures gained +0.63% to $2,020 per oz.
Currencies: The US Dollar Index fell -0.33% to $101.75.
Crypto: Bitcoin gained +3.01% to $30,333. Ethereum rose +1.00% to $2,096.
Interest Rates: The US 10-year Treasury yield fell to 3.579%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
If looking to play China but without the volatility and geopolitical risks involved⌠consider France – heavyweight luxury names in the basket have plenty of exposure to the region. pic.twitter.com/30A6oviBA7
— Todd Sohn (@Todd_Sohn) April 18, 2023
Todayâs Chart of the Day was shared by Todd Sohn (@Todd_Sohn). Europe continues to outperform the US off of the October lows. France has been a particular bright spot within Europe, with the French CAC 40 Index breaking out to all-time highs last week. Todd points out that the iShares France ETF, $EWQ, is less than 3% from record highs, as it tests $40 for the third time in the past two decades. He also points out that $EWQ is an indirect way to gain exposure to China, as some of its largest components are French luxury stocks like LVMH and Hermès, which have significant revenue exposure to mainland China.
Quote of the Day
“The income tax has made liars out of more Americans than golf.”
– Will Rodgers
Top Links
Animated Chart: The S&P 500 in 2023 So Far – Visual Capitalist
Here’s a cool visual breakdown of the S&P 500’s year-to-date performance.
Volatility is the Toll We Pay – Carson Group
Ryan Detrick looks at the historical frequency of pullbacks, corrections, and bear markets.
Is Transportation Sector ETF (IYT) Starting to Lead? – StockCharts.com
Mish Schneider examines the technical outlook for Transportation stocks.
Here’s What Will Confirm a DXY Breakdown – All Star Charts
Ian Culley takes a look at the Dollar as it continues to test a major inflection point.
BofA Global Fund Managers Survey Highlights – Jessica Menton
In this Twitter thread, Jessica Menton highlights some key takeaways about sentiment and positioning from the latest Bank of America Global Fund Managers Survey.
In Case You Missed It
Chris Verrone of Strategas Research joined us to share his perspective on the S&P 500, Market Leadership, Financials, Interest Rates, Gold, Crypto, and more!
Subscribe to our YouTube channel here for new episodes every Friday!
Top Tweets
Big spot…
Approach could have been better, IMO. We'll see if it can push through. $ES_F $SPX $SPY pic.twitter.com/lPVTU74viw
— Ian McMillan, CMT (@the_chart_life) April 18, 2023
The 10-day rolling avg of S&P 500 volatility is at its lowest since Nov 24, 2021…just days before the Omicron variant broke out, and a week before the Fed retired "transitory." Is now really the same as then?? pic.twitter.com/fOFSj3VJHh
— Liz Young (@LizYoungStrat) April 18, 2023
Are we entering a slow-and-steady $SPX uptrend on low volatility? $VIX chart is looking a lot like summer 2021… pic.twitter.com/Rt9A8vqCOp
— David Keller, CMT (@DKellerCMT) April 18, 2023
Note to self. VIX could fall much further, if a cyclical bull market is underway. pic.twitter.com/Dvhyu69oNk
— Mark Ungewitter (@mark_ungewitter) April 18, 2023
Great chart from @bespokeinvest.
The S&P 500 has gone 6 mos without a new 52-wk low after a bear market.
Only twice did it do this and go on to make new lows, in 1946 and 2001.
The other 11 saw gains, some saw big gains.
In other words, new lows from here would be quite rare. pic.twitter.com/v2cH00Tjxv
— Ryan Detrick, CMT (@RyanDetrick) April 18, 2023
Great chart from @bespokeinvest.
The S&P 500 has gone 6 mos without a new 52-wk low after a bear market.
Only twice did it do this and go on to make new lows, in 1946 and 2001.
The other 11 saw gains, some saw big gains.
In other words, new lows from here would be quite rare. pic.twitter.com/v2cH00Tjxv
— Ryan Detrick, CMT (@RyanDetrick) April 18, 2023
Crude oil so far has been unable to make it into overbought territory on this rally – or on any other rally over the last year.
That failed breakdown put the bear case on hold, but bulls aren't doing much with the opportunity pic.twitter.com/j0qT6c3f2b
— Austin Harrison, CFA, CMT (@meanstoatrend) April 18, 2023
anyone else notice that the Nasdaq 100 $QQQ went out to ALL-TIME highs vs. U.S. long treasuries $TLT yesterday? pic.twitter.com/HaR2OuNjQp
— David Cox, CMT, CFA (@DavidCoxRJ) April 18, 2023
anyone else notice that the Nasdaq 100 $QQQ went out to ALL-TIME highs vs. U.S. long treasuries $TLT yesterday? pic.twitter.com/HaR2OuNjQp
— David Cox, CMT, CFA (@DavidCoxRJ) April 18, 2023
BofA global fund manager survey: Investor allocation to equities relative to bonds drops to its lowest level since the global financial crisis, via Michael Hartnett pic.twitter.com/W10Swa0zy9
— Jessica Menton (@JessicaMenton) April 18, 2023
Markets continue to đ§ââď¸ a Wall of Worry. It is natural.
– We are at the point where investors are confused
– "What is going on here?" – Disbeliefđ¤Ż
– S&P 500 continues to climb as pessimism elevates
– All a part of the historical cycle
– "There is nothing new under the sun"
đ pic.twitter.com/mVQQdUAwJ7— Matt Cerminaro (@mattcerminaro) April 18, 2023
Tired yet?$ES_F pic.twitter.com/YFuUsez6ik
— Arun S. Chopra CFA CMTđ§ (@FusionptCapital) April 18, 2023