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Today’s Summary
Wednesday, April 19th, 2023
Indices: Russell 2000 +0.22% | S&P 500 -0.01% | Nasdaq 100 -0.02% | Dow -0.23%
Sectors: 4 of the 11 sectors closed higher. Utilities led, gaining +0.77%. Communications lagged, falling -0.75%.
Commodities: Crude Oil futures dropped -2.05% to $79.24 per barrel. Gold futures fell -0.61% to $2,007 per oz.
Currencies: The US Dollar Index rose +0.21% to $101.93.
Crypto: Bitcoin dropped -4.06% to $29,162. Ethereum slid -6.19% to $1,975.
Interest Rates: The US 10-year Treasury yield ticked higher to 3.595%.
**Correction: Yesterday’s index numbers were wrong. Those were weekly numbers instead of daily.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
We're now 128 days — six months and six days — past the S&P 500's October low.
If the S&P makes a new low from here, it'd be the second-longest bear market rally in all bears since 1950 (only behind the 194-day bear rally in the tech bubble bear)
That'd be hella painful too😬 pic.twitter.com/RWuKalDpYS
— Callie Cox (@callieabost) April 19, 2023
Today’s Chart of the Day was shared by Callie Cox (@calliebost). It’s been more than six months since the S&P 500’s October lows. 128 trading days on an intraday basis and 129 on a closing basis. Callie points out that if the index makes a new low from here, it would be the second longest bear market rally since 1950. The only one longer was during the bursting of the tech bubble, and it lasted about nine months (194 trading days). Oddly enough, that rally started a week after the 9/11 terrorist attacks in September 2001. It gained as much as 21% on a closing basis over the next three months before slowly rolling over and eventually making new lows in June 2002. There was another bear market rally in 1946-1947 that lasted about 130 days, but S&P 500 data is questionable pre-1957.
Quote of the Day
“Doubt is an uncomfortable condition,
but certainty is a ridiculous one.”
– Voltaire
Top Links
Anythiung Can Happen – Trading Adventures
Andrew Moss gives a qucik recap of price action so far this week.
Stock Market Analysis April 19 2023 – AlphaTrends
In this quick video, Brian Shannon highlights some key anchored VWAP levels to watch in the near term.
How Recent VIX, SPX Moves Could Impact Options – Schaeffer’s Investment
Research
Rock White examines how the S&P 500 and $SPY options have historically performed after the VIX falls below 17.
Where the New Highs at? – All Star Charts
JC Parets takes a look at the ammount of new highs and new lows.
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
Daily Market Mood: No Mood!
1. Stocks basically UNCH
2. Bonds down a little
3. Dollar up a little
4. $VIX drifts lower
5. Banks climb overallAnother day of not much happening, it’s starting to seem like investors are looking past EPS and toward the Fed – again.
— Abigail Doolittle (@TheChartress) April 19, 2023
Tracking the $SPX vs. its 50-Day MA has helped predict the next short-term move for a while now.
Bigger picture, the obvious difference the last few months:
Both the index and the 50-Day have been moving higher. pic.twitter.com/eKlW4OTECJ
— Frank Cappelleri (@FrankCappelleri) April 19, 2023
#ES_F, monthly
S&P500 is still floating within the long-term channel that started in 2009. pic.twitter.com/MhIdVZbW6h
— Yuriy Matso (@yuriymatso) April 19, 2023
According to the COT Report, large speculators are holding the largest net short futures position in the E-mini S&P 500 since 2007. Either we get a repeat of the financial crisis, or we see a melt-up as the shorts unwind their position. Which will it be? pic.twitter.com/ISSDiV94sh
— DeCarleyTrading.com (@carleygarner) April 19, 2023
$VIX lowest since Nov 2021 pic.twitter.com/5pGSBUejJx
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) April 19, 2023
Signs of life in the regional banks $KRE
Plenty of room for a retracement/counter-trend rally. pic.twitter.com/Vk6lGGpUM4
— Greg Rieben (@gregrieben) April 19, 2023
Oil finds resistance at the 200-day MA and in danger of losing the gap from OPEC's surprise production cuts a few weeks ago. An island reversal would not be a good look for crude. #CL_F pic.twitter.com/jseXLnBaS6
— Michael Turvey (@MikeTurvey_TDA) April 19, 2023
Fast food joints pic.twitter.com/RGJDYoKfmw
— J.C. Parets (@allstarcharts) April 19, 2023
The stocks of companies that help people lose weight are on fire year-to-date: biotech $VKTX, diet $WW, gyms $XPOF pic.twitter.com/G1jo5uNze0
— ivanhoff.com (@ivanhoff2) April 19, 2023
Juliet Capulet lied when she said, "A rose by any other name would smell as sweet". pic.twitter.com/N8DzAyjWoE
— Sean Brown (@Sean_YCharts) April 19, 2023