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Today’s Summary
Friday, April 21st, 2023
Indices: Nasdaq 100 +0.11% |Russell 2000 +0.10% |S&P 500 +0.09% | Dow +0.07%
Sectors: 6 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.10%. Materials lagged, falling -0.88%.
Commodities: Crude Oil futures gained +0.65% to $77.87 per barrel. Gold futures dropped -1.42% to $1,991 per oz.
Currencies: The US Dollar Index inched lower by -0.07% to $101.72.
Crypto: Bitcoin fell -3.48% to $27,254. Ethereum dropped -4.86% to $1,848.
Interest Rates: The US 10-year Treasury yield rose to 3.576%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Daily % change for $SPY
The box represents this week highlighting the low volatility environment we just experienced pic.twitter.com/9wvz59Ht2a
— David Yocum (@YocumsCharting) April 21, 2023
Today’s Chart of the Day was shared by David Yocum (@YocumsCharting). The chart shows the daily percentage changes for the S&P 500 ($SPY). It was a boring week for the S&P 500, with the index essentially unchanged since last Friday (-0.10%). This pause occurs as the S&P 500 tests a major inflection point around 4200. This lack of volatility pushed the $VIX down to new 52-week lows this week. We keep hearing “the VIX is broken” due to the rise in 0DTE options, but it seems to be doing its job, as it’s confirming the small daily moves we’ve had in the S&P 500 recently. Volatility could return soon, with some of the largest companies in the S&P 500 reporting earnings next week, including $MSFT $AMZN, $GOOGL, and $META.
Quote of the Day
“Stocks are the only thing that people are happy to buy when the price goes up.”
– Warren Buffett
Top Links
No Respect Recovery – LPL FInancial Research
Adam Turnquist points out that investors remain skeptical despite a double-digit rally over the past six months.
April 2nd Half Strength After Tax Deadline – Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in the second half of April.
These Pessamistic Markets are Full of Technical Buys – BNN Bloomberg
In this clip, Todd Sohn of Strategas Research shares his thoughts on sentiment, homebuilders, JP Morgan, and more.
Crude Oil at Crossroads, Next Move to Have Large Impact on Inflation – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of Crude Oil.
Trendlines over Headlines
Check out the latest episode of Trendlines over Headlines!
This week, volatility expert Andrew Thrasher joins us to make sense of the $VIX and the broader market. Andrew is a portfolio manager at Financial Enhancement Group and a two-time winner of the Charles H. Dow Award.
Subscribe to our YouTube channel here for new episodes every Friday!
Top Tweets
Weekly Market Mood: Neutral
1. Stocks mainly down a little
2. Bonds down too
3. Commodities -2%
4. Transports +1%
5. Dollar upThere seems to be a total lack of conviction as markets meander going nowhere fast.
Waiting on … Big tech earnings and the Fed.
— Abigail Doolittle (@TheChartress) April 21, 2023
$SPY narrowest weekly range since Nov 2021 $5.55 pic.twitter.com/UQkSq64H7a
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) April 21, 2023
The S&P 500 closed up or down less than 0.1% on three days this week.
September 2019 and October 2017 were the last times that happened (Monday – Friday week).
Now that's a dull market. pic.twitter.com/n5wQPYsEUm
— Ryan Detrick, CMT (@RyanDetrick) April 21, 2023
$SPX The same or different? pic.twitter.com/eLrkUEriLu
— Frank Cappelleri (@FrankCappelleri) April 21, 2023
At the Feb 2023 peak:
78% of $SPX members above their 200-day MA
75% above their 50-day MAThis week, as we retest that same $SPX level:
62% of $SPX members above their 200-day MA
60% above their 50-day MAConclusion:
Less stocks are part of this recent upswing. pic.twitter.com/xOoPNDWRZr— David Keller, CMT (@DKellerCMT) April 21, 2023
$QQQ – the entire month pic.twitter.com/ormFI49aRI
— JasonLeavitt (@JasonLeavitt) April 21, 2023
Yo, Charts – NASDAQ recorded more than 100 New Lows in 21 of 23 days in March and, so far, in April it is batting 1.000 with a streak of 13 straight days of more than 100 New Lows. pic.twitter.com/oXVQzeI6T6
— da Chart Life (@daChartLife) April 21, 2023
So the $SPX relative to the rest of the world minus the SPX $ACWX is clinging to a 13 year trendline. The USA has outperformed for a long time, a break of this trendline may mean there are opportunities outside our borders. pic.twitter.com/FZS89A7hDx
— Jack (@alphacharts365) April 21, 2023
After 13 consecutive closes above $2,000, the streak finally ends for Gold with today's closing price of $1,990.5. pic.twitter.com/0XvZhrgG6y
— Barchart (@Barchart) April 21, 2023
Would anyone be THAT surprised if this is as far as #Gold and the Gold Miners are going for the time being?$GLD $GDX $GDXJ pic.twitter.com/YH6i95cn3l
— Sam McCallum (@Honeystocks1) April 21, 2023
$BTCUSD Bitcoin has a bit of a failed breakout look. But there is plenty of congestion around current prices. So it's probably a bit undecided here. pic.twitter.com/wMk6VrZreJ
— Andrew Moss, CMT (@Andy__Moss) April 21, 2023
Next week accounts for a whopping 42% of S&P 500 market capitalization reporting earnings!
Source: Goldman Sachs pic.twitter.com/2XK3jfLLOx
— Markets & Mayhem (@Mayhem4Markets) April 21, 2023