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Todayโs Summary
Monday, April 24th, 2023
Indices: Dow +0.20% | S&P 500 +0.09% | Russell 2000 -0.15% | Nasdaq 100 -0.24%
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining +1.53%. Tech lagged, falling -0.44%.
Commodities: Crude Oil futures gained +1.14% to $78.76 per barrel. Gold futures rose +0.47% to $1,999 per oz.
Currencies: The US Dollar Index fell -0.37% to $101.35.
Crypto: Bitcoin fell -0.66% to $27,414. Ethereum fell -1.59% to $1,832.
Interest Rates: The US 10-year Treasury yield dropped to 3.494%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
busy earnings week pic.twitter.com/iKVINWSLzy
— Brian Shannon, CMT (@alphatrends) April 24, 2023
Todayโs Chart of the Day was shared by Brian Shannon (@alphatrends). With a busy week of earnings and economic data ahead, Brian points out that the Nasdaq ($QQQ) is testing its VWAP anchored to the November 2021 all-time high. Price has been hugging this AVWAP all month, as itโs been stuck in a tight 2.5% range. $QQQ has failed numerous attempts to reclaim this key AVWAP throughout the bear market. It would be very constructive to see $QQQ reclaim this AVWAP, but it hasnโt done so yet. This three-week pause suggests a big move could be brewing once price resolves higher or lower. Bulls and bears both hope that this weekโs data dump will help Mr. Market finally come to a decision.
Quote of the Day
โNever underestimate this industryโs ability to keep coming up with new ways to blow up your portfolio.โ
โ Arun Chopra
Top Links
Russell Death Cross Implications for SPX โ Quantifiable Edges
Rob Hanna points out that the Russell 2000โs recent death cross may not be as bearish as it sounds.
Three Charts Suggest Pullback Imminent โ StockCharts.com
David Keller highlights three charts that suggest a pullback is brewing.
Why Are Investors So Scared โ All Star Charts
JC Parets outlines a few bullish developments.
May Almanac: Second-Worst S&P 500 Month in Pre-Election Years โ Almanac Trader
eff Hirsch examines how the major indices typically fare in May.
What Happens After a Bad Year in the Stock Market? โ A Wealth of Common Sense
Ben Carlson takes a look at how the major indices have historically performed after a โbadโ year.
In Case You Missed It
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
Daily Mkt Mood: Neutral
1. Stocks close mixed on small moves
2. $VIX still with a 17-handle
3. FX small/modest moves
4. Bonds climb
5. Oil +1.1%Muted mood still, waiting on big tech earnings plus the Fed.
Worth noting China tech -2.3%, sub-200 DMA, topic to explore this wk.
— Abigail Doolittle (@TheChartress) April 24, 2023
For the second time this month, and only the third time since the since the index peaked in January 2022, the S&P 500 just went a full week without a 1% daily swing.
The absence of day-to-day volatility is typically evidence of improving market conditions. pic.twitter.com/6XddH4YrcG
— Hi Mount Research (@HiMountResearch) April 24, 2023
The market continues to trade firm. The world is waiting for a recession that hasnโt arrived. When the market has every reason to go down but doesnโt, itโs usually a tell. But there is less going on than meets the eye, with the mega caps doing most of the heavy lifting. pic.twitter.com/ocjPJP39s2
— Jurrien Timmer (@TimmerFidelity) April 24, 2023
Still stuck in the bottom half of this 20%+ range…$IWM $RUT $RTY_F pic.twitter.com/qA5IG9ISLM
— Ian McMillan, CMT (@the_chart_life) April 24, 2023
Look at the coiling in $SML. I doubt this holds but that would be triple "inside weeks".
A better chance of each of the last 3 weekly OHLC bars fitting "inside" the bar from 4 weeks ago.
We're stuck in traffic everywhere and that means we're slamming on the gas soon.โฆ pic.twitter.com/3rrlvpADuQ
— Steve Deppe, CMT (@SJD10304) April 24, 2023
Large-cap net new highs remain constructive. Small-cap, not so much. pic.twitter.com/qFLJG5Qb5F
— Mark Ungewitter (@mark_ungewitter) April 24, 2023
After all the hype leading up to its release, the 1-day VIX came out with almost a year's worth of data and…today registers as its lowest value of the series. Many investors aren't sure what to make of that…myself included. pic.twitter.com/ItALJ6Zqk6
— Liz Young (@LizYoungStrat) April 24, 2023
A chart from last night's Thrasher Analytics letter…
There's been a recent break in the correlation between $VIX & $VVIX to a level we don't see very often. pic.twitter.com/K03Mj1ZhyN
— Andrew Thrasher, CMT (@AndrewThrasher) April 24, 2023
This year has the potential to see international equity markets $EFA $EEM outperform the U.S. $SPY (again, for developed global); the ratios show a compelling loss of long-term downside momentum, worth revisiting once support is discovered by $KWEB and others #fairleadstrategies pic.twitter.com/nbbl9Ec6QJ
— Katie Stockton, CMT (@StocktonKatie) April 24, 2023
Is France in a bear market too? pic.twitter.com/Hpdl0RAl7T
— J.C. Parets (@allstarcharts) April 24, 2023
And Sugar hits another 11-year high. +152% over the last 3 years. Incredible!! pic.twitter.com/Yw7IQ96yL7
— Barchart (@Barchart) April 24, 2023
— Arun S. Chopra CFA CMT๐ง (@FusionptCapital) April 24, 2023