Daily Chart Report π Tuesday, April 25th, 2023
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Todayβs Summary
Tuesday, April 25th, 2023
Indices: Dow -1.02% | S&P 500 -1.58% | Nasdaq 100 -1.89% | Russell 2000 -2.40%
Sectors: All 11 sectors closed lower. Utilities led, but still inched lower by -0.10%. Materials lagged, falling -2.17%.
Commodities: Crude Oil futures fell -2.15% to $77.07 per barrel. Gold futures rose +0.24% to $2,005 per oz.
Currencies: The US Dollar Index gained +0.54% to $101.87.
Crypto: Bitcoin rose +2.53% to $28,209. Ethereum gained +1.35% to $1,867.
Interest Rates: The US 10-year Treasury yield dropped to 3.403%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Cam Hui (@HumbleStudent). The Regional Bank Index ($KRX) closed at its lowest level in more than two years today. Cam points out that $KRX is violating support from the 2015/2016 highs. After sliding more than 20% in March, you'd think Regional Banks would at least get a dead cat bounce, but they just can't seem to rally. While Banks were blowing up left and right last month, the S&P 500 managed to gain 3.5% in March thanks to the strength from Mega Cap Tech stocks. Banks are not heavily weighted in the S&P 500 but they are an important bellweather for the broader market and the economy. The fact that Regional Banks are resolving lower here is a problem for the bulls.
Quote of the Day
"Charts are the language of Wall Street."
- John Roque
Top Links
A New 'Sell' Signal in The S&P 500 Says Stocks are Still in a Bear Market - Business Insider
Katie Stockton shares her technical outlook on the S&P 500.
Narrow Trading Ranges Tell Us Volatility Expansion Looks Likely - CNBC
In this clip, Jonathan Krinsky discusses the tight trading range we've been in all month.
Is the BKX Bank Index Heading Lower Again? - See It Market
James Barteloni highlights some levels to watch in the Bank Index ($BKX).
Nokkie-Stocky Says Knock Crude Out - All Star Charts
Ian Culley examines what the Norwegian krone and the Swedish krone could suggest for Crude Oil and the 10-yield.
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.
https://youtu.be/ClfPT2p4L8U
Subscribe to our YouTube channel here for new episodes every Friday!
Top Tweets
Death Cross for the Fins as the relative ratio fades from resistance. pic.twitter.com/Q3LQRg7qL0
β Dan Russo, CMT (@DanRusso_CMT) April 25, 2023