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Today’s 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 $1,867.
Interest Rates: The US 10-year Treasury yield dropped to 3.403%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Uh oh! Regional banks have been the epicenter of the latest crisis. Need to monitor this. Should they break down, it could signal another risk-off episode.$KRX $KRE pic.twitter.com/wX8Lcaji1U
— Cam Hui, CFA (@humblestudent@toot.community) (@HumbleStudent) April 25, 2023
Today’s Chart of the Day was shared by Cam Hui (@HumbleStudent). The Regional Bank Index ($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.
Subscribe to our YouTube channel here for new episodes every Friday!
Top Tweets
Daily Mkt Mood: Risk-Off
1. Stocks sell off >1%
2. $NDX worst day in two months
3. Commodore slide 2%
4. Bonds rally for a second day
5. Dollar higherStocks traded like there would be a big mess from MSFT GOOGL, that did not happen.
Very unclear now what tomorrow brings.
— Abigail Doolittle (@TheChartress) April 25, 2023
First 1% plus drop in 22 trading days for the S&P 500, longest such streak since 37 days ending Nov '21.
Also right at the 4,200 area, as this won't go down without a fight. pic.twitter.com/eRbDTqxxyS
— Ryan Detrick, CMT (@RyanDetrick) April 25, 2023
Look at this range in the S&P500. This has been overhead supply for almost an entire year now. pic.twitter.com/KE547R8eEX
— J.C. Parets (@allstarcharts) April 25, 2023
#ES_F, 1d
Rejection after rejection after rejection… pic.twitter.com/5IM8PZfPyb
— Yuriy Matso (@yuriymatso) April 25, 2023
$QQQ chart is my big headache of the week.
We all know big tech earnings are massive for the market, so I'm not going to labour captain obvious, but failed moves don't often work out well.
Lets see how it goes by the end of the week.$SPX $SPY pic.twitter.com/flGPj0e5GJ— Sam McCallum (@Honeystocks1) April 25, 2023
$QQQ Money flow is slowing & raises a red flag. The Chaikin Oscillator – measures the momentum of the Accumulation Distribution Line using the MACD formula.@StockCharts Rolling over is only good for one thing I can think of. pic.twitter.com/dMb1bJzLVs
— Alan Cohen (@al_xdpg) April 25, 2023
$NYFANG vs. $SPX – Hard for the market cap weighted indexes to go up if the starters are on the bench. pic.twitter.com/V5Q3P4d4iR
— Larry Thompson (@HostileCharts) April 25, 2023
Death Cross for the Fins as the relative ratio fades from resistance. pic.twitter.com/Q3LQRg7qL0
— Dan Russo, CMT (@DanRusso_CMT) April 25, 2023
Specs are the most short S&P futures since 2011, but is that really justified? As of Monday’s close there was a 13:1 ratio in stocks within 5% of their 52-week highs vs 5% of their 52-week lows pic.twitter.com/VTSh6V2OAk
— Scott Brown, CMT (@scottcharts) April 25, 2023
3-month VIX at risk to top out vs the VIX (Suttmeier BofA) pic.twitter.com/6GYumEm4HE
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) April 25, 2023
Now that the one-day $VIX ($VIX1D) exists/has been backtested, we can clearly see two trends
1️⃣ investors were appropriately anxious last year
2️⃣ they used short-term options to express their fear, especially before economic data releases pic.twitter.com/2N019PmNL4
— Callie Cox (@callieabost) April 25, 2023
First Republic $FRC 😵💫
Down *another* 40% today and now -93% YTD. pic.twitter.com/SxJPjTz7m2
— TradingView (@tradingview) April 25, 2023