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Todayโs Summary
Wednesday, April 26th, 2023
Indices: Nasdaq +0.64% | S&P 500 -0.38% | Dow -0.68% | Russell 2000 -0.89%
Sectors: Technology was the only sector that closed higher, gaining +1.49%. Utilities lagged, falling -2.35%.
Commodities: Crude Oil futures dropped -3.59% to $74.30 per barrel. Gold futures fell -0.42% to $1,996 per oz.
Currencies: The US Dollar Index fell -0.39% to $101.45.
Crypto: Bitcoin inched lower by -0.22% to $28,237. Ethereum fell -0.54% to $1,856.
Interest Rates: The US 10-year Treasury yield rose to 3.450%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared in note by John Roque (@daChartLife) Itโs a weekly chart of the Russell 2000 over the past 8ยฝ years. John points out that the Russell 2000 is skating on thin ice again as it tests the 2018/2020 highs around 1700. It has already tested this level several times in the past year. Typically, the more times a level is tested, the weaker it becomes as each test absorbs more and more demand. Itโs also weak on a relative basis considering itโs at three year lows versus the S&P 500. Small Caps often lead the broader market higher or lower, so this is a very important level to watch in the near term.
Quote of the Day
โThe more a man really knows about speculation, the less certain he becomes in regard to any market movement.โ
โ Charles H. Dow
Top Links
S&P 500 April Loss Historically Bearish For Rest of Year โ Almanac Trader
Jeff Hirsch points out that the rest of the year is often weak when the S&P 500 is down in April.
Is Anyone Bullish? (Part 2) โ Carson Group
Ryan Detrick shares his thoughts on sentiment and positioning.
Copper/Gold Ratio Suggesting Interest Rate Decline Ahead! โ Kimble Charting Solutions
Chris Kimble examines the Copper/Gold ratio and what it could be suggesting for the 10-year yield.
Death Cross Sounds A Lot Scarier Than It Is! โ LPL Financial Research
Jeff Buchbinder takes a look at the recent death cross in the Russell 2000.
S&P 500 Should Eventually Break Out, Says Fairlead Strategiesโ Kate Stockton โ CNBC
In this clip, Katie Stockton discusses her outlook for the S&P 500, yields and crypto.
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: Mixed/Risk-Off
1. S&P closes down, Nasdaq up
2. Commodities slide 1%
3. Most S&P sectors fall
4. FRC free fall continues
5. Bonds downAnother edgy day into more blowout tech earnings. Seems investors want the whole enchilada which includes Apple โฆ next week.
— Abigail Doolittle (@TheChartress) April 26, 2023
Rejection at the 50% retracement — this type of price action happened in 2008, 2001, 1981, 1973, 1969 and 1930…
My view:
1. If SPX clears 4200, we are in a new bull market
2. If SPX can't clear 4200, a new low needs to be establishedRead here: https://t.co/WC5OEnbcTd pic.twitter.com/QcSQ8vj8Fr
— Yuriy Matso (@yuriymatso) April 26, 2023
The sell in May period is right around the corner.
Did you know that stocks have gained in May nine of the past 10 years?
Sell in June? pic.twitter.com/Tix6szeibh
— Ryan Detrick, CMT (@RyanDetrick) April 25, 2023
$IWM continues to struggle. The window from November 2020 needs to be filled before any substantial progress can be made, IMO. The bears tried to close the window twice in 2022 but failed – will the third time be the charm? pic.twitter.com/w64RqMvdun
— Sam Gatlin (@sam_gatlin) April 26, 2023
Are the Micro Caps finally making the move everyone and their dog has been expecting?
Are risky stocks going to get a little riskier…$IWC $SPX pic.twitter.com/eqaZKClpOF
— Sam McCallum (@Honeystocks1) April 26, 2023
Yesterday was the 63rd time since the beginning of 2018 that the Value Line Geometric Index crossed the 550 level.
That's half a decade of volatility and no progress. pic.twitter.com/lVgSDNCkLn
— Willie Delwiche, CMT, CFA (@WillieDelwiche) April 26, 2023
$MSFT added roughly $200B in market cap today after reporting a monster earnings beat yesterday.
This chart has all the characteristics of what we're looking for from tech stocks these days:
200-day MA curling up
Price back above Aug highs
Completing a rounding bottom reversal pic.twitter.com/kZTSZgX4Zv— Steven Strazza (@sstrazza) April 26, 2023
How important is $META to $XLC & $SPX?
This important: pic.twitter.com/5k1If7JGBZ
— Frank Cappelleri (@FrankCappelleri) April 26, 2023
Would guess there will eventually be a different spin on large cap Growth indices (cap on weight?)โฆ never had one, let alone two weights each account for over 10% of the R1000 Growth index. pic.twitter.com/tRCrATdfFJ
— Todd Sohn (@Todd_Sohn) April 26, 2023
Oil futures failed to hold their breakout.
Now working on filling the OPEC+ gap.$CL_F pic.twitter.com/uTysZ87m72
— David Rath (@DJwrath) April 26, 2023
$SLV got some deserved rest. Back to old highs. Spot to trade against. Like it pic.twitter.com/ywrYakmq3o
— Gregory Krupinski (@G_krupins) April 26, 2023
Make volatility great again.#Bitcoin $BTC
+9% in 24 hours
-9% in a few minutes. pic.twitter.com/o4b56720R7— Greg Rieben (@gregrieben) April 26, 2023