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Todayβs Summary
Thursday, April 27th, 2023
Indices: Nasdaq +2.76% | S&P 500 +1.96% | Dow +1.57% | Russell 2000 +1.20%
Sectors: All 11 sectors closed higher. Communications led by a wide margin, jumping +5.81%. Energy lagged, but still gained +0.36%.
Commodities: Crude Oil futures rose +0.62% to $74.76 per barrel. Gold futures were flat (+0.05%) at $1,997 per oz.
Currencies: The US Dollar Index was flat (+0.05%) at $101.49.
Crypto: Bitcoin gained +4.27% to $29,646. Ethereum rose +2.84% to $1,920.
Interest Rates: The US 10-year Treasury yield rose to 3.528%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
The Nasdaq 100 has seen a BIG reversal over the last 48 hours.
$NDX is now on the verge of breaking out ABOVE its bullish flag pattern – a move through 13,200 could open the door for more gains toward the upper-13,000s if earnings cooperate pic.twitter.com/uJxvj7Uz77— Matt Weller CFA, CMT (@MWellerFX) April 27, 2023
Todayβs Chart of the Day was shared by Matt Weller (@MWellerFX). The Nasdaq spent the majority of April in a tight range between 12,800 and 13,200. It broke below the lower bounds of that range on Tuesday, but as Matt points out, itβs seen a sharp reversal since then. It gapped back into the range this morning, and closed at the upper bounds. This resembles a failed breakdown. You could also call it a bear trap or a shakeout, but the point is, failed moves are often followed by sharp moves higher. With $AMZN surging after hours, the Nasdaq will likely break out of this tight range tomorrow.
Quote of the Day
βDonβt judge each day by the harvest you reap but by the seeds you plant.β
β Robert Louis Stevenson
Top Links
10 Weeks of Bearish Sentiment β Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Dow Jones Industrials Sell Signal Raises Concern! β Kimble Charting Solutions
Chris Kimble looks at a bearish MACD cross over on the quarterly chart of the Dow.
Greenback Strengthens: Analyst Sees Bear Trap, Predicts Snapback Rally For USD In May β Benzinga
Paul Ciana offers his outlook on the US Dollar Index.
Bitcoin Price Outlook: Technical Resistance at Important $30,000 Technical Level β Buisness Insider
Katie Stockton shares her technical perspective on Bitcoin.
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
$SPY 2nd best day of the year. pic.twitter.com/kj0gtCqDpo
— Mike Zaccardi, CFA, CMT π (@MikeZaccardi) April 27, 2023
$SPY $SPX #SPY So close to a monthly bull trigger w/ an April close above the inverse H&S neckline at $413.
Tomorrow is very much judgement day. pic.twitter.com/Xu5lNYQEtm
— Jake Wujastyk (@Jake__Wujastyk) April 27, 2023
Many times, right before a stock or index moves higher, it puts in a shakeout to shakeout the weak hands. Did the Nasdaq just put in a shakeout down to its 50-day before possibly moving higher out of its recent consolidation? pic.twitter.com/RhUTGdyYoQ
— Joseph Fahmy (@jfahmy) April 27, 2023
Breakdown bar, inside day, and then a sharp reversal to the upside. Lots of trickery as the Nasdaq 100 squeezes back into its 4-week-long sideways range. $QQQ pic.twitter.com/QbzqWaNnaA
— Evan Medeiros (@evanmedeiros) April 27, 2023
Last 3 months: NYSE FANG +13%, S&P500 +1%, S&P500 Equal Weight -5.5%. Not exactly inspirational. $NYFANG $SPX $SPXEW pic.twitter.com/s5dkjqi3LG
— Michael Turvey (@MikeTurvey_TDA) April 27, 2023
$RSP vs $SPY pic.twitter.com/7FF7lc4s8M
— Christian Fromhertz πΊπΈ (@cfromhertz) April 27, 2023
$RSP (Equal-weighted S&P 500)
Head and shoulders developing as price just broke below its 200 Day SMA pic.twitter.com/cTsiFrW6wf
— David Yocum (@YocumsCharting) April 27, 2023
$SPX and $DXY. Both at a big juncture. Hedgers bullish on both (and quite bearish Euro). pic.twitter.com/EBRTmuxFva
— Brian G (@alphacharts) April 27, 2023
$AAPL hitting fresh 6 Month Highs today.
Not a down trend. $SPX $QQQ $XLK $SPY pic.twitter.com/ezpCTOAOCu— Sam McCallum (@Honeystocks1) April 27, 2023
You figure out what I am trying to say. pic.twitter.com/dyWc5junDJ
— Peter Brandt (@PeterLBrandt) April 27, 2023