Daily Chart Report π Friday, March 31st, 2023
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Today's Summary
Friday, March 31st, 2023
Indices: Russell 2000 +1.93% | Nasdaq 100 +1.68% | S&P 500 +1.44% | Dow +1.26%
Sectors: All 11 sectors closed higher. Consumer Discretionary led, gaining +2.67%. Energy lagged but still rose +0.69%.
Commodities: Crude Oil futures rose +1.75% to $75.67 per barrel. Gold futures fell -0.58% to $1,986 per oz.
Currencies: The US Dollar Index rose +0.41% to $102.59.
Crypto: Bitcoin rose +1.78% $28,5400. Ethereum gained +1.77% to $1,826.
Interest Rates: The US 10-year Treasury yield dropped to 3.471%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Ryan Detrick (@RyanDetrick).Today was a special day for the S&P 500 as it closed out the day (+1.44%), the week (+3.48%), the month (+3.51%) and the quarter (+7.03%) with gains across all time frames. As we turn the calendar, Ryan points out that April has historically been a strong month for the S&P 500. Itβs been the best month over the past 20-years, and the second best month since 1950. He adds that April has rarely ended lower in pre-election years like 2023. In pre-election years, the S&P 500 has ended April higher 17 out of 18 times (94% of the time) for an average gain of +3.5%. Seasonality is just one of many data points to consider, but April has historically been kind to the bulls. For more on April seasonality, check out this note from Ryan.
Quote of the Day
βHistory does not repeat itself exactly, but behavior does.β
β Bob Farrell
Trendlines > Headlines
https://youtu.be/EbYmgUdeJzw
Check out the latest episode of Trendlines over Headlines!
This week, Matthew Tuttle, Founder & CEO of Tuttle Capital Management joins us to discuss two of his firmβs controversial ETFs β The Inverse ARKK ETF ($SARK) and the Inverse Jim Cramer ETF ($SJIM).
Top Links
Can the Spring Melt Up Continue? β LPL Financial Research
Adam Turnquist examines April seasonality.
Stocks Stopped Going Down β All Star Charts
JC Parets shares his outlook on the S&P 500.
DJIA, S&P 500 & NASDAQ Higher 66.7% of the Time on First Trading Day of April β Almanac Trader
Seasonality expert, Jeff Hirsch takes a look at how the major averages have historically performed on the first trading day of April.
When You See Amazon Turning Around Beautiful Things Start To Happen β StockCharts
Julius de Kempenaer highlights the recent rotation into the Consumer Discretionary sector.
Market Strategy Weekly β March 31, 2023 β Baird
In this video, Todd Sohn of Strategas Research highlights some of the most noteworthy technical developments.