Daily Chart Report π Monday, April 3rd, 2023
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Today's Summary
Monday, April 3rd, 2023
Indices: Dow +0.98% |S&P 500 +0.37% |Russell 2000 -0.01% | Nasdaq 100 -0.25%
Sectors: 7 of the 11 sectors closed higher. Energy led by a wide margin, gaining +4.53%. Real Estate lagged, falling -0.94%.
Commodities: Crude Oil futures had their best day in nearly a year, jumping +6.28% to $80.42 per barrel. Gold futures rose +0.71% to a new 52-week high of $2,000 per oz.
Currencies: The US Dollar Index dropped -0.53% to $102.05.
Crypto: Bitcoin fell -0.92% $27,927. Ethereum rose +0.78% to $1,810.
Interest Rates: The US 10-year Treasury yield dropped to 3.417%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Frank Cappelleri (@FrankCappelleri). Itβs a two-hour bar chart of the S&P 100 Mega Cap ETF ($OEF). $OEF cleared an important resistance level around $187 today, closing at a seven month high. Frank points out that RSI is reaching overbought (above 70) for the first time since February on the two-hour chart. The prior five overbought readings since October have led to pullbacks for $OEF. In recent weeks, the dramatic outperformance from Mega Cap stocks has masked some of the weakness beneath the surface of the major indices. It will be interesting to see if $OEF can sustain the recent breakout above $187. If the breakout fails, the major indices will need smaller cap stocks to step up to the plate in a big way.
Quote of the Day
βIf you can give up your ego and listen to what the markets are telling you, you can have a huge source of information.β
β Jeffery Yass
Top Links
April Technical Market Outlook β Grindstone Intelligence
Austin Harrison examines the outlook for the stocks in April.
DJIA, S&P 500, NASDAQ, and Russell 2000 Historically Strong Before Good Friday β Almanac Trader
Jeff Hirsch takes a look at how the major indices have historically performed around Good Friday.
Silver Creates Largest Bullish Quarterly Candlestick in Decades; Breakout Next? β Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of Silver.
Back to the Scene of the Crime β The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the most noteworthy technical developments across the markets.
Fading Jim Cramer and Cathie Wood | Trendlines over Headlines with Guest, Matthew Tuttle β The Chart Report
In this weeks episode, Matthew Tuttle, Founder & CEO of Tuttle Capital Management joins us to discuss two of his firmβs highly debated ETFs β The Inverse ARKK ETF ($SARK) and the Inverse Jim Cramer ETF ($SJIM).
Top Tweets
Hereβs the average daily April performance of the S&P 500 since 1950. pic.twitter.com/1SO0dtp8Iw
β Alfonso Depablos (@AlfCharts) April 3, 2023