Daily Chart Report 📈 Wednesday, April 5th, 2023
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Today’s Summary
Wednesday, April 5th, 2023
Indices: Dow +0.24% |S&P 500 -0.25% | Russell 2000 -0.99% |Nasdaq 100 -1.01%
Sectors: 4 of the 11 sectors closed higher. Utilities led, gaining +2.59%. Consumer Discretionary lagged, dropping -2.05%.
Commodities: Crude Oil futures inched lower by -0.12% to $80.61 per barrel. Gold futures inched lower by -0.13% to $2,036 per oz.
Currencies: The US Dollar Index rose +0.31% to $101.88.
Crypto: Bitcoin was flat and continues to trade at $28,216. Ethereum gained +2.21% to $1,913.
Interest Rates: The US 10-year Treasury yield dropped to a six-month low of 3.314%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by David Rath (@DJwrath). It’s a daily candlestick chart of RBOB Gasoline Futures over the past 20 months. Remember all of the “pain at the pump” stories last Summer as Gasoline surged to all-time highs? It’s easy to forget because prices dropped 50% from their June peak over the next six months. David points out that we could see those headlines return this Summer as Gasoline attempts to break through resistance around $2.80. It’s quietly reached five-month highs after forming a base, or inverted head & shoulders pattern over the past seven months. Seasonality also supports higher prices, as Gasoline prices tend to ramp up ahead of the Summer months.
Quote of the Day
“Headlines, in a way, are what mislead you. Because bad news is always a headline and gradual improvement is not.”
– Bill Gates
Top Links
A Big Win for the Bulls – Carson Group
Ryan Detrick takes a look at the December Low Indicator.
50% Retracement Level Remerging for S&P 500 – Schaeffer’s Investment Research
Rocky White examines how the S&P 500 has historically performed around the 50% retracement level after a decline of 20% or more.
Market Isn’t Showing Evidence that Bear Market Cycle is Over, Says Fairlead’s Katie Stockton – CNBC
In this clip, Katie Stockton shares her technical outlook on the S&P 500.
Monitoring a Buy Sigal for TLT – All Star Charts
Ian Culley lays out some key levels to watch on the Treasury Bond ETF, $TLT.