Daily Chart Report π Monday, April 10th, 2023
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Todayβs Summary
Monday, April 10th, 2023
Indices: Russell 2000 +1.02% |Dow +0.30%|S&P 500 +0.10%|Nasdaq 100 -0.09%
Sectors: 6 of the 11 sectors closed higher. Industrials led, gaining +0.91%. Communications lagged, falling -0.22%.
Commodities: Crude Oil futures fell -1.19% to $79.74 per barrel. Gold futures dropped -1.12% to $2,004 per oz.
Currencies: The US Dollar Index rose +0.44% to $102.54.
Crypto: Bitcoin rose +4.76% to a 10-month high of $29,689. Ethereum gained +2.90% to $1,914.
Interest Rates: The US 10-year Treasury yield rose to 3.421%.
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 Brian Shannon (@alphatrends). Bitcoin reached a 10-month high today around $29k. It peaked in November 2021 around $65k and dropped more than 75% over the next year. It ultimately found support around $15k at the end of last year, just after FTX blew up and Tom Brady abandoned his laser eyes. It might sound funny, but laser eyes have been an excellent contrarian indicator for Bitcoin. Brian points out that it's currently at a potential inflection point as it tests the AVWAP from the peak (black line). This AVWAP acted as resistance last April, but the current attempt looks more constructive as price has been consolidating just below it for the past four weeks. This consolidation below resistance has given buyers more time to absorb the overhead supply at these levels. Either way, this is a major test for Bitcoin.
Quote of the Day
βWe are all apprentices in a craft where no one ever becomes a master.β
- Ernest Hemingway
Top Links
Key Levels for the FAANG Stocks - StockCharts.com
David Keller takes a look at the FANG stocks.
People Aren't Listening Closely Enough to the Market's Message: Renaissance Macro's DeGraaf - CNBC
In this quick clip, Jeff deGraaf of Rennaissance Macro Research shares his thoughts on the current market environment.
The Big Commodity "Super Cycle" - The Weekly Grind
Sam McCallum examines what could be next for commodities.
Three Days - The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the most notable technical developments.
Weighing The Evidence with Willie Delwiche | Trendlines over Headlines - The Chart Report
In this week's episode, Willie Delwiche of Hi Mount Research returned to the show to discuss breadth, sentiment, interest rates, global equities, and more!