Daily Chart Report π Tuesday, April 11th, 2023
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Todayβs Summary
Tuesday, April 11th, 2023
Indices: Russell 2000 +0.80% |Dow +0.29%|S&P 500 +0.00% |Nasdaq 100 -0.67%
Sectors: 9 of the 11 sectors closed higher. Energy led, gaining +0.95%. Technology lagged, falling -0.94%.
Commodities: Crude Oil futures rose +2.24% to $81.53 per barrel. Gold futures gained +0.76% to $2,019 per oz.
Currencies: The US Dollar Index fell -0.39% to $102.14.
Crypto: Bitcoin rose +2.06% to a 10-month high of $30,263. Ethereum fell -1.00% to $1,892.
Interest Rates: The US 10-year Treasury yield inched higher to 3.430%.
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 Ian Culley (@IanCulley). Large speculators (hedge funds) are aggressively short S&P 500 futures right now, with their largest net-short position since October 2011. Between tomorrow's CPI report, and earnings season, there are plenty of catalysts in the near term that could spark a move lower in the S&P 500. Ironically, these bearish bets, placed in anticipation of a move lower, could end up fueling a move higher. As Ian points out, these levels of extremely bearish positioning have often been found at or near multi-year lows for the S&P 500. Markets rarely crash when everybody is expecting them to.
Quote of the Day
βWhen everybody is on one side of the boat,
you should go to the other side.β
- Jim Rogers
Top Links
Industry Performance and CPI - Bespoke
With the latest inflation data being released tomorrow, Bespoke examines how various industry groups have historically performed on CPI Day.
You Need Bulls in a Bull Market - All Star Charts
JC Parets shares his perspective on market sentiment.
Sensitive Sectors Are Holding the Keys to Unlock Upside Potential - StockCharts.com
Julius de Kempenaer takes a look at sector rotation within the S&P 500.
ETF Edge, April 10, 2023 - CNBC
Todd Sohn discusses the rise of buffered ETFs, which use derivatives to protect against downside risk.
Top Tweets
β Arun S. Chopra CFA CMTπ§ (@FusionptCapital) April 11, 2023