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Daily Chart Report πŸ“ˆ Tuesday, April 11th, 2023

April 11, 2023

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Today’s Summary
Tuesday, April 11th, 2023

IndicesRussell 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

Today’s 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

β€œWhen everybody is on one side of the boat,
you should go to the other side.”

- 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

pic.twitter.com/5Ujk857Whh

β€” Arun S. Chopra CFA CMT🧐 (@FusionptCapital) April 11, 2023

You’re all caught up now. Thanks for reading!