Daily Chart Report π Wednesday, April 12th, 2023
Sponsored By:
Todayβs Summary
Wednesday, April 12th, 2023
Indices: Dow -0.11% | S&P 500 -0.41% | Russell 2000 -0.72% | Nasdaq 100 -0.89%
Sectors: 4 of the 11 sectors closed higher. Industrials led, gaining +0.33%. Consumer Discretionary lagged, falling -1.55%.
Commodities: Crude Oil futures rose +2.12% to a four-month high of $83.26 per barrel. Gold futures gained +0.29% to $2,025 per oz.
Currencies: The US Dollar Index dropped -0.60% to $101.53.
Crypto: Bitcoin fell -1.24% to $29,872. Ethereum rose +1.26% to $1,916.
Interest Rates: The US 10-year Treasury yield fell to 3.396%.
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 Jason Perz (@JasonP138). Crude Oil closed at its highest level since November today, after a sharp rebound in recent weeks. It closed at 52-week lows less than a month ago, on St. Pattys Day, but it's rallied more than 24% since. Jason points out that this is Crude Oil's first 50-day high in over 200 days. It's been in a downtrend for nearly a year now, however, today's higher high marks the first step toward reversing that downtrend. It also cleared $82 today, which has been resistance over the past five months. If Crude can continue to hold above $82 in the near term, the next upside objective will be the October/November highs around $92.
Quote of the Day
βRace cars are neither beautiful nor ugly.
They become beautiful when they win.β
- Enzo Ferrari
Top Links
Will Bearish Divergences Matter? - Day Trader Playbook
Yuri Matso takes a look at a bearish breadth divergence in the S&P 500.
Here's Exactly What Needs to Happen for Stocks to Enter a Sustainable Bull Market - Business Insider
Katie Stockton shares her technical outlook on the market.
Sentiment Check: Large Speculators Get Aggressively Short - All Star Charts
Ian Culley takes a closer look at the large net short position in S&P 500 futures.
10-Year "10-Baggers" - Bespoke
Bespoke highlights 33 stocks that are up more than 1,000% over the past decade.
In Case You Missed It
In our latest episode of Trendlines over Headlines, Willie Delwiche of Hi Mount Research joined us to discuss breadth, sentiment, interest rates, commodities, and more! Click the video below to watch the full conversation.
https://youtu.be/Z1LqwUozP9o
Subscribe to our YouTube channel here for new episodes every Friday!