Daily Chart Report 📈 Monday, April 17th, 2023
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Today’s Summary
Monday, April 17th, 2023
Indices: Russell 2000 +1.22% | S&P 500 +0.33% | Dow +0.30% | Nasdaq 100 +0.06%
Sectors: 8 of the 11 sectors closed higher. Real Estate led, gaining +2.27%. Energy lagged, falling -1.18%.
Commodities: Crude Oil futures fell -2.05% to $80.83 per barrel. Gold futures fell -0.44% to $2,007 per oz.
Currencies: The US Dollar Index rose +0.51% to $102.10.
Crypto: Bitcoin dropped -2.74% to $29,500. Ethereum fell -1.98% to $2,078.
Interest Rates: The US 10-year Treasury yield rose to 3.602%.
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 Greg Rieben (@gregrieben). Greg points out that $QQQ has been trading in a tight range of less than 3% so far this month. Keep in mind, this is taking place after the index gained more than 20% in Q1 - its best quarterly gain in nearly three years. After a strong rally, it's perfectly normal, and even healthy, to see some pause. This tight consolidation resembles a bull flag. It's also constructive to see price holding above its February high. Some of the worst moves in the past year have begun as failed breakouts, but price has been respecting its former high for a change.
Quote of the Day
"There's so much disagreement about investing, and it's because nobody really knows."
- Robert Schiller
Top Links
What is the VIX Telling Us Today? - Interactive Brokers
Steve Sosnick shares his perspective on the VIX.
10 Reasons to Expect Stocks to Continue to Suprise to the Upsidde - Ryan Detrick
In this Twitter thread, Ryan Detrick highlights 10 bullish developments to keep in mind.
European Treasure - Bespoke
Bespoke takes a look at Europe's outperformance over the US.
Breadth Isn’t Bad. It Just Isn’t Good. And That’s Okay. - Grindstone Intelligence
Austin Harrison examines several breadth metrics.
Forget the Macro and Focus on Price - The Next Big Move
Joe Fahmy lays out five reasons why the S&P 500 could continue to climb the wall of worry.
In Case You Missed It
Chris Verrone of Strategas Research joined us to share his perspective on the S&P 500, Market Leadership, Financials, Interest Rates, Gold, Crypto, and more!
https://youtu.be/U0IG-f2fhYI
Subscribe to our YouTube channel here for new episodes every Friday!
Top Tweets