Daily Chart Report 📈 Monday, April 17th, 2023

Patrick Dunuwila

April 17, 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

Big tech is tight.

Trading in a 3% range for more than 2 weeks.$QQQ pic.twitter.com/5dvuJaiv8r
— Greg Rieben (@gregrieben) April 17, 2023

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

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

Daily Mkt Mood: Neutral to Risk-On

1. Stocks mainly higher
2. Volume up
3. $VIX w/ a 16-handle
4. Bonds lower
5. $BKX up 1%

S&P 500 starting to break above its range, unclear if it holds. Earnings next big catalyst.

Bitcoin-3%, worst day in a month, something to monitor.
— Abigail Doolittle (@TheChartress) April 17, 2023

#sp500 You have to love 4200 and the 50% -- Half-way-back trade for stonks. Look at how much energy has been spent on 4156. Levels- Probably something you should just keep ignoring.. Bull or Bear. :) pic.twitter.com/NbA71xf5Z4
— Chris Robinson (@cer_hedge) April 17, 2023

$VIX ... lowest since the SPX ATH pic.twitter.com/sjchTC640G
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) April 17, 2023

$VIX is more often a contrarian indicator than a confirming one. It’s been especially good over the past year. More in my @IBKR_Campus article below: https://t.co/k6xKDEVuCe pic.twitter.com/IFumU7Tg22
— Steve Sosnick (@SteveSosnick) April 17, 2023

$VIX is not the only way to measure volatility.

Bollinger Band Width is coming off it's lowest levels since October 2021. Just in time for earnings and that critical test of the $4,200 level in $SPX.

They say "from contraction comes expansion" so get your popcorn ready. pic.twitter.com/0unngIEKEe
— Larry Thompson (@HostileCharts) April 17, 2023

Polarity for now? or Polarity for good? pic.twitter.com/qjZgr4aCqd
— J.C. Parets (@allstarcharts) April 17, 2023

Although it unwound a touch this past week, speculative positioning on S&P 500 futures remains the most bearish in over a decade. pic.twitter.com/wLnVrYXm0N
— Liz Young Thomas (@LizThomasStrat) April 17, 2023

It’s been 6 months since the S&P’s low.

“Since WW2, we found 13 prior periods in which the $SPX made a major low after a 20%+ drop and then didn't make a new low in the next six months ..

Six and twelve months after,.. the S&P 500 was higher 12 times.” 👀@bespokeinvest pic.twitter.com/akHjt6SnWB
— Carl Quintanilla (@carlquintanilla) April 17, 2023

Europe has been the driver of global equity outperformance versus the S&P 500. pic.twitter.com/E6gS4jucSD
— Bespoke (@bespokeinvest) April 17, 2023

Some Charts That Have My Attention$ACWX bullish price action above the MAs but still looking for that relative breakout. If it happens, ROW over US will be a big theme. pic.twitter.com/OWw8r1HlbT
— Dan Russo, CMT (@DanRusso_CMT) April 17, 2023

$DXY $SPX pic.twitter.com/wMHmcm3wL9
— Ian McMillan, CMT (@the_chart_life) April 17, 2023

$SPY pic.twitter.com/gvpAHwDtm4
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) April 17, 2023

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

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