Daily Chart Report 📈 Thursday, April 20th, 2023
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Today’s Summary
Thursday, April 20th, 2023
Indices: Dow -0.33% |Russell 2000 -0.54% | S&P 500 -0.59% | Nasdaq 100 -0.78%
Sectors: Consumer Staples was the only sector that closed higher, gaining +0.24%. Consumer Discretionary lagged, falling -1.54%.
Commodities: Crude Oil futures dropped -2.36% to $77.37 per barrel. Gold futures rose +0.59% to $2,019 per oz.
Currencies: The US Dollar Index fell -0.14% to $101.80.
Crypto: Bitcoin fell -1.81% to $28,305. Ethereum gained +0.60% to $1,946.
Interest Rates: The US 10-year Treasury yield dropped to 3.534%.
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 Yuriy Matso (@yuriymatso). The S&P 500 continues to struggle at 4200. The index has made several attempts to clear this hurdle over the past year, but it’s proving to be a brick wall of resistance. This level also coincides with the 50% retracement of the 2022 decline. Price briefly reclaimed it last August, but that move ended up being a failed breakout. Yuriy points out that the bulls won’t be out of the woods until the August highs are surpassed. The August highs are around 4320, coinciding with the 61.8% Fibonacci retracement of the 2022 decline. Last Summer was a notable exception, but it’s rare to see a bear market continue after retracing more than 50% of its decline.
Quote of the Day
“Some people get rich studying artificial intelligence.
Me, I make money studying natural stupidity.”
- Carl Icahn
Top Links
April Mid-Month Conference Call: 5 Key Takeaways - All Star Charts
The team at All Star Charts highlights five charts to watch in the coming weeks.
Bulls Keep Comming Back - Bespoke
Bespoke breaks down the results of the most recent AAII Sentiment Survey.
Technical Trends to Watch - TD Ameritrade Network
In this clip, Frank Cappelleri shares his technical perspective on the S&P 500 and the VIX.
Nasdaq Composite Holds Critical Support, So Far So Good For Bulls! - Kimble Charting Solutions
Chris Kimble examines a long-term chart of the Nasdaq Composite.
Sell in May and Go Away - Maybe, It Depends - Almanac Trader
Seasonality expert Jeff Hirsch looks at the "Sell in May & Go Away" strategy.
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!