Daily Chart Report π Friday, April 21st, 2023
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Todayβs Summary
Friday, April 21st, 2023
Indices: Nasdaq 100 +0.11% |Russell 2000 +0.10% |S&P 500 +0.09% | Dow +0.07%
Sectors: 6 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.10%. Materials lagged, falling -0.88%.
Commodities: Crude Oil futures gained +0.65% to $77.87 per barrel. Gold futures dropped -1.42% to $1,991 per oz.
Currencies: The US Dollar Index inched lower by -0.07% to $101.72.
Crypto: Bitcoin fell -3.48% to $27,254. Ethereum dropped -4.86% to $1,848.
Interest Rates: The US 10-year Treasury yield rose to 3.576%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by David Yocum (@YocumsCharting). The chart shows the daily percentage changes for the S&P 500 ($SPY). It was a boring week for the S&P 500, with the index essentially unchanged since last Friday (-0.10%). This pause occurs as the S&P 500 tests a major inflection point around 4200. This lack of volatility pushed the $VIX down to new 52-week lows this week. We keep hearing βthe VIX is brokenβ due to the rise in 0DTE options, but it seems to be doing its job, as itβs confirming the small daily moves weβve had in the S&P 500 recently. Volatility could return soon, with some of the largest companies in the S&P 500 reporting earnings next week, including $MSFT $AMZN, $GOOGL, and $META.
Quote of the Day
βStocks are the only thing that people are happy to buy when the price goes up.β
β Warren Buffett
Top Links
No Respect Recovery β LPL FInancial Research
Adam Turnquist points out that investors remain skeptical despite a double-digit rally over the past six months.
April 2nd Half Strength After Tax Deadline β Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in the second half of April.
These Pessamistic Markets are Full of Technical Buys β BNN Bloomberg
In this clip, Todd Sohn of Strategas Research shares his thoughts on sentiment, homebuilders, JP Morgan, and more.
Crude Oil at Crossroads, Next Move to Have Large Impact on Inflation β Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of Crude Oil.
Trendlines over Headlines
Check out the latest episode of Trendlines over Headlines!
This week, volatility expert Andrew Thrasher joins us to make sense of the $VIX and the broader market. Andrew is a portfolio manager at Financial Enhancement Group and a two-time winner of the Charles H. Dow Award.
https://youtu.be/ClfPT2p4L8U
Subscribe to our YouTube channel here for new episodes every Friday!