Daily Chart Report π Wednesday, April 26th, 2023
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Todayβs Summary
Wednesday, April 26th, 2023
Indices: Nasdaq +0.64% | S&P 500 -0.38% | Dow -0.68% | Russell 2000 -0.89%
Sectors: Technology was the only sector that closed higher, gaining +1.49%. Utilities lagged, falling -2.35%.
Commodities: Crude Oil futures dropped -3.59% to $74.30 per barrel. Gold futures fell -0.42% to $1,996 per oz.
Currencies: The US Dollar Index fell -0.39% to $101.45.
Crypto: Bitcoin inched lower by -0.22% to $28,237. Ethereum fell -0.54% to $1,856.
Interest Rates: The US 10-year Treasury yield rose to 3.450%.
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 in note by John Roque (@daChartLife) Itβs a weekly chart of the Russell 2000 over the past 8Β½ years. John points out that the Russell 2000 is skating on thin ice again as it tests the 2018/2020 highs around 1700. It has already tested this level several times in the past year. Typically, the more times a level is tested, the weaker it becomes as each test absorbs more and more demand. Itβs also weak on a relative basis considering itβs at three year lows versus the S&P 500. Small Caps often lead the broader market higher or lower, so this is a very important level to watch in the near term.
Quote of the Day
βThe more a man really knows about speculation, the less certain he becomes in regard to any market movement.β
β Charles H. Dow
Top Links
S&P 500 April Loss Historically Bearish For Rest of Year β Almanac Trader
Jeff Hirsch points out that the rest of the year is often weak when the S&P 500 is down in April.
Is Anyone Bullish? (Part 2) β Carson Group
Ryan Detrick shares his thoughts on sentiment and positioning.
Copper/Gold Ratio Suggesting Interest Rate Decline Ahead! β Kimble Charting Solutions
Chris Kimble examines the Copper/Gold ratio and what it could be suggesting for the 10-year yield.
Death Cross Sounds A Lot Scarier Than It Is! β LPL Financial Research
Jeff Buchbinder takes a look at the recent death cross in the Russell 2000.
S&P 500 Should Eventually Break Out, Says Fairlead Strategiesβ Kate Stockton β CNBC
In this clip, Katie Stockton discusses her outlook for the S&P 500, yields and crypto.
In Case You Missed It
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!