Daily Chart Report π Thursday, April 27th, 2023
Powered By:
Todayβs Summary
Thursday, April 27th, 2023
Indices: Nasdaq +2.76% | S&P 500 +1.96% | Dow +1.57% | Russell 2000 +1.20%
Sectors: All 11 sectors closed higher. Communications led by a wide margin, jumping +5.81%. Energy lagged, but still gained +0.36%.
Commodities: Crude Oil futures rose +0.62% to $74.76 per barrel. Gold futures were flat (+0.05%) at $1,997 per oz.
Currencies: The US Dollar Index was flat (+0.05%) at $101.49.
Crypto: Bitcoin gained +4.27% to $29,646. Ethereum rose +2.84% to $1,920.
Interest Rates: The US 10-year Treasury yield rose to 3.528%.
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 Matt Weller (@MWellerFX). The Nasdaq spent the majority of April in a tight range between 12,800 and 13,200. It broke below the lower bounds of that range on Tuesday, but as Matt points out, itβs seen a sharp reversal since then. It gapped back into the range this morning, and closed at the upper bounds. This resembles a failed breakdown. You could also call it a bear trap or a shakeout, but the point is, failed moves are often followed by sharp moves higher. With $AMZN surging after hours, the Nasdaq will likely break out of this tight range tomorrow.
Quote of the Day
βDonβt judge each day by the harvest you reap but by the seeds you plant.β
β Robert Louis Stevenson
Top Links
10 Weeks of Bearish Sentiment β Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Dow Jones Industrials Sell Signal Raises Concern! β Kimble Charting Solutions
Chris Kimble looks at a bearish MACD cross over on the quarterly chart of the Dow.
Greenback Strengthens: Analyst Sees Bear Trap, Predicts Snapback Rally For USD In May β Benzinga
Paul Ciana offers his outlook on the US Dollar Index.
Bitcoin Price Outlook: Technical Resistance at Important $30,000 Technical Level β Buisness Insider
Katie Stockton shares her technical perspective on Bitcoin.
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!