Daily Chart Report 📈 Friday, April 28th, 2023
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Today’s Summary
Friday, April 28th, 2023
Indices: Russell 2000 +1.01% | S&P 500 +0.83% | Dow +0.80% | Nasdaq +0.65%
Sectors: 10 of the 11 sectors closed higher. Energy led gaining +1.55%. Utilities lagged, falling just -0.14%.
Commodities: Crude Oil futures rose +2.70% to $76.78 per barrel. Gold futures were flat for the second day in a row, at $1,999 per oz.
Currencies: The US Dollar Index rose +0.19% to $101.67.
Crypto: Bitcoin fell -0.46% to $29,348. Ethereum fell -0.70% to $1,896.
Interest Rates: The US 10-year Treasury yield dropped to 3.428%.
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 in a note by Bespoke. The five largest stocks have been responsible for a majority of the S&P 500’s gains so far this year. As a result of this narrow leadership, the traditional cap-weighted S&P 500 is outperforming the equal-weight S&P 500 by more than 5% YTD. That’s the second widest spread in the past 34 years. Conventional wisdom would say narrow leadership like this this is bearish. However Bespoke provides an interesting counter argument; “Besides 2020, the only other year where the gap was wider than two percentage points was in 1997. While it’s a small sample size and history doesn’t always repeat itself, we’d note that the S&P 500’s rest-of-year performance was a gain of over 20% in both of those years. Just saying.” For more on this topic, check out the full note here.
Quote of the Day
“When it is a question of money, everybody is of the same religion.”
– Voltaire
Top Links
Everything You Ever Wanted to Know About Sell in May – Carson Group
Ryan Detrick examines the notorious “sell in May and go away” phenomenon.
May’s First Day of Trading: S&P 500 Higher 72% of the Time – Almanac Trader
Jeff Hirsch looks at how the major indices have historically performed on the first trading day in May.
Stock Market Analysis Latest – Nasdaq 100 breakout to 10 month highs post earnings – The Trade Risk
In this video, Evan Medeiros breaks down this week’s price action.
Stocks Finish April Higher, Impressive Earnings Boost Large Caps – Seeking Alpha
Mike Zaccardi highlights some key takeaways from April.
VWAP-er’s Delight – The Compound
In this podcast, Brian Shannon joins Josh Brown and Michel Batnick to discuss the AVWAP indicator.
Top Tweets
Realized I could have done more with this.
This is about as max market psychology etc as it gets.
Note what a rare product fit etc for the pandemic it was too.$ZM $XLK pic.twitter.com/qIvT8J1Voa
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) April 28, 2023