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Todayâs Summary
Wednesday, April 12th, 2023
Indices: Dow -0.11% | S&P 500 -0.41% | Russell 2000 -0.72% | Nasdaq 100 -0.89%Â
Sectors: 4 of the 11 sectors closed higher. Industrials led, gaining +0.33%. Consumer Discretionary lagged, falling -1.55%.
Commodities: Crude Oil futures rose +2.12% to a four-month high of $83.26 per barrel. Gold futures gained +0.29% to $2,025 per oz.
Currencies: The US Dollar Index dropped -0.60% to $101.53.
Crypto: Bitcoin fell -1.24% to $29,872. Ethereum rose +1.26% to $1,916.
Interest Rates: The US 10-year Treasury yield fell to 3.396%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Crude is making it's first 50 day high in over 200 days. pic.twitter.com/kiy4AvIL8V
— Against All Odds (@JasonP138) April 12, 2023
Todayâs Chart of the Day was shared by Jason Perz (@JasonP138). Crude Oil closed at its highest level since November today, after a sharp rebound in recent weeks. It closed at 52-week lows less than a month ago, on St. Pattys Day, but it’s rallied more than 24% since. Jason points out that this is Crude Oil’s first 50-day high in over 200 days. It’s been in a downtrend for nearly a year now, however, today’s higher high marks the first step toward reversing that downtrend. It also cleared $82 today, which has been resistance over the past five months. If Crude can continue to hold above $82 in the near term, the next upside objective will be the October/November highs around $92.
Quote of the Day
âRace cars are neither beautiful nor ugly.
They become beautiful when they win.â
– Enzo Ferrari
Top Links
Will Bearish Divergences Matter? – Day Trader Playbook
Yuri Matso takes a look at a bearish breadth divergence in the S&P 500.
Here’s Exactly What Needs to Happen for Stocks to Enter a Sustainable Bull Market – Business Insider
Katie Stockton shares her technical outlook on the market.
Sentiment Check: Large Speculators Get Aggressively Short – All Star Charts
Ian Culley takes a closer look at the large net short position in S&P 500 futures.
10-Year “10-Baggers” – Bespoke
Bespoke highlights 33 stocks that are up more than 1,000% over the past decade.
In Case You Missed It
In our latest episode of Trendlines over Headlines,  Willie Delwiche of Hi Mount Research joined us to discuss breadth, sentiment, interest rates, commodities, and more! Click the video below to watch the full conversation.
Subscribe to our YouTube channel here for new episodes every Friday!
Top Tweets
Bearish outside reversal day… pic.twitter.com/XwTRHRM4Uc
— Walter Deemer (@WalterDeemer) April 12, 2023
Did you enjoy the ride?? pic.twitter.com/BEcL7oMen4
— Jim Carroll (@vixologist) April 12, 2023
$SPY fighting with its 100-week SMA too.
Pretty easy way to play some tactical equity exposure, forward looking, for the discretionary folks. Odds are you can't stick to it though, even though it's "easy". pic.twitter.com/nCTnUQBFOA
— Steve Deppe, CMT (@SJD10304) April 12, 2023
Dow Jones Industrial Average held support and now rising towards resistance (brown line). A close above will excite the bulls. A break below support will excite the bears. The trading range remains for now. #stockmarket #trader pic.twitter.com/TG9swmBeIh
— Bonnie Gortler (@Optiongirl) April 12, 2023
This morning the Euro Stoxx 50 has pushed to within 1% of its post-Financial Crisis high made in November 2021. pic.twitter.com/9Z09gTveC3
— Bespoke (@bespokeinvest) April 12, 2023
The Dow Jones Industrials and Nasdaq100 are each up over 15% since the Dollar peaked in late September, just before journalists told us how strong the Dollar was. Now that the Dollar is down here near key support, we are very interested in how this resolves pic.twitter.com/luIVPTVSI6
— J.C. Parets (@allstarcharts) April 12, 2023
Crude Oil now trading at highest prices of 2023 pic.twitter.com/Hw8g25dLJ3
— Barchart (@Barchart) April 12, 2023
The Bloomberg Commodity Index just doing what it tends to do in April.
The individual $BCOM chart is also showing a potential change in trend.
Seasonality going to plan so far. pic.twitter.com/tVdQDzNjyg
— Sam McCallum (@Honeystocks1) April 12, 2023
Seasonality tells you WHERE to look for opportunities, price tells you WHEN to trade. Seasonality and price action MUST agree IMO. Why? Consider sugar futures. Seasonality says âdownâ this time of year. Actual sugar market? Says ânot this year, buddy!â
No agreement, no trade. pic.twitter.com/aWKzGEXHiq— Jay Kaeppel (@jaykaeppel) April 12, 2023
Egg prices getting fried, poached, and scrambled ⌠m/m drop of -10.9% for CPI eggs in March was largest since December 1987 pic.twitter.com/wEH0QNIXQW
— Liz Ann Sonders (@LizAnnSonders) April 12, 2023