Powered By:
Today’s Summary
Thursday, April 20th, 2023
Indices: Dow -0.33% |Russell 2000 -0.54% | S&P 500 -0.59% | Nasdaq 100 -0.78%
Sectors: Consumer Staples was the only sector that closed higher, gaining +0.24%. Consumer Discretionary lagged, falling -1.54%.
Commodities: Crude Oil futures dropped -2.36% to $77.37 per barrel. Gold futures rose +0.59% to $2,019 per oz.
Currencies: The US Dollar Index fell -0.14% to $101.80.
Crypto: Bitcoin fell -1.81% to $28,305. Ethereum gained +0.60% to $1,946.
Interest Rates: The US 10-year Treasury yield dropped to 3.534%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
#ES_F, weekly
ES has been 'struggling' with the 50% level for months now… But even if it breaks out and moves above the 4200 level, it is still too early to call this a new bull market.
In my view, the bull market will be confirmed only when ES moves above the 61.8% level. pic.twitter.com/PcsDRTkkDW
— Yuriy Matso (@yuriymatso) April 20, 2023
Today’s Chart of the Day was shared by Yuriy Matso (@yuriymatso). The S&P 500 continues to struggle at 4200. The index has made several attempts to clear this hurdle over the past year, but it’s proving to be a brick wall of resistance. This level also coincides with the 50% retracement of the 2022 decline. Price briefly reclaimed it last August, but that move ended up being a failed breakout. Yuriy points out that the bulls won’t be out of the woods until the August highs are surpassed. The August highs are around 4320, coinciding with the 61.8% Fibonacci retracement of the 2022 decline. Last Summer was a notable exception, but it’s rare to see a bear market continue after retracing more than 50% of its decline.
Quote of the Day
“Some people get rich studying artificial intelligence.
Me, I make money studying natural stupidity.”
– Carl Icahn
Top Links
April Mid-Month Conference Call: 5 Key Takeaways – All Star Charts
The team at All Star Charts highlights five charts to watch in the coming weeks.
Bulls Keep Comming Back – Bespoke
Bespoke breaks down the results of the most recent AAII Sentiment Survey.
Technical Trends to Watch – TD Ameritrade Network
In this clip, Frank Cappelleri shares his technical perspective on the S&P 500 and the VIX.
Nasdaq Composite Holds Critical Support, So Far So Good For Bulls! – Kimble Charting Solutions
Chris Kimble examines a long-term chart of the Nasdaq Composite.
Sell in May and Go Away – Maybe, It Depends – Almanac Trader
Seasonality expert Jeff Hirsch looks at the “Sell in May & Go Away” strategy.
In Case You Missed It
Chris Verrone of Strategas Research joined us to share his perspective on the S&P 500, Market Leadership, Financials, Interest Rates, Gold, Crypto, and more!
Subscribe to our YouTube channel here for new episodes every Friday!
Top Tweets
Daily Mkt Mood: Risk-Off
1. Stocks post decent decline
2. $SPX down <1% but worst in a month
3. Pressure comes from $TSLA -10%
4. Fx barely moves
5. Bonds rallyTesla seems to be main source of pain on the day.
That today’s S&P drop is worst in a month speaks to recent meltup.
— Abigail Doolittle (@TheChartress) April 20, 2023
$QQQ the last 3 weeks pic.twitter.com/egnlIGX0XA
— JasonLeavitt (@JasonLeavitt) April 20, 2023
This chop is very impressive.$QQQ pic.twitter.com/PRNH5HAV7l
— Greg Rieben (@gregrieben) April 20, 2023
Activity levels on the Dow are extremely low. Similar to what the VIX shows, the $DJIA's 20-day ATR is the lowest since Nov 2021. A step further, activity is still decelerating looking at the 5-day to 20-day ATR ratio: pic.twitter.com/u0OBg4iKHe
— John Kicklighter (@JohnKicklighter) April 20, 2023
Look at the rise in the $VVIX relative to the $VIX pic.twitter.com/OZ341YpLki
— Stacey.A.Lee (@BBaxter2020) April 20, 2023
Yo, Charts – Riddle me this…
If the market is bullish, how come the number of days on the NYSE with New Highs > 100 peaked in January with 8 & now sits at 0?
(you can read the question pretending you’re Frank Gorshin – if you know, you know) pic.twitter.com/UnrdammITh— da Chart Life (@daChartLife) April 20, 2023
I know a lot of really compelling breadth indicators fired recently but this one is my go to and it shows that we never really did get breakaway momentum in this rally. That doesn't mean we're still in a bear or anything but we should temper our confidence. pic.twitter.com/RrqCAS3NSB
— Tony Welch, CFA, CFP®, CMT (@tonywelch17) April 20, 2023
Not everyone's bearish: pic.twitter.com/uFtD8ZGCJT
— Walter Deemer (@WalterDeemer) April 20, 2023
“.. The fact that prices can’t catch and hold on to a bid for more than a few days doesn’t say much for the fundamental backdrop of crude.”@bespokeinvest #OOTT pic.twitter.com/FblEwktD3w
— Carl Quintanilla (@carlquintanilla) April 20, 2023
crude oil – is that a failed breakout on the daily?
left: weekly
right: daily pic.twitter.com/9ARRBxiFiY— David Cox, CMT, CFA (@DavidCoxRJ) April 20, 2023
Well this is never good… #AI pic.twitter.com/HpsdBuLOhe
— Steven Strazza (@sstrazza) April 20, 2023