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Todayâs Summary
Wednesday, April 5th, 2023
Indices: Dow +0.24% |S&P 500 -0.25% | Russell 2000 -0.99% |Nasdaq 100 -1.01%
Sectors: 4 of the 11 sectors closed higher. Utilities led, gaining +2.59%. Consumer Discretionary lagged, dropping -2.05%.
Commodities: Crude Oil futures inched lower by -0.12% to $80.61 per barrel. Gold futures inched lower by -0.13% to $2,036 per oz.
Currencies: The US Dollar Index rose +0.31% to $101.88.
Crypto: Bitcoin was flat and continues to trade at $28,216. Ethereum gained +2.21% to $1,913.
Interest Rates: The US 10-year Treasury yield dropped to a six-month low of 3.314%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Prepare for more "Pain at the Pump" news stories if this breaks out.$RBOB_F pic.twitter.com/K54UvQf6Vr
— David Rath (@DJwrath) April 5, 2023
Todayâs Chart of the Day was shared by David Rath (@DJwrath). Itâs a daily candlestick chart of RBOB Gasoline Futures over the past 20 months. Remember all of the âpain at the pumpâ stories last Summer as Gasoline surged to all-time highs? Itâs easy to forget because prices dropped 50% from their June peak over the next six months. David points out that we could see those headlines return this Summer as Gasoline attempts to break through resistance around $2.80. Itâs quietly reached five-month highs after forming a base, or inverted head & shoulders pattern over the past seven months. Seasonality also supports higher prices, as Gasoline prices tend to ramp up ahead of the Summer months.
Quote of the Day
âHeadlines, in a way, are what mislead you. Because bad news is always a headline and gradual improvement is not.â
â Bill Gates
Top Links
A Big Win for the Bulls â Carson GroupÂ
Ryan Detrick takes a look at the December Low Indicator.
50% Retracement Level Remerging for S&P 500 â Schaefferâs Investment Research
Rocky White examines how the S&P 500 has historically performed around the 50% retracement level after a decline of 20% or more.
Market Isnât Showing Evidence that Bear Market Cycle is Over, Says Fairleadâs Katie Stockton â CNBC
In this clip, Katie Stockton shares her technical outlook on the S&P 500.
Monitoring a Buy Sigal for TLT â All Star Charts
Ian Culley lays out some key levels to watch on the Treasury Bond ETF, $TLT.
Top Tweets
Daily Mkt Mood: Treading Water
1. Stocks down
2. Nasdaq down third day
3. Bonds up for a third day
4. Dollar higher
5. $VIX about flat <20Investors seem to be waiting for something before taking a stand.
That said, S&P 500 range building for potential swipe down sub-4000.
— Abigail Doolittle (@TheChartress) April 5, 2023
$SPX trading at levels not seen since last Friday…. pic.twitter.com/3Cy4GGDaXp
— Jim Carroll (@vixologist) April 5, 2023
Want to see what a ranging market looks like?
Here are two examples for you…$SPY #GOLD
Until we get a breakout higher OR lower… the higher probability is more sideways price action… pic.twitter.com/Rramo01QTG
— Grant Hawkridge (@granthawkridge) April 4, 2023
Just waiting on ES to move above 4200 and VIX to drop below its multi-year support line. pic.twitter.com/56fNynpTP5
— Yuriy Matso (@yuriymatso) April 4, 2023
$IWM bad start to April pic.twitter.com/CI32Mxs002
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) April 5, 2023
I think it's a big problem for stocks if the Russell2000 isn't able to hold above last year's lows (2018 & 2020 highs). What's your bet? Big break coming soon? Or do they keep digging in and buying them down here? $IWM pic.twitter.com/1jxjtd0IhU
— J.C. Parets (@allstarcharts) April 5, 2023
US Regional Bank stocks are not recovering at all! pic.twitter.com/IzZy7ZlMpd
— jeroen blokland (@jsblokland) April 5, 2023
Healthy #markets are broader markets but so far this yearâs market is extraordinarily narrow. #NarrowMarkets reflect either #speculation or #ErodingFundamentalsâŚor both. pic.twitter.com/k99yS48CfU
— Richard Bernstein Advisors (@RBAdvisors) April 5, 2023
new YTD low for 10yr #10Y_F, looks like a real break. Big deal pic.twitter.com/xl9CVdsySY
— Oliver Renick (@OJRenick) April 5, 2023
$TACK – Building a nice base, rooting for this one. pic.twitter.com/uxpx11Xlyf
— Larry Thompson (@HostileCharts) April 5, 2023
McDonald's $MCD was going for its 10th straight green day and it gets dumped in the final 30 minutes! Brutal đ¤Śââď¸ pic.twitter.com/0Jr0LJKqZL
— Barchart (@Barchart) April 5, 2023