Daily Chart Report 📈 Monday, April 24th, 2023
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Today’s Summary
Monday, April 24th, 2023
Indices: Dow +0.20% | S&P 500 +0.09% | Russell 2000 -0.15% | Nasdaq 100 -0.24%
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining +1.53%. Tech lagged, falling -0.44%.
Commodities: Crude Oil futures gained +1.14% to $78.76 per barrel. Gold futures rose +0.47% to $1,999 per oz.
Currencies: The US Dollar Index fell -0.37% to $101.35.
Crypto: Bitcoin fell -0.66% to $27,414. Ethereum fell -1.59% to $1,832.
Interest Rates: The US 10-year Treasury yield dropped to 3.494%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Brian Shannon (@alphatrends). With a busy week of earnings and economic data ahead, Brian points out that the Nasdaq ($QQQ) is testing its VWAP anchored to the November 2021 all-time high. Price has been hugging this AVWAP all month, as it’s been stuck in a tight 2.5% range. $QQQ has failed numerous attempts to reclaim this key AVWAP throughout the bear market. It would be very constructive to see $QQQ reclaim this AVWAP, but it hasn’t done so yet. This three-week pause suggests a big move could be brewing once price resolves higher or lower. Bulls and bears both hope that this week’s data dump will help Mr. Market finally come to a decision.
Quote of the Day
“Never underestimate this industry’s ability to keep coming up with new ways to blow up your portfolio.”
– Arun Chopra
Top Links
Russell Death Cross Implications for SPX – Quantifiable Edges
Rob Hanna points out that the Russell 2000’s recent death cross may not be as bearish as it sounds.
Three Charts Suggest Pullback Imminent – StockCharts.com
David Keller highlights three charts that suggest a pullback is brewing.
Why Are Investors So Scared – All Star Charts
JC Parets outlines a few bullish developments.
May Almanac: Second-Worst S&P 500 Month in Pre-Election Years – Almanac Trader
eff Hirsch examines how the major indices typically fare in May.
What Happens After a Bad Year in the Stock Market? – A Wealth of Common Sense
Ben Carlson takes a look at how the major indices have historically performed after a ‘bad’ year.
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!