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Todayâs Summary
Monday, April 10th, 2023
Indices: Russell 2000 +1.02% |Dow +0.30%|S&P 500 +0.10%|Nasdaq 100 -0.09%Â
Sectors: 6 of the 11 sectors closed higher. Industrials led, gaining +0.91%. Communications lagged, falling -0.22%.
Commodities: Crude Oil futures fell -1.19% to $79.74 per barrel. Gold futures dropped -1.12% to $2,004 per oz.
Currencies: The US Dollar Index rose +0.44% to $102.54.
Crypto: Bitcoin rose +4.76% to a 10-month high of $29,689. Ethereum gained +2.90% to $1,914.
Interest Rates: The US 10-year Treasury yield rose to 3.421%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
#Bitcoin is banging away at the âď¸VWAP from the all time high. The recent consolidation has occurred as a TIME correction vs a larger PRICE pullback, that is typically bullish
The AVWAPs above are the next levels of interest pic.twitter.com/SreJXWLsQC
— Brian Shannon, CMT (@alphatrends) April 10, 2023
Todayâs Chart of the Day was shared by Brian Shannon (@alphatrends). Bitcoin reached a 10-month high today around $29k. It peaked in November 2021 around $65k and dropped more than 75% over the next year. It ultimately found support around $15k at the end of last year, just after FTX blew up and Tom Brady abandoned his laser eyes. It might sound funny, but laser eyes have been an excellent contrarian indicator for Bitcoin. Brian points out that it’s currently at a potential inflection point as it tests the AVWAP from the peak (black line). This AVWAP acted as resistance last April, but the current attempt looks more constructive as price has been consolidating just below it for the past four weeks. This consolidation below resistance has given buyers more time to absorb the overhead supply at these levels. Either way, this is a major test for Bitcoin.
Quote of the Day
âWe are all apprentices in a craft where no one ever becomes a master.â
– Ernest Hemingway
Top Links
Key Levels for the FAANG Stocks – StockCharts.com
David Keller takes a look at the FANG stocks.
People Aren’t Listening Closely Enough to the Market’s Message: Renaissance Macro’s DeGraaf – CNBC
In this quick clip, Jeff deGraaf of Rennaissance Macro Research shares his thoughts on the current market environment.
The Big Commodity “Super Cycle” – The Weekly Grind
Sam McCallum examines what could be next for commodities.
Three Days – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the most notable technical developments.
Weighing The Evidence with Willie Delwiche | Trendlines over Headlines – The Chart Report
In this week’s episode, Willie Delwiche of Hi Mount Research returned to the show to discuss breadth, sentiment, interest rates, global equities, and more!
Top Tweets
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/sDj232M6Xd
— StockMKTNewz – Evan (@StockMKTNewz) April 10, 2023
We are closing in on the close of the Monday US session. The $SPX has put in for a sizable lower wick on low volume. Most interesting: 5-day historical range (as %age of spot) tightest trading since Jan 4, 2022 – the bull/bear turning point pic.twitter.com/OPJ3WpMTEH
— John Kicklighter (@JohnKicklighter) April 10, 2023
Speculators boosted their net-short bets on $SPX futures to the highest level since 2011, the CFTC data released on Friday show. pic.twitter.com/rQoHDEKzGy
— Elena Popina (@lena_popina) April 10, 2023
A whole lot of âhead bangingâ going on⌠pic.twitter.com/tbwCQtEo6Y
— Jay Kaeppel (@jaykaeppel) April 10, 2023
My favourite 2023 chart YTD $BKX, $SPY pic.twitter.com/M9HjEH1Xe4
— Frances Horodelski (@fhoro) April 9, 2023
Regional banks haven't bounced at all since that initial post-SVB plunge. I hadn't looked at the chart, but I would have guessed some recovery. $KRE pic.twitter.com/0OOMBFNs84
— Joe Weisenthal (@TheStalwart) April 10, 2023
Dollar (DXY) showed strength today and slightly broke the March downtrend. The dollar The October downtrend remains in effect. #stockmarket #trader pic.twitter.com/fzx3xZYZtW
— Bonnie Gortler (@Optiongirl) April 10, 2023
Gold has never finished a week at a higher price ever in history, even before Moses or dinosaurs pic.twitter.com/CbRPLtuhXA
— J.C. Parets (@allstarcharts) April 10, 2023
Bitcoin $BTC hits highest price since June 2022 pic.twitter.com/OMt5oVyznz
— Barchart (@Barchart) April 10, 2023
$BTCUSD is in a Squeeze, at least as close to one as we are likely to get this cycle. It is the lowest value for BandWidth in 96 bars. I prefer a minimum of 125 periods, but this should alert the savvy trader of a coming change in the volatility regime.https://t.co/M4TgQwlbSL
— John Bollinger (@bbands) April 10, 2023
It's beyond words stupid $BTCUSD pic.twitter.com/DhrCHT3TQH
— Arun S. Chopra CFA CMTđ§ (@FusionptCapital) April 10, 2023