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The Price Action Lab Report-Week of April 24, 2023 [Premium Articles]

Photo by Burak The Weekender

Market analysis for the week of April 24, 2023. Major market indexes, ETFs, commodities, forex, and crypto. This report includes 32 charts and tables. Free access to weekly summary. Access to the full report requires a Premium Articles or an All-in-One subscription.

Report contents

  1. Weekly Summary.
  2. Chart of the Week.
  3. Major Market Indexes.
  4. Russell 1000 Equities.
  5. Major ETFs.
  6. Commodity ETFs.
  7. International Market ETFs.
  8. Spot Currency Pairs.
  9. Bitcoin and Ethereum

1. Weekly Summary (April 17 – April 21, 2023)

  • Stocks ended the week mixed amid rising uncertainty.
  • Bond yields were higher, and bond prices fell.
  • Commodities ended lower after a four-week winning streak.
  • The US dollar was stable after five weeks of losses.

Stocks ($SPX) fell 0.1% due to forecasts about a recession later in the year and anticipation of earnings results from large caps next week. Overall, the weekly changes in major equity indices were small, as markets have already discounted all available information. Earnings and economic releases in the future will drive action and determine the direction of asset prices.

The Dow Jones Industrial Average ($DJI) lost 0.2%. Small-cap stocks ($RUT) were up 0.6%. Tech stocks ($NDX) finished the week down 0.2%. The S&P 500 high beta index ($SP5HBI) fell 0.5%. The S&P 500 low volatility index ($SP5LVI) gained 0.9%.

The US Treasury Bond Total Return Index fell 0.2%. The yield on 10-year notes rose five basis points to 3.57% due to worries about the core inflation for March, which came in higher than the previous month at 5.6%. The spot price of crude oil plunged 5.7%, despite the recent OPEC+ announcement of production cuts. Gold on the spot market (@GC) dropped 2.3% but remains on a path to testing the all-time highs of August 2020. Commodities ($CRB) lost 2% after four weeks of solid gains. The US dollar index ($USDX) was up 0.3%.

Only gold (@GC) has positive 252-day momentum at 1.2%, as measured by the price rate of change. Crude oil’s (@WTI) momentum is the most negative at -24.1%.

Year-to-date, tech stocks ($NDX) are up 18.8% but remain 21.6% below all-time highs. Gold (@GC) is up 8.9%, and the S&P 500 high beta index ($SP5HBI) is up 8.5%. Crude oil (@WTI) is down 2.9%. Commodities ($CRB) are down 2.5%, and the S&P 500 low volatility index ($SP5LVI) has dropped 0.3%.

The ensemble of our six systematic strategies is up 1.3% year-to-date. Our PSI5TF trend-following strategy with 23 futures contracts (long and short) is up 4.8% after gains of about 24% last year. The DBMF iMGP DBi Managed Futures Strategy ETF is down 8.6% year-to-date.

2. Chart Of The Week

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Specific disclaimer: This report includes charts that may reference price target levels determined by technical and/or quantitative analysis. No charts will be updated if the market condition changes affect the charts’ levels and/or any analysis based on them. All charts in this report are for informational purposes only. See the disclaimer for more information.

Disclaimer:  No part of the analysis in this blog constitutes a trade recommendation. The past performance of any trading system or methodology is not necessarily indicative of future results. Read the full disclaimer here.

Charting and backtesting program: Amibroker. Data provider: Norgate Data

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