EB Daily Market Report - Wednesday, April 19, 2023

Dear members.

A brief update today as Tom prepares for the Model ETF Draft that will take place for members at 5:30 pm EST. You will receive room instructions prior to the start of the event.

This is monthly options expiration week so anything goes. So far the market has shown the same kind of resilience it has for some time now with all of the major indexes well off session lows.

The VIX has moved lower to a level we haven't seen since late 2021. Meaning? Traders more confident at the moment then the media and analysts want you to think.

Last night after the bell Netflix reported mixed earnings. The stock sunk sharply before rebounding  as traders shrugged off the results. Tonight's headliner is Tesla that will be reporting after the bell and could give us additional clues as to where the market could be heading in the near term.

For now the S&P remains well above all key techincal levels with resistance now at yesterday's high of 4169 and support at the 20 day moving average, currently at 4087. Those are the levels to watch as earnings season heats up and as we close in on options expiration Friday.

At your service,

John Hopkins