DC Lite #345

"At this early stage, the first quarter earnings season for the S&P 500 is off to a weaker start than average compared to expectations"

Author

Daily Chartbook
April 17, 2025

Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights.

1. CTAs vs. gold. CTA positioning in gold remains very bullish.

2. Gold seasonality. Gold may be due for a breather.

3. Active managers vs. US equities. The NAAIM Exposure Index dropped to a 17-month low after active managers reduced exposure over the past week by the most since August.

4. SPX technicals. "The rout stopped at major support in the form of the 2022 high, and the subsequent rally stopped right at the scene of the crime at around 5500 (second chart). Should we overtake that resistance level in the days ahead, we might be able to call the low at 4835."

5. Q1 earnings. "At this early stage, the first quarter earnings season for the S&P 500 is off to a weaker start than average compared to expectations. Both the percentage of S&P 500 companies reporting positive earnings surprises and the magnitude of earnings surprises are below recent averages."

ICYMI

DC Lite #344

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DC Lite #343

"The dollar and yields - not stocks - will hold the whip hand with indicating when further softening with US tariff policy is likely"

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DC Lite #342

Consumer inflation expectations, global gold ETF flows, CTA positioning, CTA flow estimates, strategists S&P 500 price targets, earnings revisions

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DC Lite #341

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