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Today’s Summary
Tuesday, February 14th, 2023
Indices: Nasdaq 100 +0.71% | S&P 500 -0.03% | Russell 2000 -0.06% | Dow -0.46%
Sectors: 5 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.20%. Real Estate lagged, falling -1.04%.
Commodities: Crude Oil futures fell -1.35% to $79.06 per barrel. Gold futures ticked higher by just +0.10% to $1,865 per ounce.
Currencies: The US Dollar Index was flat (-0.03%) at $103.27.
Crypto: Bitcoin gained +2.04% to $22,235. Ethereum rose +3.49% to $1,558.
Interest Rates: The US 10-year Treasury yield rose to a one-month high of 3.747%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Head on a swivel today with the S&P 500 having six swings of at least 0.6%. I'll call this discombobulation station. pic.twitter.com/KJbxumu6FZ
— Liz Young (@LizYoungStrat) February 14, 2023
Today’s Chart of the Day was shared by Liz Young (@LizYoungStrat). The S&P 500 went everywhere and nowhere today. It closed flat (-0.03%) after a volatile intraday session. Liz points out that the index had at least six moves over 0.60%, including three moves over 1%. Heading into today, everybody expected it to be a ‘big day’ with the highly anticipated CPI report this morning. However, the market did what it does best and embarrassed the consensus view. Despite closing flat, there’s bullish information in the fact that dips were bought. The bears had plenty of chances today, but buyers stepped in right where they had to around 4100. To paraphrase Charles Dow, “closing prices are all that matter.”
Quote of the Day
“Today was a waste of a clean shirt and cab fare.”
– Art Cashin
Top Links
DJIA and S&P 500 Up 10 of Last 12 Before Presidents’ Day Weekend – Almanac Trader
Jeff Hirsch examines how stocks have historically performed ahead of Presidents’ Day weekend.
Stocks to Watch: A Technician’s View of the Market – Barron’s
In this podcast, Frank Cappelleri shares his technical perspective on the market.
Why 10-Year Bond Yield Is Ready to Make New Highs In 2023 – See it Market
Guy Cerundolo explains why he thinks interest rates will continue to rebound.
Re: Goldman Sags – All Star Charts
JC Parets takes a look at another prime example of the magazine cover indicator.
Top Tweets
Daily Market Mood: Neutral
1. Stocks close mixed
2. Big whipsaws on light volume
3. Bonds down as yields rise
4. Third up day for $NDX
5. Nice rally for the chipsHot jobs, CPI and Powell digested with $YTD uptrend intact supports sense that stocks want to go higher still.
— Abigail Doolittle (@TheChartress) February 14, 2023
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/AHYj6W3eY0
— StockMKTNewz – Evan (@StockMKTNewz) February 14, 2023
"This market action is super unhealthy"
The market "action": pic.twitter.com/xPyFqSJG7c
— Arun S. Chopra CFA CMT? (@FusionptCapital) February 14, 2023
Completed:
Most of $SPX earnings for the quarter.
Higher CPI today than forecast.
The first Fed meeting of 2023.
Fed higher for longer.
Fed funds futures target up to 525-550.$SPX trading > 4100 so far & rising 20, 50 and 100 sma. Also > 200-sma and bullish 50/200-sma cross. pic.twitter.com/QR3FB8tQfF— Larry Tentarelli, Blue Chip Daily (@LMT978) February 14, 2023
#SPX SPX 10 consecutive closes above 1-year MA. pic.twitter.com/aTO7cMziGr
— Nautilus Research (@NautilusCap) February 14, 2023
The S&P 500 is up more than 7.5% YTD on #ValentinesDay.
Turns out, this usually leads to more green than red. In fact, the rest of the year was up nearly 11% on avg and higher 90% of the time. Only 1987 saw red returns. pic.twitter.com/ruy6efv0bo
— Ryan Detrick, CMT (@RyanDetrick) February 14, 2023
open door to upside. The longer the consolidation the better the odds for upside gap fill on NAZ SP, etc. 3-day low is now main pivot to downside. pic.twitter.com/nb7po5p1Zn
— Linda Raschke (@LindaRaschke) February 14, 2023
Hitting the road to see clients tomorrow before a week of powder chasing. Always wonder what will be most controversial chart, think this one regarding semis is a good bet: $SMH $SOX $NVDA $ADI pic.twitter.com/1kkShExM6N
— RenMac: Renaissance Macro Research (@RenMacLLC) February 14, 2023
$EEM ISHARES MSCI #EMERGINGMARKETS #ETF is consolidating above the 200-day average, and important support level that I want to see holding for continued strength.
More setups on Global Equities >> https://t.co/VFIFrb5tml pic.twitter.com/dId9mpMLJe
— Aksel Kibar, CMT (@TechCharts) February 14, 2023
Is Natural Gas a Bear Flag? Or a reversal pattern at support? $UNG $NG_F pic.twitter.com/n5SFB7zRHo
— J.C. Parets (@allstarcharts) February 14, 2023
From @StatistaCharts and @BLS_gov pic.twitter.com/FjLpHJOLv0
— Liz Ann Sonders (@LizAnnSonders) February 14, 2023
Traders on their Valentine date: pic.twitter.com/mHxwwm6P9g
— Steve Burns (@SJosephBurns) February 14, 2023