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Today’s Summary
Wednesday, February 15th, 2023
Indices: Russell 2000 +1.09% | Nasdaq 100 +0.77% | S&P 500 +0.28% | Dow +0.11%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.17%. Energy lagged, falling -1.70%.
Commodities: Crude Oil futures fell -0.59% to $78.59 per barrel. Gold futures dropped -1.08% to $1,845 per ounce.
Currencies: The US Dollar Index rose +0.52% to a one-month high of $103.81.
Crypto: Bitcoin jumped +9.55% to $24,332. Ethereum rose +7.63% to $1,675.
Interest Rates: The US 10-year Treasury yield rose to a one-month high of 3.809%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Such an important level here for semis. On both an absolute and relative basis! $SOX $SPX pic.twitter.com/MEUUQkbq8t
— Shane C. Murphy (@murphycharts) February 15, 2023
Today’s Chart of the Day was shared by Shane Murphy (@murphycharts). It’s a chart of the Semiconductor Index ($SOX) and its performance relative to the S&P 500 in the lower pane. Shane points out that Semiconductor stocks are attempting to break out of a 10-month base on both an absolute and relative basis. You know what they say about big bases…“the bigger the base, the higher in space!” The base also resembles an inverted head & shoulders bottom with neckline resistance around 3150. A measured move from this pattern would target the all-time highs around 4000. As you might know, Semiconductor stocks often lead the broader market higher or lower. A breakout here would further galvanize the bull case.
Quote of the Day
“A stumbling block to the pessimist is a stepping stone to the optimist.”
– Elenor Roosevelt
Top Links
Classic Bull Market Action – Trading Adventures
Andy Moss gives a midweek update on the markets.
Is US Dollar Creating Monster Topping Pattern? – See it Market
Chris Kimble breaks down a long-term chart of the US Dollar Index.
S&P 500 Weekly Losing Streaks – CappThesis
Frank Cappelleri points out that avoiding a second weekly loss of 1% or more this week would help to confirm a new bull phase is underway.
Should You Buy Stocks During Holiday-Shortened Weeks? – Schaeffer’s Investment Research
Rocky White examines how stocks have historically performed during shortened holiday weeks.
Top Tweets
Daily Market Mood: Risk-On
1. Bullish reversal for stocks
2. Bonds down with yields up
3. Stocks digest rising rates
4. S&P okay w/ Dollar >50 DMA
4. Hot retail sales embracedRally out of Oct lows continues to build, this current consolidation is probably helps a lot.
— Abigail Doolittle (@TheChartress) February 15, 2023
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/eGsAxDY1He
— StockMKTNewz – Evan (@StockMKTNewz) February 15, 2023
Update
Since February 7, six trading days ago, during the NYSE-only session, the S&P 500 has reversed at least 1% TEN times (four were 2%).
We started this period at SPX 4106. As I write, it is 4107.
Weeee!!!! pic.twitter.com/eBDxC6iSfR
— Jim Bianco biancoresearch.eth (@biancoresearch) February 15, 2023
Semiconductor stocks are piercing through the upper bounds of a decade-long base relative to the Nasdaq 100.$XSD / $QQQ pic.twitter.com/iJzHvFaQvp
— Alfonso Depablos (@AlfCharts) February 15, 2023
Couple of caveats but it is rare for a sector to double its index weight in a such a short period. pic.twitter.com/CGzW0HsZyx
— Todd Sohn (@Todd_Sohn) February 15, 2023
Low volatility stocks relative to the S&P look like $IWM in 2021 pic.twitter.com/sZi0u8mLbB
— Tyler Lovingood (@Tyler_Lovingood) February 15, 2023
$SPY continues to move higher while $TLT moves lower pic.twitter.com/ax2lepxmUc
— Stacey.A.Lee (@BBaxter2020) February 15, 2023
With all the focus on #gold and #silver…
…$PALL #palladium has been falling for 11 months and now is -55% since last March.
Lowest 14-Wk RSI since Nov’21. #NowOrNever pic.twitter.com/aJ2eYXDjV1
— Frank Cappelleri (@FrankCappelleri) February 15, 2023
$ETH Weekly. We saw a base breakout in '17 and '20 – those were not only great times for crypto, but also stocks. Do we see a breakout here? pic.twitter.com/r3XGctitsT
— Brian G (@alphacharts) February 15, 2023
From the lower BB to the upper in 2 sessions.
Bitcoin got that 2019 feel to it. $BTCUSD pic.twitter.com/hRlacOSmzO
— Evan Medeiros (@evanmedeiros) February 15, 2023
#Bitcoin quietly up nearly 50% since Jan 1.
Above $24,000 right now pic.twitter.com/VsVKdRWWUd
— Chris Perruna (@cperruna) February 15, 2023