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Today’s Summary
Thursday, February 16th, 2023
Indices: Russell 2000 -0.96% | Dow -1.26% | S&P 500 -1.38% | Nasdaq 100 -1.93%
Sectors: All 11 sectors closed lower. Consumer Staples led, but still fell -0.27%. Consumer Discretionary lagged, dropping -2.18%.
Commodities: Crude Oil futures inched higher by +0.19% to $78.74 per barrel. Gold futures rose +0.35% to $1,852 per ounce.
Currencies: The US Dollar Index rose +0.27% to a one-month high of $104.10.
Crypto: Bitcoin dropped -3.33% to $23,521. Ethereum fell -2.21% to $1,638.
Interest Rates: The US 10-year Treasury yield rose to a one-month high of 3.865%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Since 1950, he is correct… https://t.co/AhqWNb1sAs pic.twitter.com/vK6NeS0XuN
— SentimenTrader (@sentimentrader) February 16, 2023
Today’s Chart of the Day was shared by SentimenTrader (@sentimentrader). Yesterday, Anthony Scaramucci revealed he was a closet technician when he shared this stat on Twitter. He pointed out that no prior S&P 500 bear market has made a new low after spending 18 consecutive days above its 200-day moving average. Many know Scaramucci for his brief stint as White House Communications Director under President Trump, but he’s no stranger to the financial markets. Love him or hate him, his stat is correct according to SentimenTrader. Of the 11 prior instances since 1950, the S&P 500 has never been lower 3, 6, or 12 months later.
Quote of the Day
“People who are right most of the time are people who change their minds often.”
– Jeff Bezos
Top Links
February Strategy Session: 3 Key Takeaways – All Star Charts
The team at All Star Charts highlights three themes to watch this month.
Bulls Step Back – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Another US Dollar Dilemma – The Weekly Grind
Sam McCallum takes a look at a potential bounce in the US Dollar Index.
We Like Small Caps and Cyclical Value: Carson Group’s Ryan Detrick – CNBC
In this clip, Ryan Detrick offers his outlook on the S&P 500, Small-Caps, and more.
Top Tweets
absolutely pathetic last hour from the bulls. embarrassing.
— Ian McMillan, CMT (@the_chart_life) February 16, 2023
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/OOZysyBUDL
— StockMKTNewz – Evan (@StockMKTNewz) February 16, 2023
Fedspeak strikes back… pic.twitter.com/uw9e8cpLxL
— Bespoke (@bespokeinvest) February 16, 2023
Not a great stat for bulls tomorrow: If Thursday before OPEX was down more than 1% on $SPY, Friday's close was higher only once in the last 3 years. pic.twitter.com/kpbUNSY6yy
— PetrTrades (@PetrTrades) February 16, 2023
FWIW, the 4148 to 4191 range is shaping up as a pretty decent resistance level:
ABOVE = Good
BELOW = Bad
BETWEEN = Let the arguments (about which way next) rage! pic.twitter.com/ucrouf1Dh8— Jay Kaeppel (@jaykaeppel) February 16, 2023
Once again, $SPX (-1.4%) cannot get past 2 days in a row without a 1% move.
Haven't gone more than 7 days in a row since late 2021.
Recent periods of sustained strength have been marked by the absence of big day-to-day price swings. pic.twitter.com/yzkih0Mhd6
— Willie Delwiche, CMT, CFA (@WillieDelwiche) February 16, 2023
$IEI: $HYG spread isn't narrowing, a drop below support would be bullish for the equity markets pic.twitter.com/zb0GmxPWdh
— Stacey.A.Lee (@BBaxter2020) February 16, 2023
Tough not to be bullish on artificial intelligence $BOTZ if we're above 24. pic.twitter.com/MKBvaYNB2O
— Alfonso Depablos (@AlfCharts) February 16, 2023
From a flows perspective, plenty of attention on Europe and E.M. – sentiment not shared for Japan. pic.twitter.com/AeWuxPFGac
— Todd Sohn (@Todd_Sohn) February 16, 2023
BTC at resistance but if we take out $25,400 it opens up a move to 32K… pic.twitter.com/YRAgMg4ag3
— FxMacro (@fxmacro) February 16, 2023
OpenAI's ChatGPT has reportedly predicted that the stock market will crash on March 15, 2023, per BI.
— unusual_whales (@unusual_whales) February 16, 2023