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Today’s Summary
Thursday, March 9th, 2023
Indices: Dow -1.66% | Nasdaq 100 -1.80% | S&P 500 -1.85% | Russell 2000 -2.81%
Sectors: All 11 sectors closed lower. Utiliites led but still fell -0.80%. Financials lagged, dropping -4.06%.
Commodities: Crude Oil futures fell -1.23% to $75.72 per barrel. Gold futures rose +0.88% to $1,835 per ounce.
Currencies: The US Dollar Index fell -0.36% to $105.28.
Crypto: Bitcoin tumbled -6.51% to $20,291. Ethereum slid -6.54% to $1,433.
Interest Rates: The US 10-year Treasury yield fell to 3.909%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$KRE -8.2% today. Worst day since June 2020.
Massive volume, 2-year low. pic.twitter.com/URpGJao9Sb— Mike Zaccardi, CFA, CMT (@MikeZaccardi) March 9, 2023
Today’s Chart of the Day was shared on Twitter by Mike Zaccardi (@MikeZaccardi). The Regional Bank ETF ($KRE) had its worst day since June 2020 today, sinking 8.18% to its lowest level in more than two years. This equally weighted ETF has over 140 components and every single one of them closed lower by more than 1%. One component, Silicon Valley Bank ($SIVB), crashed more than 60% today! Today’s action confirms a bearish head & shoulders pattern that has formed over the past two years. As of today’s close, $KRE is decisively below the neckline of that pattern now, which is around $57. This level served as support three times throughout the bear market in June, July, and December of last year. This breakdown sets an ominous tone for the major indices, as Regional Banks are an important piece of the broader market puzzle.
Quote of the Day
“A bank is a place that will lend you money
if you can prove that you don’t need it.”
– Bob Hope
Top Links
Stocks Crashed as Banking Fears Rise – Breadth Confirms Sell-Off – Day Trader Playbook
Yuriy Matso highlights some key takeaways from today’s sell-off.
Bearish Sentiment Remains – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
How Long Can Semiconductors Lead the Market? – StockCharts.com
Mish Schneider shares her thoughts on the strength in Semiconductor stocks
Competition For Capital With Ryan Grabinski and Todd Sohn – Strategas
In this video, Todd Sohn and Ryan Grabinski discuss the Material Sector, Commodities, Interest Rates, and more.
Top Tweets
$SPX $NASDAQ $DJIA and $RUT all crossed under and closed below their 200-day moving averages today.
— Quantifiable Edges (@QuantifiablEdgs) March 9, 2023
Daily Mkt Mood: Risk-Off
1. Stocks down ~2%
2. $BKX -7.7% worst since June 2020
3. Big rally in 2-yr notes, decent 10-yr
4. Safe haven or undo of Powell pop
5. Jobs and BOJ ahead $SPX decisively below 200 DMA is ugly, Fri critical, will help determine state of Oct uptrend.— Abigail Doolittle (@TheChartress) March 9, 2023
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/5UDfnURDjo
— StockMKTNewz – Evan (@StockMKTNewz) March 9, 2023
S&P 500 $SPX closes below the 200 Day Moving Average ? pic.twitter.com/GBYXIJIkEs
— Barchart (@Barchart) March 9, 2023
$SPY flirting with breaking the October uptrend while credit spreads widen $IEI: $HYG, still looks fairly orderly pic.twitter.com/0xcuGiN4jf
— Stacey.A.Lee (@BBaxter2020) March 9, 2023
Papa Dow back on the Weekly MACD sell signal. First of the majors, I believe. $DJI $DJIA $DIA pic.twitter.com/FIzskFnJqE
— Ian McMillan, CMT (@the_chart_life) March 9, 2023
This index should be acting stronger than it has if a Bull market began off the June low.
Additionally, the Russell 2000’s February 2 close was -1.00% below its August 16 close. This is within the tolerance of a “Double Top” market peak. pic.twitter.com/zuj2EkmnRc— Milton W Berg CFA (@BergMilton) March 9, 2023
March 9, 2009 was the day the Financial Crisis finally ended.
I'll never forget how many technicians were sharing this was also a 61.8% retracement from the '82 lows to the '07 peak.
Not saying I believe in Fibonacci retracements, but hard to fully ignore when I look at this. pic.twitter.com/zwnqomJKzy
— Ryan Detrick, CMT (@RyanDetrick) March 9, 2023
Commodity Spot Index from @Bloomberg continues to take out its recent lows this year, falling to lowest since early 2022 pic.twitter.com/dTgIs92hfO
— Liz Ann Sonders (@LizAnnSonders) March 9, 2023
Worst day for banks since June 2020. A big down day like this tends to have follow through. Momentum pic.twitter.com/hhDn3wi0j5
— Urban Carmel (@ukarlewitz) March 9, 2023
$KRE straight shattered its all time volume record today with $2.7b traded, Top 10 among ETFs on ripple effects of $SVB (2.3% weighting in KRE) which is down like 60% on news it is taking steps to shore up its capital position. pic.twitter.com/LzvmR18JA9
— Eric Balchunas (@EricBalchunas) March 9, 2023
BREAKING: Peter Thiel's Founder's Fund has advised companies to pull money from $SIVB, per Bloomberg.
The stock was down 60.41% today and down another 8.63% after hours.
h/t @AyeshaTariq pic.twitter.com/wq6PPR5W9E
— Markets & Mayhem (@Mayhem4Markets) March 9, 2023
At least my uncorrelated Bitcoin investment is providing a solid hedge pic.twitter.com/IZYzmAghHi
— Tom Hearden (@followtheh) March 9, 2023