Sponsored By:
Todayâs Summary
Friday, March 17th, 2023
Indices: Nasdaq 100 -0.49% | S&P 500 -1.10% | Dow -1.19% | Russell 2000 -2.56%
Sectors: All 11 sectors closed lower. Technology led but still inched lower by -0.14%. Financials lagged, dropping -3.22%.
Commodities: Crude Oil futures fell -2.08% to a fresh 52-week low of $66.93 per barrel. Gold futures jumped +2.63% to $1,974 per ounce â the highest level in nearly a year.
Currencies: The US Dollar Index fell -0.55% to $103.86.
Crypto: Bitcoin jumped +9.64% to $27,466. Ethereum rose +7.01% to $1,794.
Interest Rates: The US 10-year Treasury yield dropped to 3.436%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Strength out of the Nasdaq has been impressive this year.
From a relative standpoint, it's at an important spot.
Does it blast right through or take a breather? pic.twitter.com/enybj2ow2D
— David Rath (@DJwrath) March 17, 2023
Todayâs Chart of the Day was shared by David Rath (@DJWrath). The Nasdaq led by a wide margin this week, gaining 5.85%, marking its best week since November. Itâs outperformed the S&P 500 for 12 consecutive days now, which is its third-longest streak of outperformance over the past 25 years. David points out that the Nasdaq is currently testing a key resistance level relative to the S&P 500 (second chart down). Weâve seen several notable inflections around this level over the past couple of years. Will this level break the Nasdaqâs impressive streak of outperformance next week?
Quote of the Day
âLuck is what happens when preparation meets opportunity.â
â Seneca
Trendlines > Headlines
Check out the latest episode of Trendlines over Headlines!
In this weekâs episode, Brian Lund of The Lund Loop joins us to make sense of this weekâs price action. We take a look at the S&P 500, Banks, Crude Oil, Pot Stocks, Crypto, and more!
Top Links
Nasdaq 100 Steadily Outperforms â Bespoke
Bespoke points out that the Nasdaq has outperformed the S&P 500 for 12 consecutive sessions â the third-longest streak in the past 25 years.
Back to December â LPL Financial Research
Adam Turnquist highlights some key takeaways from recent price action.
Energy is on the Ropes â All Star Charts
Steve Strazza examines the weakness in Crude Oil & Energy Stocks.
Is a Tsunami Closing In â The Weekly Grind
Sam McCallum shares some noteworthy charts to focus on next week.
Gold Gets a Shine â StockCharts.comÂ
Greg Schnell breaks down a chart of Gold after the yellow metalâs best week in almost two years.
Top Tweets
Wkly Mkt Mood: Widely Mixed
1. S&P up, NDX up most since Nov
2. #Bitcoin +25% best in 2 yrs
3. But bonds rally massively
4. Oil plunges by 13.7%
5. Banks tumble -15%Importantly, there seems to be a sector/style rotation underway with growth +4.1% and value -1.7% this week.
— Abigail Doolittle (@TheChartress) March 17, 2023
Mixed bag this week $SPY
Technology & Utilities: đ©
Energy & Financials: đ„ pic.twitter.com/uGD7IieVQ3— TrendSpider (@TrendSpider) March 17, 2023
Weekly $SPX update: many would be surprised to learn S&P500 is up 1.5% this week. Just a whole lot of trendless nothing right now. With 2yr notes moving 20-30bps+ per day, how is anyone supposed to know what stocks are worth?đ pic.twitter.com/RBdA5qwWPq
— Michael Turvey (@MikeTurvey_TDA) March 17, 2023
Best week for ndx > spx since 2008 pic.twitter.com/PFUZteNRBS
— Emily Graffeo (@emily_graffeo) March 17, 2023
The ratio of the $NDX to $DJIA (growth to value) surged 4.99% this past week. Biggest week's rally since May 2002…and I don't think it's because everyone is jazzed about going full 'risk on' pic.twitter.com/WYEQAvoUVc
— John Kicklighter (@JohnKicklighter) March 17, 2023
Thanks to a rally in tech, an equal-weighted version of the S&P 500 is on track for the second-worst week ever relative to the cap-weighted S&P 500. pic.twitter.com/5WTE4htx7U
— Elena Popina (@lena_popina) March 17, 2023
The tech sector has reversed nearly all of its 2022 underperformance in less than 3 months…
đ€Ż pic.twitter.com/FcrvHDvhsO
— Matt đŠ, CMT (@topstockcharts) March 17, 2023
Small caps went from 14% up on the year to negative in 6 weeks$IWM pic.twitter.com/BRQdzGrRRS
— David Rath (@DJwrath) March 17, 2023
#RTY_F, 1h
Russell going into the next week. pic.twitter.com/ncMLlC913b
— Yuriy Matso (@yuriymatso) March 17, 2023
I don't think there's enough Financial charts on Twitter today, so here's another 1.
Testing those Financial Crisis highs again… big levels, not just for Financials, but the whole market. $XLF pic.twitter.com/VJfXlb3W5m— Sam McCallum (@Honeystocks1) March 17, 2023
The KBW Bank Stock Index (BKX) has lost about one-third of its value in the last five weeks.
30% has evaporated in the last nine trading days.
If the banking system is "strong" and we are getting past this, someone should tell bank stock investors. pic.twitter.com/1RfBAMQ6o6
— Jim Bianco biancoresearch.eth (@biancoresearch) March 17, 2023
Spot Gold closed +$69.79 on the day, the largest daily move since March 2020. $GDX $GDXJ pic.twitter.com/iJPBiSXiCq
— MicroSectors (@msectors) March 17, 2023
Quite the gold move this week! pic.twitter.com/vzlvDTYbHc
— IV (@iv_technicals) March 17, 2023
what's wrong with owning these things if they're above their prior cycles highs? pic.twitter.com/2UWzp1E8Zl
— J.C. Parets (@allstarcharts) March 17, 2023
In case there wasn't already enough chart porn this week…
Is it different this time? $SPX pic.twitter.com/0WfTaVclWO
— Steven Strazza (@sstrazza) March 17, 2023