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Today’s Summary
Wednesday, March 22nd, 2023
Indices: Nasdaq 100 -1.37% | Dow -1.63% | S&P 500 -1.65% | Russell 2000 -2.83%
Sectors: All 11 sectors closed lower. Consumer Staples led, falling -0.92%. Real Estate lagged dropping -3.65%.
Commodities: Crude Oil futures rose +1.77% to $70.90 per barrel. Gold futures rose +0.44% to $1,950/oz.
Currencies: The US Dollar Index dropped -0.66% to $102.53.
Crypto: Bitcoin fell -3.68% to $27,155. Ethereum dropped -4.60% to $1,724.
Interest Rates: The US 10-year Treasury yield dropped to 3.438%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
The smaller the stock, the weaker the performance as of the last few weeks. Large Cap is up nearly 2% above its 200-day MA while Micro Cap is 6.5% below. pic.twitter.com/TfhGC5m8Um
— Andrew Thrasher, CMT (@AndrewThrasher) March 22, 2023
Today’s Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher). The further you go down the cap scale, the weaker the index. The Large-Cap S&P 500 (left) is the only index that is currently above its 200-day moving average (but just barely after today’s weakness). The Mid-Cap index ($MID) tried to reclaim its 200-day moving average today, but it was rejected. The Small-Cap index ($SML) is comfortably below its 200-day moving average, as it tests the December lows. Micro-Caps are by far the worst, with $IWC making a new bear market low today. Bulls want to see Smaller-Cap stocks leading the charge as a sign of risk appetite, but that’s clearly not the case right now.
Quote of the Day
“The averages are merely the backdrop of the game; the real contests are waged over stocks themselves”
– Justin Mamis
Top Links
Midweek Market Update March 22, 2023 – Trading Adventures
Andy Moss highlights some key takeaways from recent price action.Â
Is the Yen About to Rip – All Star Charts
Ian Culley breaks down a chart of the Yen.
FANG+ Flying – Bespoke
Bespoke takes a look at the resurgence in FANG stocks.
Bank ETF Flashing Short Term Bullish Signal – Schaeffer’s Investment Research
Rocky White examines how the Financial sector has historically performed after a sharp drop.
Top Tweets
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/kBP5KY9ZJN
— StockMKTNewz – Evan (@StockMKTNewz) March 22, 2023
Not a great way for the S&P 500 $SPX to finish the day pic.twitter.com/P6LAlG7gkm
— Barchart (@Barchart) March 22, 2023
You don't even need to know when the Fed statement was released & Powell was talking. A picture is worth a thousand words. pic.twitter.com/CmSEg50eT8
— Liz Young (@LizYoungStrat) March 22, 2023
Check out this chart…
This is a composite intraday chart of the S&P across all 41 of Powell's Fed Days since he became Chair in 2018. Thoughts?https://t.co/H4p1RcpfIn pic.twitter.com/h8EtyXiDXD
— Bespoke (@bespokeinvest) March 22, 2023
Hard rejection for the Dow today at 32600…$DJIA $DIA $DJI pic.twitter.com/e2YxYBBJAr
— Ian McMillan, CMT (@the_chart_life) March 22, 2023
Big tech turned away at the Feb highs.
A rest makes sense. $QQQ pic.twitter.com/qDEfy3jqJS
— Greg Rieben (@gregrieben) March 22, 2023
this is the one right? nothing good happens to this market if Financials are below their 2007 Pre-GFC highs? pic.twitter.com/4n2h159DS0
— J.C. Parets (@allstarcharts) March 22, 2023
Hot and not: The dispersion in market sector performance is pretty extreme right now, with gold shares trading at their 100th percentile (of the 12-month range), and rate-sensitive financials trading at their 0th percentile. pic.twitter.com/MFdlJTQFHw
— Jurrien Timmer (@TimmerFidelity) March 22, 2023
Growth & value hitting their lowest 20-day correlation in 14 months.
As mentioned in my last blog post: "The bifurcation within US sectors might be confusing many, but if the leading sectors are above breakout levels, we want some exposure." pic.twitter.com/FEGDT086r2
— Brian G (@alphacharts) March 22, 2023
• This analysis is amazingly accurate. Made in 1875 by Samuel Benner shows periods of panic, good time to sell assets and good times to buy.
• If you look at the top row it actually predicted great depression, WW2, dot com bubble and the COVID crash which we recently went… pic.twitter.com/n3izwtxCQ2— ProblemSniper (@ProblemSniper) March 21, 2023