Daily Chart Report ? Wednesday, February 1st, 2023
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Today’s Summary
Wednesday, February 1st, 2023
Indices: Nasdaq 100 +2.16% | Russell 2000 +1.49% | S&P 500 +1.05% | Dow +0.02%
Sectors: 9 of the 11 sectors closed higher. Technology led, gaining +2.35%. Energy lagged, falling -1.97%.
Commodities: Crude Oil futures dropped -3.12% to $76.41 per barrel. Gold futures inched lower by -0.13% to $1,943 per ounce.
Currencies: The US Dollar Index dropped -0.90% to a nine-month low of $101.17.
Crypto: Bitcoin rose +2.53% to $23,712. Ethereum gained +3.58% to $1,642.
Interest Rates: The US 10-year Treasury yield dropped to 3.420%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Alan Cohen (@al_xdpg). It’s a weekly candlestick chart of the Nasdaq 100 ETF ($QQQ) over the past 16 years. The Nasdaq is up 13% to start the new year after dropping more than 30% last year. It closed at a 4-month high today, and it recently reclaimed both its 200-day moving average and the downtrend line from its peak. Despite a dismal performance last year, Alan points out that the Nasdaq managed to respect the uptrend line that connects the 2009/2020 lows. Was last year’s decline just a pullback within a secular uptrend?
Quote of the Day
“One of the frustrating things for people who miss the first rally in a bull market is that they wait for the big correction, and it never comes. The market just keeps climbing and climbing.”
– Marty Zweig
Top Links
Broad Stock Market Index Testing Extremely Important Breakout Level! – Kimble Charting Solutions
Chris Kimble points out that the Value Line Geometric Index is attempting to reclaim a crucial level.
New 10-Month Highs for Small-Caps – All Star Charts
JC Parets notes that the Russell 2000 closed at a 10-month high in January.
The Trifecta of Bullish – Carson Group
Ryan Detrick takes a look at what three positive seasonality indicators could tell us about the rest of the year.
Putting the January Barometer to the Test – Schaeffer’s Investment Research
Rocky White examines the January Barometer within the context of other indicators like sentiment.
10 Names for Half the Move – Bespoke
Bespoke explains that 10 stocks were responsible for about 50% of the S&P 500’s gains in January.
Top Tweets
$XLK – Breaking the downtrend. $AAPL reports tomorrow (largest component). pic.twitter.com/sU0CEnHNRk
— Larry Thompson (@HostileCharts) February 1, 2023
You’re all caught up now. Thanks for reading!