Daily Chart Report ? Thursday, February 2nd, 2023
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Today’s Summary
Thursday, February 2nd, 2023
Indices: Nasdaq 100 +3.56% | Russell 2000 +2.06% | S&P 500 +1.47% | Dow -0.11%
Sectors: 7 of the 11 sectors closed higher. Communications led by a wide margin, jumping +6.57%. Energy lagged, falling -2.28%.
Commodities: Crude Oil futures fell -0.69% to $75.88 per barrel. Gold futures fell -0.62% to $1,931 per ounce.
Currencies: The US Dollar Index rose +0.56% to $101.74.
Crypto: Bitcoin fell -1.00% to $23,498. Ethereum was flat and continues to trade at $1,644.
Interest Rates: The US 10-year Treasury yield fell to 3.395%.
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 Rob Anderson of Ned Davis Research (@_rob_anderson). Sector breadth has made a notable improvement over the past four months. Rob points out that 10 of the 11 sectors are currently above their 200-day moving averages, with the Utilities sector being the odd man out. Sector breadth was completely washed out at the end of September with zero of the 11 sectors above their 200-day moving averages. The vertical lines mark all of the instances over the past five decades where sector breadth went from 0 to 10 like this. It’s a fairly rare occurrence, with only 14 prior instances, but it has generally marked a good buying opportunity for the S&P 500. This is yet another signal to add to the growing list of bullish improvements.
Quote of the Day
“History must repeat itself because we pay such little attention to it the first time.”
– Blackie Sherrod
Top Links
This Won’t End Well? – The Weekly Grind
Sam McCallum highlights some key charts to keep an eye on.
An Imbalanced Reaction to the FOMC – All Star Charts
Ian Culley examines how Growth Stocks and Bonds reacted to yesterday’s Fed meeting.
Another Important Statistic Worth Watching – CappThesis
Frank Cappelleri takes a look at the Nasdaq’s strong start to 2023.
Sentiment Streak Over – Bespoke
Bespoke breaks down the results of the latest sentiment surveys.
You Gotta Love a Good Wedgie – StockCharts.com
Julius de Kempenaer points out that the Consumer Discretionary sector is breaking out of a falling wedge.
Top Tweets
You’re all caught up now. Thanks for reading!