Daily Chart Report ? Monday, February 6th, 2023
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Today’s Summary
Monday, February 6th, 2023
Indices: Dow -0.10% | S&P 500 -0.61% | Nasdaq 100 -0.87% | Russell 2000 -1.40%
Sectors: 2 of the 11 sectors closed higher. Utilities led rising +0.85%. Tech lagged falling -1.22%.
Commodities: Crude Oil futures rose +0.98% to $74.11 per barrel. Gold futures inched higher by +0.15% to $1,880 per ounce.
Currencies: The US Dollar Index rose +0.62% to $103.63.
Crypto: Bitcoin fell -1.09% to $22,686. Ethereum fell -1.07% to $1,612.
Interest Rates: The US 10-year Treasury yield rose to 3.644%.
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 Brian Joyce (@Nasdaqbjoyce). The US Dollar index kicked off the week on a strong note after hitting a nine-month low on Thursday. It’s back above that crucial $103 level, which increases the likelihood of a failed breakdown. As we know, failed breakdowns often lead to sharp moves higher. The index remains below a flattening 40-week moving average, but it’s ripe for some mean reversion considering it just had its worst quarter in more than a decade. Dollar strength is one of the biggest potential threats to the recent rally in Stocks and other risk assets. Expect further pressure on Stocks, Gold, and Crypto if the Dollar continues to rebound in the near term.
Quote of the Day
“Stress comes from ignoring the things that you shouldn’t be ignoring.”
– Jeff Bezos
Top Links
FANG Index Has Best One-Month Rally on Record – Bespoke
Bespoke points out the NYSE FANG+ Index just posted its best month-over-month gain since inception.
February is Like a Bad Hangover – All Star Charts
JC Parets points out that February hasn’t been a strong month for Stocks over the past 70 years.
Out of the Woods – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the most noteworthy technical developments across the markets.
Precious Metals Have a Problem – Grindstone Intelligence
Austin Harrison takes a look at potential weaknesses in Precious Metals.
Trendlines over Headlines – An Update on Seasonality with Jeff Hirsch – The Chart Report
In the latest episode of Trendlines > Headlines, Jeff Hirsch, Editor of The Stock Traders Almanac returns to the show to break down February seasonality, the January Trifecta, and more! Podcast version here .
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Top Tweets
You’re all caught up now. Thanks for reading!
