Daily Chart Report ? Tuesday, February 7th, 2023
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Today’s Summary
Tuesday, February 7th, 2023
Indices: Nasdaq 100 +2.12% | S&P 500 +1.29% | Dow +0.78% | Russell 2000 +0.76%
Sectors: 8 of the 11 sectors closed higher. Energy led rising +3.25%. Consumer Staples lagged falling -0.42%.
Commodities: Crude Oil futures gained +4.09% to $77.14 per barrel. Gold futures rose +0.28% to $1,885 per ounce.
Currencies: The US Dollar Index fell -0.28% to $103.34.
Crypto: Bitcoin gained +2.15% to $23,252. Ethereum rose +3.57% to $1,672.
Interest Rates: The US 10-year Treasury yield rose to 3.677%.
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 Jonathan Harrier (@jonathanharrier). It was a choppy day, but the S&P 500 managed to close higher by 1.29%. Jonathan points out that the short-term trend continues to point higher. Price is above the 10, 20, and 50-day exponential moving averages, and all three are sloping higher. To be fair, the 200-day moving average (not shown) is still sloping lower, but it's beginning to flatten out. The long-term trend can't turn higher until the short-term trend does. It's a process, but it's playing out in favor of the bulls.
Quote of the Day
"Markets trend only about 15% of the time; the rest of the time they move sideways"
- Paul Tudor Jones
Top Links
Five Clues This Isn't Just a Bear Market Rally - Carson Research
Ryan Detrick highlights five reasons why we may be in a new bull market.
Credit is Fine. What's the Problem? - All Star Charts
JC Parets points out that credit spreads are confirming the strength in stocks.
Nasdaq Composite Rally Starts From Important Trend Line Support! - Kimble Charting Solutions
Chirs Kimble breaks down a long-term chart of the Nasdaq Composite.
New Dow Theory Declares Bullish Phase - StockCharts.com
David Keller examines what modern Dow Theory is suggesting right now.
People All Over AI - Bespoke
Bespoke takes a look at the explosive interest in Artificial Intelligence.
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Top Tweets
You’re all caught up now. Thanks for reading!
