Daily Chart Report ? Wednesday, February 8th, 2023
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Today’s Summary
Wednesday, February 8th, 2023
Indices: Dow -0.61% | S&P 500 -1.11% | Russell 2000 -1.52% | Nasdaq 100 -1.83%
Sectors: All 11 sectors closed lower. Real Estate led but still slipped -0.27%. Communications lagged, dropping -3.14%.
Commodities: Crude Oil futures gained +1.72% to $78.47 per barrel. Gold futures rose +0.31% to $1,891 per ounce.
Currencies: The US Dollar Index inched higher by +0.13% to $103.47.
Crypto: Bitcoin fell -1.25% to $22,961. Ethereum fell -1.26% to $1,651.
Interest Rates: The US 10-year Treasury yield dropped to 3.613%.
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 Larry Thompson (@HostileCharts). It’s a monthly chart of the S&P 500 over the past five years. With all the choppiness recently, Larry reminds us to zoom out and defer to the message of the long-term chart. The bulls have a lot to love here. For starters, the S&P 500 reclaimed its 10-month moving average in January. Second, it has formed a solid base over the past nine months, with resistance around 4100. Some will call it an Inverted Head & Shoulders pattern. Semantics aside, this is an accumulation pattern, and it’s not bearish.
Quote of the Day
“When things go badly, people become cautious. Then their caution causes things to go well, and when things go well, they become incautious. I think that’s a forever cycle.”
– Howard Marks
Top Links
Understanding the Strange Market Climate – Schaeffer’s Investment Research
Rocky White takes a look at what has historically happened when the VIX and the S&P 500 move higher together.
Bull Market: Stocks Making More New Highs Than New Lows – TD Ameritrade Network
In this clip, Willie Delwiche offers his perspective on the current market environment.
There’s a Big Macro Shift Taking Place That Could Erase the Bulk of This Year’s Stock Market Gains – Business Insider
Katie Stockton shares her thoughts on the US Dollar and its potential impact on Stocks.
Big Level Ahead for the Kiing Dollar – All Star Charts
Ian Culley examines a potential rebound in the US Dollar.
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Top Tweets
You’re all caught up now. Thanks for reading!
