Daily Chart Report ? Thursday, February 9th, 2023
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Today’s Summary
Thursday, February 9th, 2023
Indices: Dow -0.73% | S&P 500 -0.88% | Nasdaq 100 -0.91% | Russell 2000 -1.40%
Sectors: All 11 sectors closed lower for the second day in a row. Consumer Discretionary led, but still slipped -0.19%. Communications lagged, dropping -2.19%.
Commodities: Crude Oil futures moved lower by -0.52% to $78.06 per barrel. Gold futures fell -0.65% to $1,879 per ounce.
Currencies: The US Dollar Index fell -0.27% to $103.19.
Crypto: Bitcoin dropped -5.05% to $21,802. Ethereum slid -6.36% to $1,546.
Interest Rates: The US 10-year Treasury yield rose to 3.664%.
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 Ryan Detrick (@RyanDetrick). The S&P 500 had one of its best starts to a year recently, however, the next few weeks could get rocky if history rhymes. February is the second weakest month of the year, and the worst month within the ‘best six months’ (October-April). Ryan points out that February typically starts off strong, only to give back its gains in the second half of the month. On a brighter note, the seasonal trend turns bullish again in mid-March. Also, we’re in the midst of what has historically been the best quarter of the 4-year Presidential Cycle. If history is any guide, we could see some giveback over the next few weeks, but there are a lot of positive seasonal forces at play in the bigger picture. For more on these seasonal trends, check out our latest episode of Trendlines over Headlines, with seasonality expert, Jeff Hirsch.
Quote of the Day
“Whoever wishes to foresee the future must consult the past; for human events ever resemble those of preceding times.”
– Niccoló Machiavelli
Top Links
Stock Trading February 9 2023 – AlphaTrends
In this quick video, Brian Shannon breaks down recent price action and lays out a few levels of interest to watch in the near term.
Stocks Will Keep Doing Pretty Well in 2023 – Fox Business News
In this clip, Ryan Detrick highlights some of the reasons he thinks stocks will continue higher in 2023.
All Quiet on the Bond Front – All Star Charts
Ian Culley examines what Bond volatility could suggest for Stocks.
Deconstructing 10, 20 & 30 Year Stock Market Returns – A Wealth of Common Sense
Ben Carlson takes a look at how stocks have historically performed over a 10, 20, and 30-year holding period.
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Top Tweets
You’re all caught up now. Thanks for reading!
