Daily Chart Report ? Friday, February 10th, 2023
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Today’s Summary
Friday, February 10th, 2023
Indices: Dow +0.50% | S&P 500 +0.22% | Russell 2000 +0.18% | Nasdaq 100 -0.62%
Sectors: 8 of the 11 sectors closed higher. Energy led, gaining +3.92%. Consumer Discretionary lagged, falling -1.17%.
Commodities: Crude Oil futures rose +2.13% to $79.72 per barrel. Gold futures fell -0.21% to $1,875 per ounce.
Currencies: The US Dollar Index rose +0.38% to $103.58.
Crypto: Bitcoin fell -0.97% to $21,590. Ethereum dropped -2.17% to $1,512.
Interest Rates: The US 10-year Treasury yield rose to a one-month high of 3.742%.
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 David Rath (@DJwrath). The Dow closed flat for the second week in a row. David points out that the price has been tightening into a narrow since the end of November, with rising support and falling resistance. This consolidation is starting to resemble a symmetrical triangle, or coil pattern, as it’s also called. Just like a coiled spring, the tighter price action gets, the more potential energy builds for a big pop! Pressure is building for a large move in either direction. Consolidations typically resolve in the direction of the prevailing trend, which in this case is higher, but when they don’t it’s a major red flag. Keep an eye on which direction the Dow resolves, as we get closer and closer to the apex of the pattern.
Quote of the Day
“Follow the trendlines, not the headlines.”
– Bill Clinton
Trendlines over Headlines
https://youtu.be/Iafp6YF5NNs
The Latest Episode of Trendlines over Headlines is out!
In this week’s episode, Brian Shannon returns to the show to discuss his newest book, Maximum Trading Gains with Anchored VWAP. We explore why the Anchored VWAP is such a robust indicator, and Brian outlines a few strategies to profit from it.
You can also listen to the podcast version here!
Top Links
Three Concerning Signs for Stocks – StockCharts.com
David Keller highlights three potentially bearish developments for stocks.
Don’t Fight the Fed says 3Fourteen’s Warren Pies – CNBC
In this clip, Warren Pies shares his technical & macro outlook on the market.
Seeing the Spin on Natural Gas – All Star Charts
Ian Culley takes a look at the sharp decline in Natural Gas.
Trends with Friends, Episode 2 – Howard Lindzon
Howard Lindzon, JC Parets, Phil Pearlman, and Riley Rosenberger discuss the state of the market, seasonality, and more.
Do Stocks Want the Eagles or Chiefs to Win? – Carson Group
With the Super Bowl this weekend, Ryan Detrick takes a look at how the S&P 500 has performed after different Super Bowl outcomes…try not to take this one too seriously!
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Top Tweets
You’re all caught up now. Thanks for reading!
