Daily Chart Report ? Monday, February 13th, 2023
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Today’s Summary
Monday, February 13th, 2023
Indices: Nasdaq 100 +1.60% | Russell 2000 +1.16% | S&P 500 +1.15% | Dow +1.11%
Sectors: 10 of the 11 sectors closed higher. Technology led, gaining +1.73%. Energy was the only sector that closed lower, slipping just -0.25%.
Commodities: Crude Oil futures rose +0.53% to $80.14 per barrel. Gold futures fell -0.59% to $1,864 per ounce.
Currencies: The US Dollar Index fell -0.27% to $103.30.
Crypto: Bitcoin was unchanged at $21,790. Ethereum fell -0.61% to $1,506.
Interest Rates: The US 10-year Treasury yield fell to 3.705%.
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 Wayne Whaley (@WayneWhaley1136). The table shows the S&P 500’s performance over the past fifty years when it’s been above or below nine different moving averages (5, 10, 20, 50, 100, 150, 200, 250, and 300-day.) The 200-day moving average gets all of the attention, but there’s nothing particularly special about 200-days. It’s a nice round number, and we all look at it, but it’s arbitrary. Wayne points out that the 250-day moving average has actually been a better indicator for the S&P 500 than the 200-day. The Third column shows that returns have been slightly better (+10.09% vs. +10.84%) and drawdowns have been less severe (-25.01% vs. -21.65%). Either way, the bulls can sleep easier knowing the S&P 500 is currently above all nine moving averages on this table.
Quote of the Day
“If a market doesn’t respond to important news in the way that it should, it is telling you something very important.”
– Larry Hite
Top Links
Bespoke takes a look at some of the recent improvements in market breadth.
Is This Euphoria? Doubt it. – All Star Charts
JC Parets shares his thoughts on the return of bullish sentiment.
5 Things To Look For To Confirm A New Bull Market – ValueTrend Wealth Management
In this video, Jay Kaeppel outlines five things that would help to confirm that a new bull market is underway.
A Funny Thing Happened on the Way to the Recession – PringTurner
Martin Pring examines the conflicting signals between technical indicators and economic indicators.
Trendlines over Headlines – Exploring the Anchored VWAP with Brian Shanon – The Chart Report
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.
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Top Tweets
You’re all caught up now. Thanks for reading!
