Daily Chart Report ? Wednesday, February 15th, 2023
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Today’s Summary
Wednesday, February 15th, 2023
Indices: Russell 2000 +1.09% | Nasdaq 100 +0.77% | S&P 500 +0.28% | Dow +0.11%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.17%. Energy lagged, falling -1.70%.
Commodities: Crude Oil futures fell -0.59% to $78.59 per barrel. Gold futures dropped -1.08% to $1,845 per ounce.
Currencies: The US Dollar Index rose +0.52% to a one-month high of $103.81.
Crypto: Bitcoin jumped +9.55% to $24,332. Ethereum rose +7.63% to $1,675.
Interest Rates: The US 10-year Treasury yield rose to a one-month high of 3.809%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Shane Murphy (@murphycharts). It’s a chart of the Semiconductor Index ($SOX) and its performance relative to the S&P 500 in the lower pane. Shane points out that Semiconductor stocks are attempting to break out of a 10-month base on both an absolute and relative basis. You know what they say about big bases…“the bigger the base, the higher in space!” The base also resembles an inverted head & shoulders bottom with neckline resistance around 3150. A measured move from this pattern would target the all-time highs around 4000. As you might know, Semiconductor stocks often lead the broader market higher or lower. A breakout here would further galvanize the bull case.
Quote of the Day
“A stumbling block to the pessimist is a stepping stone to the optimist.”
– Elenor Roosevelt
Top Links
Classic Bull Market Action – Trading Adventures
Andy Moss gives a midweek update on the markets.
Is US Dollar Creating Monster Topping Pattern? – See it Market
Chris Kimble breaks down a long-term chart of the US Dollar Index.
S&P 500 Weekly Losing Streaks – CappThesis
Frank Cappelleri points out that avoiding a second weekly loss of 1% or more this week would help to confirm a new bull phase is underway.
Should You Buy Stocks During Holiday-Shortened Weeks? – Schaeffer’s Investment Research
Rocky White examines how stocks have historically performed during shortened holiday weeks.