Daily Chart Report ? Friday, February 17th, 2023
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Today’s Summary
Friday, February 17th, 2023
Indices: Dow +0.39% | Russell 2000 +0.21% | S&P 500 -0.28% | Nasdaq 100 -0.68%
Sectors: 6 of the 11 sectors closed higher. Consumer Staples led, gaining +1.29%. Energy lagged, dropping -3.56%.
Commodities: Crude Oil futures fell -2.78% to $76.55 per barrel. Gold futures were flat (-0.09%) and continue to trade around $1,850 per ounce.
Currencies: The US Dollar Index slipped -0.21% to $103.88.
Crypto: Bitcoin rose +4.50% to an eight-month high of $24,580. Ethereum gained +3.43% to a five-month high of $1,695.
Interest Rates: The US 10-year Treasury yield fell to 3.822%.
Reminder: The US Stock Market & Bond Market will be closed on Monday, February 20th for Presidents’ Day. Enjoy the long weekend!
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 Tentarelli (@LMT978). It’s a weekly bar chart of the S&P 500 over the past three years. The S&P 500 slipped -0.28% this week, marking its first back-to-back weekly loss this year. We closed below that key 4100 level, which puts us in jeopardy of a failed breakout. On a brighter note, Larry points out that the 10, 30, and 40-week moving averages are all beginning to slope higher around 3950. We could continue to pullback in the near term, but the uptrend will remain intact as long as we’re above the most recent higher low, around 3800.
Quote of the Day
“First of all, never play macho man with the market.
Second, never overtrade.”
– Paul Tudor Jones
Trendlines over Headlines
https://youtu.be/5gKWcsUgHyU
The latest episode of Trendlines > Headlines is out!
In this week’s episode, Doug Busch of ChartSmarter joins us to make sense of the Nasdaq, Semiconductors, Software, Mid-Caps, and more!
You can also listen to the podcast version here.
Top Links
Dow Jones Coiled Up And Nasdaq 20EMA – Investor Charts
Peter Pinkhasov highlights some noteworthy technical developments to be aware of in the near term.
Legends of the New York Stock Exchange – The Compound & Friends
In this video podcast, Jay Woods, and Dan Russo sit down with the team at Ritholtz Wealth Management to talk about the NYSE, Technical Analysis, Bitcoin, the Dow, and more.
Junk Bonds About To Send New Bearish Message To Stocks, Possible Says Joe Friday – Kimble Charting Solutions
Chris Kimble points out that a potential breakdown in Junk Bonds could send a risk-off message to the broader market.
How’s Your Hangover? – All Star Charts
JC Parets points out that it’s typical to see February give back some of January’s gains.
Up 7 of Last 11 After Presidents’ Day But Still Weak Long-Term – Almanac Trader
Jeff Hirsch examines how the major indexes have historically performed after Presidents’ Day weekend.
Top Tweets
~1 year later update to the above
Wilshire 5000 with $AAII % Bears *inverted* on the bottom
Correlation has been running +.50 since the top + if anything strengthened
Logically makes sense, as the easy/upside bubble ended, emotions increased but in a more volatile way $SPX pic.twitter.com/M8OWO7lpmF
— Arun S. Chopra CFA CMT? (@FusionptCapital) February 17, 2023