Daily Chart Report ? Tuesday, February 21st, 2023
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Today’s Summary
Tuesday, February 21st, 2023
Indices: S&P 500 -2.00% | Dow -2.06% | Nasdaq 100 -2.41% | Russell 2000 -2.99%
Sectors: All 11 sectors closed lower. Consumer Staples led, but still fell -0.38%. Consumer Discretionary lagged, dropping -3.34%.
Commodities: Crude Oil futures inched lower by -0.25% to $76.36 per barrel. Gold futures fell -0.42% to $1,843 per ounce.
Currencies: The US Dollar Index rose +0.40% to $104.17
Crypto: Bitcoin fell -1.84% to $24,386. Ethereum dropped -2.89% to $1,655.
Interest Rates: The US 10-year Treasury yield rose to a three-month high of 3.956%.
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 Stacey Lee (@BBaxter2020). The S&P 500 dropped -2.00% today, marking its worst day so far in 2023. Stacey points out that both the S&P 500 and its equally weighted version are back below their December highs. This qualifies as a failed breakout. As we know, failed breakouts are often followed by sharp moves lower. If you’re feeling an ominous sense of Deja Vu, it’s because most of the major declines over the past year started off this way. It’s typical to see weakness in late February, but the bulls needed to defend 4100 and they couldn’t. At this point, traders are watching 3900-3950 for potential support as the S&P 500 looks to retest its 200-day moving average and downtrend line from above. A break below that level would likely bring more bears out of hibernation.
Quote of the Day
“Contrary to popular belief, winners quit a lot. In fact, that’s how they win."
- Annie Duke
Top Links
What Happens When The Market Ends Down More Than 1% On Tuesday - Investor Charts
Petr Pinkhasov examines what has historically happened when the S&P 500 drops 1% or more after two prior consecutive down closes.
Europe Hits New 52-Week Highs - All Star Charts
JC Parets points out that several European equity markets are hitting all-time highs.
Stuck in the Middle - The Weekly Trend
In this podcast, Ian McMillan and Kevin Firari discuss some of the most important technical developments to keep an eye on.
The Real Market Leaders - Grindstone Intelligence
Austin Harrison highlights the Industrial sector and its continued relative strength.
Trendlines over Headlines - The Rebound in Technology with Doug Busch - The Chart Report
In the latest episode of Trendlines over Headlines, Doug Busch of ChartSmarter joins us to discuss the Nasdaq, Semiconductors, Software, Mid-Caps, and more!
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