Daily Chart Report ? Thursday, February 23rd, 2023
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Today’s Summary
Thursday, February 23rd, 2023
Indices: Nasdaq 100 +0.94% | Russell 2000 +0.71% | S&P 500 +0.53% | Dow +0.33%
Sectors: 7 of the 11 sectors closed higher. Technology led, gaining +1.66%. Utilities lagged, dropping -0.52%.
Commodities: Crude Oil futures gained +1.95% to $75.39 per barrel. Gold futures dropped -0.80% to $1,827 per ounce.
Currencies: The US Dollar Index inched higher by +0.09% to $104.59.
Crypto: Bitcoin fell -1.03% to $23,939. Ethereum rose +0.44% to $1,651.
Interest Rates: The US 10-year Treasury yield fell to 3.883%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Greg Rieben (@gregrieben). This is one of the more concerning charts out there right now. It’s a daily candlestick chart of the US Dollar Index ($DXY) over the past 16 months, with its 200-day moving average in black. The Dollar Index has been rebounding since the beginning of February, closing at a one-month high today. It reclaimed $103 a couple of weeks ago, forming what looks like a failed breakdown. $103 has been a crucial level for the Dollar Index as it represents the former highs from 2016 & 2020. Greg calls it the ‘wrecking ball’ because Dollar strength has been putting pressure on risk assets for more than a year now. It’s no surprise that Stocks, Gold, and Crypto started struggling earlier this month right when the Dollar started bouncing. As long as $DXY is above $103, the risk is to the upside.
Quote of the Day
“You don’t need analysts in a Bull Market,
and you don’t want them in a Bear Market”
– Gerald Loeb
Top Links
Volatility Tracks with the Dollar – Bloomberg
Frank Cappelleri points out the VIX has been moving with the US Dollar Index recently.
There are Some Really Good Signs That This is More Than a Bear Market Rally – The Street
In this quick clip, Jay Woods shares his technical perspective on the current market.
Pay Attention to What Matters – All Star Charts
Ian Culley examines what the relative strength of the Consumer Staples sector could suggest about the yield curve.
How to Tell If Buyers or Sellers Are Winning – Investors Business Daily
Brian Shannon joins the team at IBD to discuss the Anchored VWAP indicator.