Daily Chart Report ? Friday, February 24th, 2023
Sponsored By:
Today’s Summary
Friday, February 24th, 2023
Indices: Russell 2000 -0.92% | Dow -1.02% | S&P 500 -1.05% | Nasdaq 100 -1.73%
Sectors: 3 of the 11 sectors closed higher. Materials led, gaining +0.67%. Real Estate lagged, dropping -1.85%.
Commodities: Crude Oil futures gained +1.23% to $76.32 per barrel. Gold futures fell -0.53% to $1,817 per ounce.
Currencies: The US Dollar Index rose +0.65% to a two-month high of $105.26.
Crypto: Bitcoin dropped -3.13% to $23,189. Ethereum fell -2.60% to $1,608.
Interest Rates: The US 10-year Treasury yield rose to 3.947%.
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 Gina Martin Adams (@GinaMartinAdams). The S&P 500 dropped -2.67% this week, marking the worst week so far in 2023. At the end of January, bulls cheered as the S&P 500 broke above its 200-day moving average and its downtrend line. We're still above both, however, the bulls seem much less enthusiastic than they were when we initially broke out. It's quite common to see a retest after a highly anticipated breakout. Gina suggests that this is nothing more than a classic retest, so long as RSI and MACD continue to hold above their December lows.
Quote of the Day
"Price reactions and pullbacks allow you to determine whether your stock is a tennis ball or an egg."
- Mark Minervini
Trendlines over Headlines
https://youtu.be/iLziMCDPYUc
Check out the latest episode of Trendlines > Headlines!
In this week's episode, Petr Pinkhasov of Investor Charts joins us to examine some of the most important trends across the markets. We discuss the outlook for the Major Indexes, Energy Stocks, the US Dollar, Crypto, and more!
Top Links
February Mid-Month Conference Call: 5 Key Takeaways - All Star Charts
The team at All Star Charts highlights five key themes to focus on in the near term.
Mixed Signals - Bespoke
Bespoke examines sector performance since the October lows.
Looks Like a Major Shift in Leadership in the Energy Sector - StockCharts
Julius de Kempenaer looks at what could be next for the Energy sector.
Anchored VWAP Stock Market Technical Analysis 2/24/23 - Brian Shannon
In this quick video, Brian Shannon analyzes this week's price action and he lays out a few key levels of interest to keep an eye on next week.
Doctor Copper, Give me the News - LPL Financial Research
Adam Turnquist takes a look at Copper and what it could be suggesting about the health of the stock market and the economy.