Daily Chart Report ? Monday, February 27th, 2023
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Today’s Summary
Monday, February 27th, 2023
Indices: Nasdaq 100 +0.74% | Russell 2000 +0.31% | S&P 500 +0.31% | Dow +0.22%
Sectors: 7 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.24%. Utilities lagged, dropping -0.68%.
Commodities: Crude Oil futures fell -0.84% to $75.68 per barrel. Gold futures rose +0.43% to $1,825 per ounce.
Currencies: The US Dollar Index dropped -0.59% to $104.64.
Crypto: Bitcoin inched lower by -0.29% to $23,493. Ethereum fell -0.47% to $1,634.
Interest Rates: The US 10-year Treasury yield inched lower to 3.916%
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 Bespoke (@bespokeinvest). Natural Gas has been falling like a knife over the past six months, dropping as much as 80% from its August highs. However Bespoke points out that it has rebounded sharply over the past four sessions. Natural Gas futures are up more than 38% from Wednesday's intraday low thru today's close (31% on a closing basis). Natural Gas has earned the nickname 'the widow maker' among traders due to its violent price swings. It's still in a nasty downtrend, but this sharp reversal suggests that a short-term low has been established, and we could see prices continue to mean revert toward the 50-day moving average in the coming weeks.
Quote of the Day
"A mistake is when you don’t follow your rules. If you don’t have rules in trading, everything you do is a mistake."
- Dr. Van K. Tharp
Top Links
Jeff Hirsch examines how the major indices have historically performed on the last trading day of February.
It's a Material World - All Star Charts
JC Parets takes a look at the Materials sector.
Calmness in Chaos Featuring Mel Stone and Joe Fahmy
In this new podcast, Joe Fahmy and Mel Stone discuss recent price action and unusual options flow.
Here's a good Twitter thread with some powerful visuals that every investor should keep in mind,
Trendlines over Headlines - Making Sense of the Markets with Petr Pinkhasov - The Chart Report
In this week's episode of Trendlines over Headlines, we sat down with Petr Pinkhasov of Investor Charts to discuss the Major Indexes, Energy Stocks, the US Dollar, Crypto, and more.