Daily Chart Report ? Wednesday, March 1st, 2023

The S&P 500 fell 0.47% on the first day of March. It was the 7th decline in the last 9 trading days. The S&P 500 is trading below the 50-day MA but is narrowly above the 200-day MA. This could be another inflection point for #stocks. pic.twitter.com/PxzWSUPdof

— Cetera Investment Management (@ceteraIM) March 1, 2023

What's the 200-day SMA & EMA telling everyone about where price is headed next?

Someone tell me, because it isn't telling me anything! pic.twitter.com/TgOmNPAEwT

— Steve Deppe, CMT (@SJD10304) March 1, 2023

$SPX Chart Update:

Everyone, and I mean EVERYONE including your dog, blind grandmom, dead goldfish, and your #2 pencil on your desk knows about the 200 daily moving avg.

Nothing more needs to be said right now.

We either bounce off this bigly or we breach through this bigly.. pic.twitter.com/WCAZhJg08g

— Heisenberg (@Mr_Derivatives) March 1, 2023

Here's what this year looks like compared with the average year for the S&P 500 so far.

Also, up 3.4% YTD as of end of Feb vs avg yr up 1.0% at this time.

When up >3%? Rest of yr higher 11 of past 12 times.

In fact, final 10 mos up 12.3% vs. avg year final 10 mos gain of 7.9%. pic.twitter.com/I9NlwtaVQ8

— Ryan Detrick, CMT (@RyanDetrick) March 1, 2023

Gut-wrenching choppiness recently📈📉

- But despite S&P 500 swings since June
- Internals have strengthened immensely
- Only 12.5% of SPX were >200D on 6/17/22
- Now 57.7% >200D
- so ~45% more members now >200D

This time, things are different under the hood🚗
👇👇👇 pic.twitter.com/2XBPsveM9q

— Matt Cerminaro (@mattcerminaro) March 1, 2023

The Hang Seng Index can be used as a bellwether for markets worldwide. If the gain in Hang Seng holds, that would be a bullish indicant for markets worldwide. If the low is violated, that would suggest continued decline in other markets as well. pic.twitter.com/CQh1Is9vod

— Milton W Berg CFA (@BergMilton) March 1, 2023

That former resistance has turned into support the past 4 months. Is that support for good? Or just for now? $CL_F pic.twitter.com/hMyzllAKAP

— J.C. Parets (@allstarcharts) March 1, 2023

ESG ETFs' best days may be behind them as market share slips to 1.5% and IMO may never grow beyond that. Political baggage one reason, but bigger one is the dismal returns over past 2yrs. Here's 10 most popular ESG ETFs vs benchmarks. Nine lag, and some lag a lot eg $ESGU $ESGV pic.twitter.com/0oweaLX62o

— Eric Balchunas (@EricBalchunas) March 1, 2023

10-year Treasury yields touch 4% pic.twitter.com/zUjXuaPpgD

— Katie Greifeld (@kgreifeld) March 1, 2023

6-month treasury yield continues to surge, hitting 5.17% for the first time since 2007. As a reminder the S&P 500 earnings yield is 5% which means the 6-month treasury is offering a superior yield and with ALMOST no risk. pic.twitter.com/5S8UT1gcoH

— Barchart (@Barchart) March 1, 2023

If he's capable of keeping his crypto in cold storage but cannot figure out how to open a TreasuryDirect account when 6-month t-bills are yielding 5.14%, then that's a dealbreaker ladies.

— Tracy Alloway (@tracyalloway) March 1, 2023