Daily Chart Report ? Wednesday, March 8th, 2023
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Today’s Summary
Wednesday, March 8th, 2023
Indices: Nasdaq 100 +0.52% | S&P 500 +0.14% | Russell 2000 +0.04% | Dow -0.18%
Sectors: 7 of the 11 sectors closed higher. Real Estate led, gaining +1.41%. Energy lagged, falling -1.03%.
Commodities: Crude Oil futures fell -1.19% to $76.66 per barrel. Gold futures were flat (-0.08%) and continue to trade at $1,819 per ounce.
Currencies: The US Dollar Index was flat (+0.04%) and continues to trade at $105.66.
Crypto: Bitcoin fell -2.31% to $21,688. Ethereum fell -1.81% to $1,533.
Interest Rates: The US 10-year Treasury yield rose to 3.995%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Japan weekly, prob most interesting weekly chart in equities in at least a year. pic.twitter.com/sR7KWB2CKN
— Arun S. Chopra CFA CMT? (@FusionptCapital) March 8, 2023
Today’s Chart of the Day was shared on Twitter by Arun Chopra (@FusionptCapital). The Japanese asset price bubble in the 1980s was one of the most epic speculative manias in the history of public markets. It’s been more than three decades since the Nikkei peaked in the early 90s, and it still hasn’t revisited the bubble highs. It’s been a slow repair process, but Arun points out that the Nikkei is starting to look interesting again. It declined last year along with most global markets, but it held up relatively well compared to the major US indices. It successfully retested its pre-covid highs last year and it’s currently attempting to breakout out of an 18-month downtrend line. When you zoom out on a monthly chart, last year’s decline resembles a bull flag within an uptrend. It’s still about 25% below the bubble highs, but it’s built a massive base over the past 30 years and it continues to act constructively.
Quote of the Day
"No stock in an uptrend ever went bankrupt."
- Walter Deemer
Top Links
You Don't Need an On/Off Switch - Trading Adventures
Andy Moss takes a look at price action so far this week.
A Closer Look at Seasonality - Carson Research
Ryan Detrick highlights some noteworthy seasonality stats to keep in mind.
Caution: Potentially Volatile Week Ahead - Schaeffer's Investment Research
Rocky White examines how the S&P 500 has historically performed around quarterly options expiration.
Will Historic Bearish Reversals Spell Doom for Dow Transportation Average? - Kimble Charting Solutions
Chris Kimble points out that the Dow Transportation Average formed a large bearish reversal candle last month.
Intraday Action Continues to Trump After Hours - Bespoke
Bespoke compares intraday price action with after-hours price action.