Daily Chart Report ? Thursday, March 9th, 2023
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Today’s Summary
Thursday, March 9th, 2023
Indices: Dow -1.66% | Nasdaq 100 -1.80% | S&P 500 -1.85% | Russell 2000 -2.81%
Sectors: All 11 sectors closed lower. Utiliites led but still fell -0.80%. Financials lagged, dropping -4.06%.
Commodities: Crude Oil futures fell -1.23% to $75.72 per barrel. Gold futures rose +0.88% to $1,835 per ounce.
Currencies: The US Dollar Index fell -0.36% to $105.28.
Crypto: Bitcoin tumbled -6.51% to $20,291. Ethereum slid -6.54% to $1,433.
Interest Rates: The US 10-year Treasury yield fell to 3.909%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Mike Zaccardi (@MikeZaccardi). The Regional Bank ETF ($KRE) had its worst day since June 2020 today, sinking 8.18% to its lowest level in more than two years. This equally weighted ETF has over 140 components and every single one of them closed lower by more than 1%. One component, Silicon Valley Bank ($SIVB), crashed more than 60% today! Today's action confirms a bearish head & shoulders pattern that has formed over the past two years. As of today's close, $KRE is decisively below the neckline of that pattern now, which is around $57. This level served as support three times throughout the bear market in June, July, and December of last year. This breakdown sets an ominous tone for the major indices, as Regional Banks are an important piece of the broader market puzzle.
Quote of the Day
"A bank is a place that will lend you money
if you can prove that you don't need it."
- Bob Hope
Top Links
Stocks Crashed as Banking Fears Rise - Breadth Confirms Sell-Off - Day Trader Playbook
Yuriy Matso highlights some key takeaways from today's sell-off.
Bearish Sentiment Remains - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
How Long Can Semiconductors Lead the Market? - StockCharts.com
Mish Schneider shares her thoughts on the strength in Semiconductor stocks
Competition For Capital With Ryan Grabinski and Todd Sohn - Strategas
In this video, Todd Sohn and Ryan Grabinski discuss the Material Sector, Commodities, Interest Rates, and more.
Top Tweets
This index should be acting stronger than it has if a Bull market began off the June low.
Additionally, the Russell 2000’s February 2 close was -1.00% below its August 16 close. This is within the tolerance of a “Double Top” market peak. pic.twitter.com/zuj2EkmnRc— Milton W Berg CFA (@BergMilton) March 9, 2023