Daily Chart Report π Wednesday, March 15th, 2023
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Todayβs Summary
Wednesday, March 15th, 2023
Indices: Nasdaq 100 +0.42% | S&P 500 -0.70% | Dow -0.87% | Russell 2000 -1.74%
Sectors: 5 of the 11 sectors closed higher. Utilities led gaining +1.36%. Energy had its worst day in nearly 6 months, dropping -5.37%.
Commodities: Crude Oil futures dropped -5.22% to their lowest level in more than a year at $67.61 per barrel. Gold futures rose +1.07% to $1,931 per ounce.
Currencies: The US Dollar Index gained +1.03% to $104.75.
Crypto: Bitcoin fell -1.05% to $24,485. Ethereum dropped -2.83% to $1,656.
Interest Rates: The US 10-year Treasury yield dropped to 3.459%, closing below its 200-day moving average for the first time since December 2021.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Grayson Roze (@GraysonRoze). The saying "The trend is your friend" gets thrown around so often that it's easy to dismiss it as a cute rhyming platitude. However, we've seen numerous examples in recent weeks that underscore the importance of avoiding downtrends. Today's example is Credit Suisse ($CS). The stock was down as much as 30% this morning, and while it pared those losses intraday, it still closed at an all-time low. It's tempting to want to get involved in downtrends, as we're all taught to buy low and sell high. However, surprises tend to happen in the direction of the prevailing trend, and Credit Suisse has been in a persistent downtrend since the Great Financial Crisis. You can spend hours pouring over balance sheets, reading articles, and all that, but the trend has been telling you to avoid this mess for more than a decade now.
Quote of the Day
"No one can know the future, but what are those trends and numbers telling you?"
- Larry Hite
Top Links
Warning Shots - Trading Adventures
Andy Moss highlights some of the noteworthy nuggets from this week's price action so far.
VIX Index Above All of its Futures - StockCharts.com
Tom McClellan examines a rare signal from the VIX that suggests the S&P 500 may be reaching a bottom.
We are Watching 3,505 for the Next Major Support for S&P 500, Says Fairlead's Katie Stockton - CNBC
In this clip, Katie Stockton shares her outlook on the S&P 500.
Stocks Up 22 of Last 29 St. Patrick's Days Even Luckier Thursday Before - Almanac Trader
Jeff Hirsch takes a look at how stocks have historically performed around St. Patty's Day.
In Memoriam Steve Leuthold - The Leuthold Group
The technical community lost a real pioneer this week, Steve Leuthold. You can read more about him and his legacy here.