Daily Chart Report 📈 Thursday, March 16th, 2023
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Today’s Summary
Thursday, March 16th, 2023
Indices: Nasdaq 100 +2.69% | S&P 500 +1.76% | Russell 2000 +1.45% | Dow +1.17%
Sectors: None of the 11 sectors closed lower. Technology led gaining +2.81%. Real Estate lagged, closing unchanged.
Commodities: Crude Oil futures rose +1.09% to $68.35 per barrel. Gold futures fell -0.43% to $1,923 per ounce.
Currencies: The US Dollar Index fell -0.29% to $104.44.
Crypto: Bitcoin rose +2.57% to $24,994. Ethereum gained +1.17% to $1,676.
Interest Rates: The US 10-year Treasury yield rose to 3.583%.
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 Abigail Doolittle (@TheChartress). The chart compares the year-to-date performance of the S&P 500 (white), Nasdaq (teal), Financial Sector (yellow), and the Bank Index (purple). Abigail points out that the major indices have been unphased by the sell-off in Bank stocks. The Bank Index is down another 10% this week, after falling more than 15% last week. However, the major indices are actually positive on the week. The Nasdaq has been particularly resilient. It's up 6.35% so far this week, while the S&P 500 is up 2.56%. Given recent headlines, you wouldn't expect to see that sort of risk-on action, but Large-Cap tech has done a lot of the heavy lifting to make up for the weakness in Banks. They say bull markets climb a wall of worry... is this just another example of that?
Quote of the Day
“Amateurs sit and wait for inspiration,
the rest of us just get up and go to work.”
- Stephen King
Top Links
Goodbye Inverted Yield Curve - All Star Charts
JC Parets shares his thoughts on the recent action in yields and what it could mean for the stock market.
Gold is Going to Make a New High Here, Says Strategas’ Chris Verrone - CNBC
In this clip, Chris Verrone of Strategas offers his technical perspective on the S&P 500 & Gold.
Bulls Back Below 20% - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Stock Indicator Creating A Top Similar To 2000? - Kimble Charting Solutions
Chris Kimble points out that a ratio chart of the NYSE vs. the S&P 500 could be flashing a warning sign to the broader market.
What Does the Market Think? - The Irrelevant Investor
Michael Batnick examines the market's reaction to the chaos in the banking sector.