Daily Chart Report π Wednesday, March 22nd, 2023
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Todayβs Summary
Wednesday, March 22nd, 2023
Indices: Nasdaq 100 -1.37% | Dow -1.63% | S&P 500 -1.65% | Russell 2000 -2.83%
Sectors: All 11 sectors closed lower. Consumer Staples led, falling -0.92%. Real Estate lagged dropping -3.65%.
Commodities: Crude Oil futures rose +1.77% to $70.90 per barrel. Gold futures rose +0.44% to $1,950/oz.
Currencies: The US Dollar Index dropped -0.66% to $102.53.
Crypto: Bitcoin fell -3.68% to $27,155. Ethereum dropped -4.60% to $1,724.
Interest Rates: The US 10-year Treasury yield dropped to 3.438%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher). The further you go down the cap scale, the weaker the index. The Large-Cap S&P 500 (left) is the only index that is currently above its 200-day moving average (but just barely after today's weakness). The Mid-Cap index ($MID) tried to reclaim its 200-day moving average today, but it was rejected. The Small-Cap index ($SML) is comfortably below its 200-day moving average, as it tests the December lows. Micro-Caps are by far the worst, with $IWC making a new bear market low today. Bulls want to see Smaller-Cap stocks leading the charge as a sign of risk appetite, but that's clearly not the case right now.
Quote of the Day
"The averages are merely the backdrop of the game; the real contests are waged over stocks themselves"
- Justin Mamis
Top Links
Midweek Market Update March 22, 2023 - Trading Adventures
Andy Moss highlights some key takeaways from recent price action.
Is the Yen About to Rip - All Star Charts
Ian Culley breaks down a chart of the Yen.
FANG+ Flying - Bespoke
Bespoke takes a look at the resurgence in FANG stocks.
Bank ETF Flashing Short Term Bullish Signal - Schaeffer's Investment Research
Rocky White examines how the Financial sector has historically performed after a sharp drop.