Daily Chart Report π Thursday, March 23rd, 2023
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Todayβs Summary
Thursday, March 23rd, 2023
Indices: Nasdaq 100 +1.29% | S&P 500 +0.30% | Dow +0.23% | Russell 2000 -0.41%
Sectors: 2 of the 11 sectors closed higher. Technology led, gaining +1.63%. Energy lagged falling -1.39%.
Commodities: Crude Oil futures fell -1.33% to $69.96 per barrel. Gold futures jumped +2.37% to a new 52-week high of $1,996 per oz.
Currencies: The US Dollar Index ticked higher by just +0.05% to $102.59.
Crypto: Bitcoin rose +3.86% to an eight month high of $28,374. Ethereum gained +4.72% to a seven month high of $1,820.
Interest Rates: The US 10-year Treasury yield inched lower to 3.432%.
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 Dan Russo (@DanRusso_CMT). The Equal Weight S&P 500 is on track for its second worst month relative to Cap Weight over the past two decades. Mega Cap Tech stocks like $AAPL, $MSFT, and $NVDA have been one of the few pockets of strength this month, while the majority of stocks are down. Dan points out that it's almost as if Mega Cap Tech is acting like a safe haven. It's obviously bullish for the largest stocks to go up on an absolute basis, but narrow leadership like this is not ideal. As legendary technician, Bob Farrell once said; "Markets are strongest when they are broad, and weakest when they narrow to a handful of blue-chip names."
Quote of the Day
"Markets are strongest when they are broad and weakest when they narrow to a handful of blue-chip names."
- Bob Farrell
Top Links
A Fed Day Like Most Others - Bespoke
Bespoke shows that yesterday's choppy intraday price action was typical for a Fed day.
The One That Matters - All Star Charts
JC Parets points out that the Financial Sector ($XLF) is testing a crucial level.
Were There Technical Warnings Ahead of the Regional Banking Crash? Oh, Yeah! - StockCharts
Carl Swenlin highlights all of the technical warnings signs that existed prior to the crash in Regional Banks.
Stocks Aren't Going Down...Why? - The Irrelevant Investor
Michael Batnick shares his thoughts on how the S&P 500 has been unfazed by the recent bank failures.