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Daily Chart Report ? Wednesday, February 22nd, 2023

February 22, 2023

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Today’s Summary
Wednesday, February 22nd, 2023

IndicesRussell 2000 +0.34% | Nasdaq 100 +0.05% | S&P 500 -0.16% | Dow -0.26%

Sectors: 3 of the 11 sectors closed higher. Materials led, gaining +0.75%. Real Estate lagged, dropping -0.90%.

Commodities: Crude Oil futures dropped -3.16% to $73.95 per barrel. Gold futures were flat at $1,842 per ounce.

Currencies: The US Dollar Index rose +0.38% to $104.50.

Crypto: Bitcoin fell -1.18% to $24,162. Ethereum fell -1.07% to $1,642.

Interest Rates: The US 10-year Treasury yield moved lower to 3.919%.

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 Andy Moss (@Andy_Moss). The S&P 500 poked its head above 4000 intraday, but it couldn’t hold above it, closing at 3991. Andy points out that there’s a major level of interest about 1% below today’s close. Between 3930 and 3940 you have;

1.) The 200-Day Moving Average
2.) The Downtrend Line from the All-Time High
3.) The Uptrend Line from the October Low
4.) The VWAP Anchored to the October Low

All four of these are bunched together in a tight 10-point range (0.25%). The fact that multiple indicators and trendlines have converged at this level doesn’t necessarily increase the odds that it will act as support, but it does raise the implications of a break or bounce.


Quote of the Day

“People should like something less when its price rises, but in investing they often like it more.”

– Howard Marks


Top Links

The Stock Market is Due a Bounce After the 697-Point Selloff in the Dow, Says This Analyst – Market Watch
Mark Newton shares his near-term outlook on the S&P 500.

Up to the Minute(s) – Trading Adventures
Andy Moss examines the price action we’ve had so far this week.

Bullish Sentiment Could Signal Short-Term Pullback – Schaeffer’s Investment Research
Rocky White takes a look at the Investors Intelligence survey and what it could be signaling for the S&P 500.

Utilities Should Experience HUGE Move When This Pattern is Resolved! – Kimble Charting Solutions 
Chris Kimble explains why the Utilities sector could be gearing up for a big move.


Top Tweets


You’re all caught up now. Thanks for reading!