Euclid Investment Advisory Blog

Review & Analysis at Close March 13, 2023




Despite the selloff in Bank stocks, Equity markets closed mixed Monday: the S&P 500 declined 0.2%, the DJIA down 0.3% and the NASDAQ rose .4%. Weekly Market Breadth indicators: NASDAQ Composite market - Bear alert; NYSE market- Bearish.  Dominant market: NASDAQ over NYSE! - This is a positive for investors. Large-cap growth is outperforming large-cap value! Small cap is now underperforming large cap.             

Sector Trends
Bullish - Technology;  Bear Alert - Communication Services, Energy, Industrials, Bull alert: Gold Miners; Bearish: Materials, Financials, Staples, Real Estate, Utilities, Health Care, Consumer Discretionary.                                                         

Fixed Income
The 10-year US Treasury Yield gapped down Monday, closing at 3.515%, last week's high was 4.017%. The long-term uptrend is weakening, with a topping formation.  The 2-year US Treasury Yield gapped down today, closing at 4.03%; last week's high was 5.05 %.  The long-term uptrend is weakening, with a topping formation.                     

The 10-2 year Yield Curve remains inverted, however closing spread narrowed sharply to -0.48 from last week's low of -1.07.                      


Trends vs. the US dollar of the Australian Dollar, the Euro, the British Pound, and Yen were on Bear Alert; their declines have reversed up and are now on Bull Alert. The US Dollar Index was on Bull Alert, its trend has reversed to Bear alert.                    

Gold has changed from Bear alert to Bullish. Base Metals are on Bear alert, Copper is Bullish, and West Texas Light Crude forming a drawn-out base.            

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