Euclid Investment Advisory Blog

Review & Analysis at Close January 17, 2023


We have not experienced the extreme swings of 2022 in 2023, and the CBOE Volatility Index, better known as the VIX, has fallen 11% this year. It's been a relatively quiet stretch for news. Earnings season has arrived and can pierce that calm, though. About 27 companies in the S&P 500 are set to report this week, with 87 reports on tap next week.

There was a split in the indexes, with the Dow and S&P both down, while the NASDAQ Composite rose. The tech-heavy index was up 0.1%, gaining for the seventh consecutive day. The rally continues the NASDAQ's recent outperformance, reversing the 2022 trend. It's up 6% in 2023, versus a gain of only 2.3% for the Dow.


The DJIA, Europe, and China continue Strategic Bullish trend status; Bearish downtrends of the S&P 500, R2000, and US Treasury Note are flattening; NASDAQ Composite’s Bearish downtrend appears slowing. 


Sector Trends
Bullish - Materials, Energy, Financials, Industrials, Staples, Utilities, Health Care, and Gold Miners.

Bull alert: Real Estate; Bear alert: none

Bearish - Communication Services, Technology, Consumer Discretionary.  Weekly Market Breadth indicators:  Bull alert for NYSE and S&P 500, Bearish, though weakening for NASDAQ 100 and NASDAQ composite.                                                

Fixed Income
The 10-year US Treasury Yield closed today at 3.535% up slightly from last week's 3.517%. The long-term uptrend is weakening and appears as an early topping stage.

The 2-year US Treasury Yield closed today at 4.18%, down from last week's 4.19%. The 2-year yield's rate-of-rise is slowing,                     

The 10-2 year Yield Curve remains inverted, the closing spread narrowed slightly to -0.65.


The Australian Dollar, Euro, British Pound, and Yen all continue Bullish trends vs. US Dollar. The US Dollar Index continues Bearish, closing at 102.14, down slightly from 102.74 last week.

The US Dollar Index continues Bearish, closing at 102.14, down slightly from 102.74 last week.

Gold's trend continues Bullish, and is overbought; Base Metals and Copper continue Bullish; West Texas Light Crude Bearish downtrend appears weakening.                 

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