Euclid Investment Advisory Blog

Review & Analysis at Close February 21, 2023



U.S. stock indexes logged their worst session of the year Tuesday, dragged down by worries the Federal Reserve will keep interest rates higher for longer. Weekly Market Breadth indicators: NASDAQ Composite market - Bullish; NYSE market- Bullish.     

All market equity markets pulled back today on (surprise) renewed rate hike concerns   

Sector Trends
Bullish - none; Bear Alert - Materials, Communication Services, Energy, Technology, Finance, Industrials, Staples, Real Estate, Consumer Discretionary. Bull alert: none, Bear alert: none

Bearish: Utilities, Health Care, Gold Miners.                                                          

Fixed Income
The 10-year US Treasury Yield closed today at 3.955% up sharply from last week's 3.717%, exceeding each close of December 30th, 2022. Its long-term uptrend has resumed. 

The 2-year US Treasury Yield closed today at 4.67% up from last week's 4.52%.  Its long-term uptrend resumed, nearing a peak of 4.72% on November 7, 2022. The 10-2 year Yield Curve remains inverted, closing spread narrowed to -0.72 from last week's -0.80 and after making a double bottom with December 5, 2022.                                          

The trends vs. US dollar of the Australian Dollar, the Euro, British Pound, and Yen reversed to Bear Alert. The US Dollar Index trend has reversed from Bearish to Bull Alert, bottomed Feb 2 at 100.68, and closed up at 104.11 today. The US$ is nearing a Bullish signal.                   

Gold now Bear alert, while Base Metals and Copper remain Bullish; West Texas Light Crude forming a bottom.                  

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