Euclid Investment Advisory Blog

Review & Analysis at Close February 6, 2023


Up to last Friday the markets were getting ahead of themselves - up too much too quickly. The Jobs report on Friday provided a good opportunity to
take short-term gains.



The Dow Jones Industrial Average continues its Bullish trend within its trading band; the S&P 500, NASDAQ Composite, and NASDAQ 100 continue Bull Alert trends; the Russell 2000 Small Cap has turned Bullish.

Sector Trends
Bullish - Materials, Energy, Financials, Industrials, Communication Services, Technology, Real Estate, Consumer Discretionary, and Gold Miners. Bull alert: none, Bear alert: Staples, Health Care; Bearish: Utilities.

Weekly Market Breadth indicators: NASDAQ Composite market - Bullish; NYSE market- Bullish.                       

Fixed Income
The10 year US Treasury Yield gapped up today at 3.634% today, up from last week's 3.551%. Its long-term uptrend is making a topping pattern.

The 2-year US Treasury Yield gapped up Monday to 4.44%, up from last week's
4.25%.  The long-term uptrend is slowing.

The 10-2 year Yield Curve remains inverted, the closing spread widened to -0.81 from last week's -0.70 and made a double bottom first made on December 5, 2022.

After reaching Bullish overbought levels, the Australian Dollar, the Euro, the British Pound, and the Yen all have pulled back vs. US dollar.

The US Dollar Index, while Bearish, rebounded up to 103.50 up last week's 102.09. The US dollar may be nearing a bottom.

Gold, while Bullish, pulled back from overbought as did Base Metals and
Copper; West Texas Light Crude resumed Bearish trend.

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