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Today’s Summary
Friday, March 3rd, 2023
Indices: Nasdaq 100 +2.04% | S&P 500 +1.62% | Russell 2000 +1.35% | Dow +1.17%
Sectors: All 11 sectors closed higher. Communications led, gaining +2.18%. Consumer Staples lagged but still inched +0.08%.
Commodities: Crude Oil futures rose +1.94% to $79.68 per barrel. Gold futures gained +0.77% to $1,855 per ounce.
Currencies: The US Dollar Index fell -0.42% to $104.53.
Crypto: Bitcoin dropped -4.72% to $22,359. Ethereum dropped -4.75% to $1,570.
Interest Rates: The US 10-year Treasury yield dropped to 3.956%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Steel stocks are on pace for their highest weekly close in almost 12 years $SLX ? pic.twitter.com/umnjIZOKjR
— Steven Strazza (@sstrazza) March 3, 2023
Today’s Chart of the Day was shared on Twitter by Steve Strazza (@sstrazza). It’s a weekly candlestick chart of the Steel ETF, $SLX, over the past 13 years. The largest holdings in this ETF include; $VALE, $RIO, $NUE, $TX, and $CLF. Steve points out that $SLX is breaking out to its highest level since 2011 on a weekly basis. It’s built a two-year base on top of an even bigger base, forming what resembles a long-term Cup & Handle pattern. If stocks are in a new bull market, it would make sense to see new leaders. Commodity-related stocks might not be as sexy as the Technology stocks that led during the prior bull market. However, they’re showing impressive relative strength and they’re one of the few areas that are breaking out to multi-year highs.
Quote of the Day
“Don’t fall in love with stocks.
They are inanimate objects.”
– Ralph Bloch
Trendlines > Headlines
Check out the latest episode of Trendlines over Headlines!
In this week’s episode, Ian McMillan of Adaptiv returns to the show to make sense of the current market environment. We take a look at the S&P 500, Interest Rates, Crypto, and more!
Top Links
Stock Market Analysis for Week Ending March 3, 2023 – AlphaTrends
In this video, Brian Shannon reviews this week’s price action and identifies some key levels of interest to watch in the near term.
Utilities Stocks are Teetering on Historic Support! – Kimble Charting Solutions
Chris Kimble points out that the Utilities sector is attempting to break below its 20-year uptrend line.
Technicals > fundamentals – Financial Times
Callie Cox takes a look at some of the distortions caused by the rise in short-term options.
How Many Bear Markets Have You Lived Through? – The Big Picture
Barry Ritholtz reflects on the lessons he’s learned from living through several bear markets.
Top Tweets
Green across the board today! ? $SPY pic.twitter.com/9GBVkplkrT
— TrendSpider (@TrendSpider) March 3, 2023
S&P 500 thru today’s close with “the line” pic.twitter.com/Jz04T0JD1f
— Liz Ann Sonders (@LizAnnSonders) March 3, 2023
Both indices bounced exactly at their respective 200d moving averages pic.twitter.com/7kSCQDEjUV
— Yuriy Matso (@yuriymatso) March 3, 2023
$SPX Pretty classic technical analysis. Weekly charts – index retests broken DTL, retests UTL & stays above significant MAs w a Buy Cross in the bargain. This says rally should have a solid foundation going forward. Breadth improved and contrary sentiment numbers support it too. pic.twitter.com/ChIo3tVLGM
— Alan Cohen (@al_xdpg) March 3, 2023
S&P 500 Gains to Day 96 of a Nascent Bull Market pic.twitter.com/QKToZveDyZ
— Milton W Berg CFA (@BergMilton) March 3, 2023
Here we are, at the start of March, and the stock market is sitting squarely in the "Caution" zone.
We live in a world of probabilities, not certainties – so with that, I think the probabilities are higher that the market heads, well… higher from here.
Risk levels are clear,… https://t.co/FAaHzXmaEQ pic.twitter.com/RQdTbmERTA
— Adam D. Koós, CFP®, CMT, CEPA (@AdamKoos) March 3, 2023
At this point in the cycle, optimism is more constructive for stocks than pessimism.
It takes bulls to have a bull market. pic.twitter.com/QGNdREvZ39
— Willie Delwiche, CMT, CFA (@WillieDelwiche) March 3, 2023
The key to outperformance in 2023 has been nothing about growth vs. value or offense vs. defense, but "be in anything but large caps."$SPX $SPY pic.twitter.com/UNGh3gApm3
— David Keller, CMT (@DKellerCMT) March 3, 2023
The French market is right near the highs of 2021. Trying to break through. $CAC #Markets #Stocks pic.twitter.com/UilR4WM9z2
— Greg Schnell, CMT (@Schnellinvestor) March 3, 2023
$XME Metals & Mining ETF
pretty solid week… +9.8% pic.twitter.com/anOsKaNrf3
— Christian Fromhertz ?? (@cfromhertz) March 3, 2023
Yo, Charts – pic.twitter.com/J4vb3wsJGO
— da Chart Life (@daChartLife) March 3, 2023
Oil ??⬇️ pic.twitter.com/gQbyFm8JlL
— Bullish Trend (@trend_bullish) March 3, 2023
Fundadmentals: Citadel's Ken Griffin, reported a 5.5% stake in cryptocurrency-focused lender Silvergate Capital Corp. $SI
Technicals: ⬇️⬇️⬇️ pic.twitter.com/y4T5TDOD24
— Brian Lund (@bclund) March 3, 2023
This should be interesting $BTCUSD pic.twitter.com/gKGjOPDHjR
— Arun S. Chopra CFA CMT? (@FusionptCapital) March 3, 2023