Daily Chart Report π Wednesday, March 5, 2025
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Todayβs Summary
Wednesday, March 5, 2025
Indices: Nasdaq 100 +1.36% | Dow +1.14% | S&P 500 +1.12% | Dow +1.02%
Sectors: 9 of the 11 sectors closed higher. Materials led +2.61%. Energy lagged, falling -1.46%.
Commodities: Crude Oil futures dropped -2.86% to $66.31 per barrel. Gold rose +0.18% to $2,962 per oz.
Currencies: The US Dollar Index dropped -1.19% to a three-month low of $104.27.
Crypto: Bitcoin rose +3.86% to $90,611. Ethereum rose +3.25% to $2,242.
Volatility: The Volatility Index dropped -6.72% to 21.92.
Interest Rates: The US 10-year Treasury yield rose to 4.280%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Dylan Tanen (@hihotraders).
- The Magnificent 7 ETF ($MAGS) filled its post-election gap yesterday and closed below support at $50. However, it reclaimed $50 today, signifying a potential Failed Breakdown, or Bear Trap as it's also called.
- Dylan reminds us that failed moves often lead to fast moves in the opposite direction, which, in this case, is higher.
- $MAGS represents nearly 30% of the S&P 500 and nearly 40% of the Nasdaq. If the largest stocks start to rebound, the major indices will likely follow.
The Takeaway: The Magnificent 7 ETF ($MAGS) reclaimed support at $50 today after undercutting it yesterday. If $MAGS holds above $50, the bears are trapped.
Top Links
Decision Time - Alfonso's Daily Note
Alfonso De Pablos points out that the Mag 7 ETF ($MAGS) is testing a potential inflection point.
Rotation vs. Distribution - All Star Charts
JC Parets looks at the signs of rotation vs. distribution.
Today's Number is... 2021 - The Daily Number π―
Grant Hawridge breaks down his custom risk-on/risk-off indicator.
Post-Election Years Plague Republicans - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in the post-election year of a Republican president.
Technical Tuesdays with The Chart Report - X
Here's the recording of our discussion from earlier today. Join us live on X every Tuesday at 11 am.
Quote of the Day
βSpending money to show people how much money you have is the fastest way to have less money.β
- Morgan Housel