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Today’s Summary
Monday, March 6th, 2023
Indices: Dow +0.12% | Nasdaq 100 +0.10% | S&P 500 +0.07% | Russell 2000 -1.48%
Sectors: 5 of the 11 sectors closed higher. Utilities led, gaining +0.48%. Materials lagged, dropping -1.62%.
Commodities: Crude Oil futures rose for the fifth consecutive session by +0.98% to $80.46 per barrel. Gold futures were unchanged at $1,855 per ounce.
Currencies: The US Dollar Index fell -0.22% to $104.29.
Crypto: Bitcoin was flat at $22,407. Ethereum was also flat at $1,566.
Interest Rates: The US 10-year Treasury yield inched higher to 3.964%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
The CBOE's oil volatility index ($OVX) has collapsed to its lowest level since September 2021 as the commodity tries to hold onto its first bullish break above the 100-day SMA in 81 trading days pic.twitter.com/kCzWKsFptE
— John Kicklighter (@JohnKicklighter) March 6, 2023
Today’s Chart of the Day was shared by John Kicklighter (@JohnKicklighter). It’s a daily candlestick chart of Crude Oil futures and its Volatility Index ($OVX) in red. Crude Oil rose for the fifth straight session today and closed above its 100-day moving average for the first time in four months. It peaked almost precisely one year ago at around $120 per barrel, after trading in negative territory less than two years earlier. However, it’s been pretty boring lately. Price has tightened into a narrow range over the past four months, with volatility ($OVX) hitting a new 52-week low today. It’s often said, “From range contraction comes range expansion.” It would make sense to see a large move higher or lower from Crude in the coming weeks, as it’s reaching a decision point.
Quote of the Day
“It’s wise to remember that too much success in the stock market is in itself an excellent warning.”
– Gerald Loeb
Top Links
Small Cap Seasonal Strength Ending – Almanac Trader
Jeff Hirsch points out that the “Januarry Effect” is beginning to wane for Small-Caps.
Stock Futures are Flat as Wall Street Awaits Fed Chair Powell’s Comments – CNBC
In this clip, Jonathan Krinsky shares his technical perspective on $AAPL and the Russell 2000.
Market Review – China, Materials, and Bonds – AlphaCharts
Brian G takes a look at Bonds, and two areas of relative strength (Materials & Chinese Internet Stocks).
Here’s How the Chartered Market Technician (CMT) Designation Works for Aspiring Traders – Yahoo Finance
Brian Shannon discusses the value of being a Chartered Market Technician (CMT).
Trendlines over Headlines | Breaking Down the Charts with Ian McMillan – The Chart Report
In this week’s episode of Trendlines over Headlines, Ian McMillan of Adaptiv returns to the show to discuss the S&P 500, Interest Rates, Crypto, and more!
Top Tweets
Daily Mkt Mood: Mixed
1. Stocks pare gains/close mixed
2. S&P closes up 3rd day
3. All of this as yields reverse higher
4. Support continues to hold
5. Goldman likes $AAPLIf you believe as #Apple goes so goes the market, it’s possible to think Goldman likes the #StockMarket.
— Abigail Doolittle (@TheChartress) March 6, 2023
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/z7uQPCjUjS
— StockMKTNewz – Evan (@StockMKTNewz) March 6, 2023
What am I missing?
US small caps down sharply (Russell 2000)
US tech stocks up!#Yields have reversed and are now up for the day, so can't be that. pic.twitter.com/OuYUxodNR6— jeroen blokland (@jsblokland) March 6, 2023
Liquidity Limbo: Last week the S&P 500 tested the intersection of two trendlines (rising and falling), as well as the 50-day and 200-day moving average, and so far, it has held. pic.twitter.com/dPqrjR3Wkn
— Jurrien Timmer (@TimmerFidelity) March 6, 2023
Periodic reminder. Avoid owning the median stock. Except perhaps off cyclical bottoms. pic.twitter.com/nS49EnSBOz
— Mark Ungewitter (@mark_ungewitter) March 6, 2023
Think the constant drumbeat of negative headlines isn’t on purpose? Or that it doesn’t have any effect? Think again. AAII Bull Ratio 50-week average just coming off its lowest reading in its 35 year history. Significantly lower than 2008-09 low. #sentimentrader pic.twitter.com/ONOoBL85Sl
— Jay Kaeppel (@jaykaeppel) March 6, 2023
“.. It may sound hard to believe .. but the Industrials sector is currently less than 2% from an all-time high ..”@bespokeinvest $IXI pic.twitter.com/OV97s4QBw8
— Carl Quintanilla (@carlquintanilla) March 6, 2023
Yo, Charts – What’re you doing with this one? XME Monthly w/ 12-Month MA, MACD, and Rel to S&P pic.twitter.com/9MvnOnKmfp
— da Chart Life (@daChartLife) March 6, 2023
Coal stocks pressing to new multi-year highs ? pic.twitter.com/VBTm5m1AOG
— Steven Strazza (@sstrazza) March 6, 2023
Not a very liquid ETF but the $ROBO chart may be benefitting from all the #Ai chatter. Big accumulation weeks ending 1/20-2/3 up by a combined 7%. $IOT chart strong top ten holding. $NVDA sporting bull flag but reversing intraday Monday thus far pic.twitter.com/vmByZFL4v4
— Douglas Busch CMT (@chartsmarter) March 6, 2023
It's happening! pic.twitter.com/0OarbZ8u1S
— Ivan the K™ (@IvanTheK) March 6, 2023