Daily Chart Report π Thursday, March 6, 2025
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Todayβs Summary
Thursday, March 6, 2025
Indices: Dow -0.99% | Russell 2000 -1.63% | S&P 500 -1.78% | Nasdaq -2.89%
Sectors: 2 of the 11 sectors closed higher. Energy led, rising +0.30%. Technology lagged, dropping -2.78%.
Commodities: Crude Oil futures dropped -2.86% to a five-month low of $66.31 per barrel. Gold was flat at $2,927 per oz.
Currencies: The US Dollar Index fell -0.13% to a four-month low of $104.14.
Crypto: Bitcoin fell -0.76% to $89,918. Ethereum fell -1.74% to $2,202.
Volatility: The Volatility Index jumped +13.41% to 24.86.
Interest Rates: The US 10-year Treasury yield fell to 4.278%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Jamie Saettele (@JamieSaettele).
- The Nasdaq ($QQQ) officially broke its 200-day moving average for the first time in two years today, closing at a four-month low.
- However, one of the largest stocks in the index, Broadcom ($AVGO), is up +12% after hours following a strong earnings report. $AVGO is the 5th largest stock in $QQQ and the 8th largest in $SPY.
- Jamie points out that $AVGO was on life support heading into today's report. It's just one stock, but Semis can't afford to lose another leader. A negative reaction would've been a nail in the coffin for Semis, but $AVGO has refused to break down so far.
The Takeaway: The Nasdaq broke its 200-DMA for the first time in two years. However, its 5th largest component is up double digits after-hours. If $AVGO holds its gains tomorrow, it could spark a bounce in Semis, Tech, and $QQQ.
Top Links
Today's Number is... 5 - The Daily Number π―
Grant Hawkridge looks at the ongoing streak of 1% moves in the S&P 500.
The Most Oversold Country in the World - Bespoke
Bespoke compares the recent performance of various international ETFs.
The Market Is OVERREACTING to Policy Uncertainty - Forward Guidance
Jeff deGraaf shares his thoughts on the current market environment.
It May be Time to Get Into Semis, Says Freedom Capitalβs Jay Woods - CNBC
Jay Woods discusses the outlook for Semis and the broader market.
Quote of the Day
"Be quick to turn bullish, but take your time turning bearish. The market is up more than 70% of the time."
- Larry Williams