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Today’s Summary
Wednesday, March 10th, 2021
Indices: US Stocks closed higher in today’s session with The Dow Jones Industrial Average advancing 464 points or 1.46%. The S&P 500 rose 0.60%, while the Nasdaq was flat (0.04%). The Russell 2000 outperformed, gaining 1.81%.
Sectors: 10 of the 11 sectors closed higher. Energy led, rising 2.53%. Technology was the only sector to close lower, slipping 0.40%.
Commodities: Crude Oil futures moved higher by 0.67% to $64.44 per barrel. Gold futures rose 0.29% to $1,722 per ounce.
Currencies: The US Dollar Index slipped 0.15%.
Interest Rates: The 10-year US Treasury yield inched lower to 1.520%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
some levels we're watching on the ol' bitcoin pic.twitter.com/XT1JcmVuyk
— J.C. Parets (@allstarcharts) March 10, 2021
Today’s Chart of the Day was shared on Twitter by JC Parets (@allstarcharts) It’s a chart of Bitcoin over the past four years. Bitcoin corrected more than 25% at the end of February, however, we’re already back to flirting with all-time highs around $57,000. JC highlights some key levels based on Fibonacci extensions from the 2017-2018 decline, and the 2019-2020 decline. If bitcoin continues to trade above the previous level (around $46,000), the next major resistance level is around $73,000, which is nearly 30% higher from current prices.
Quote of the Day
“There are two kinds of investors: those who don’t know where the market is headed, and those who don’t know that they don’t know.”
– William Bernstein
Top Links
The Trend is Bullish and Confirmed – Marea Market Musing
Dan Russo talks Dow Theory.
A Momentous Shift in Momentum – SentimenTrader
Jason Goepfert takes a look at the massive shift from Growth to Value.
Short Interest Update – Bespoke
Bespoke reviews some of the most shorted stocks in the Russell 3000.
Is It Time To Be Bullish Gold? Fibonacci Retracement Analysis – See It Market
David Keller offers his technical perspective on Gold.
The Deal With Debt Markets – All Star Charts
Steve Strazza examines the outlook for yields.
Top Tweets
Dow jones all-time high close and first >32,000 pic.twitter.com/lWugvTAyO9
— Tom Hearden (@followtheh) March 10, 2021
we're seeing the 12/26/5 MACD cross back upwards today on the $SPX pic.twitter.com/uzPOjm05Fk
— David Cox, CMT, CFA (@DavidCoxWG) March 10, 2021
$NDX #nasdaq — >3.50% 1-day advances (first time in 1-month.) pic.twitter.com/9Y75OboVOY
— Nautilus Research (@NautilusCap) March 10, 2021
Strength outside of Tech persists. pic.twitter.com/Cgxpbxt5ve
— Strategas (@StrategasRP) March 10, 2021
This one speaks for itself… $XLE vs $XLK
Energy outperformed Tech by a record of +35% in the month of November and again by another +30% in February…
These are the 2 highest 4-week ROC readings in history!
The next highest reading occurred over 2 decades ago… pic.twitter.com/fuKwOurJPk
— Steven Strazza (@sstrazza) March 10, 2021
Growth/Value rose sharply yesterday, after hitting the 19th most oversold day in history.
RSI was at the bottom 0.29% in 26 years.
Some of the biggest Growth rallies started like this – and even the smaller bounces took *months* to play out.
Be prepared. pic.twitter.com/W23XuIwsDt
— Macro Charts (@MacroCharts) March 10, 2021
To follow-up on our $DXY chart yesterday. Below are industry sensitivities to $ moves back to 2009. Lower dollar good for industries on the left, bad for those on the right. pic.twitter.com/9D9PRsWCrL
— RenMac: Renaissance Macro Research (@RenMacLLC) March 10, 2021
#volatility abound! #bitcoin retakes USD 55,000 threshold after a 28% rally, following a 26% drop, all within 20 trading days. pic.twitter.com/wWHMzFGsFY
— jeroen blokland (@jsblokland) March 10, 2021
Hang on to your hats. New all-time highs coming soon… #Bitcoin pic.twitter.com/9pSXzjQWoq
— Greg Rieben (@gregrieben) March 10, 2021
The GameStop don't stop $GME pic.twitter.com/qLwdm5cZfd
— Sarah Ponczek (@SarahPonczek) March 10, 2021