Daily Chart Report π Monday, March 10, 2025
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Todayβs Summary
Monday, March 10, 2025
Indices: Dow -2.08% | S&P 500 -2.70% | Russell 2000 -2.72% | Nasdaq -3.81%
Sectors: 2 of the 11 sectors closed higher. Utilities led, rising +1.10%. Tech lagged, dropping -4.25%.
Commodities: Crude Oil futures fell -1.51% to a six-month low of $66.03 per barrel. Gold fell -0.50% to $2,899 per oz.
Currencies: The US Dollar Index was unchanged at $103.90
Crypto: Bitcoin dropped -2.66% to a four-month low of $78,561. Ethereum slid -7.72% to a 52-week low of $1,864.
Volatility: The Volatility Index jumped +19.12% to a seven-month high of 27.85.
Interest Rates: The US 10-year Treasury yield rose to 4.219%.
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 Caleb Franzen (@CalebFranzen).
- Today was the worst day for the Nasdaq 100 since September 2022, with $QQQ dropping -3.9%. It's fallen -12.4% from a record high, erasing six months of gains in only 13 trading days.
- Caleb points out that RSI has reached its lowest levels since January 2022. $QQQ was in a similar drawdown when RSI reached these levels in January 2022, but price fell another -24% before bottoming later that year.
- Price and momentum are confirming one another by making new lows simultaneously. 'Oversold' might sound bullish at first. After all, it sounds like selling has been overdone. However, price usually doesn't bottom immediately after its first oversold reading from overbought territory.
The Takeaway: Today was the worst day for the Nasdaq 100 ($QQQ) since September 2022. More notably, momentum is confirming the recent weakness, with RSI reaching levels not seen since the initial drop of the 2022 bear market.
Top Links
Bull or Bear. Why it Matters? - All Star Charts
JC Parets shares his thoughts on the current market action.
Semis Being Weak Isn't Bad for the Market - CNBC
Jeff deGraaf discusses the carnage in growth/tech stocks.
The SOL is Setting - Alfonso's Daily Note
Alphonso De Pablos highlights the continued weakness in the crypto market.
The Nasdaq 25 Years Later - Bespoke
Bespoke looks back on the dot com bubble on the 25th anniversary of its peak.
Quote of the Day
"The only person you can trust in your life is your mom. The first 3 letters of Momentum are M-O-M"
- Ralph Acampora