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Today’s Summary
Tuesday, March 14th, 2023
Indices: Nasdaq 100 +2.32% | Russell 2000 +1.87%| S&P 500 +1.65% | Dow +1.06%
Sectors: All 11 sectors closed higher. Communications led gaining +2.83%. Health Care lagged but still rose +0.89%.
Commodities: Crude Oil futures dropped -4.64% to $71.33 per barrel. Gold futures fell -0.29% to $1,911 per ounce.
Currencies: The US Dollar Index was flat (+0.05%) at $103.67.
Crypto: Bitcoin rose +2.38% to $24,785. Ethereum rose +1.64% to $1,707.
Interest Rates: The US 10-year Treasury yield rose to 3.693%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Crude Oil Futures $CL_F coming into the ⚓️VWAP from the Covid low approximately 68.90
Weekly chart with daily inset pic.twitter.com/kVd26lPI8T
— Brian Shannon, CMT (@alphatrends) March 14, 2023
Today’s Chart of the Day was shared by Brian Shannon (@alphatrends). Brian points out that Crude Oil Futures are currently “pinched” between two key Anchored VWAPS. Brian has an entire chapter on trading the “Pinch” in his most recent book, Maximum Trading Gains with Anchored VWAP. A Pinch occurs when price trades into a narrow range between two converging AVWAPs. In this case, Crude Oil has been rangebound for several months between the Covid low AVWAP (green) and the AVWAP from the June 2022 highs (red). In the book, Brian explains: “Think of the pinch like squeezing a spring together, the energy gets compressed until the spring is let go and an energetic move follows.” A break below the lower AVWAP (around $68.80) would serve as a short signal, while a break above the upper AVWAP (around $86.30) would serve as a buy signal.
Quote of the Day
“Changes in latitudes lead to changes in attitudes.”
– Steve Leuthold
Top Links
Mike Zaccardi examines the outlook for Crude Oil.
Pictures of Monkeys Rally 15% – All Star Charts
JC Parets highlights the signs of risk appetite amid the doom and gloom of the recent bank failures.
Bespoke takes a look at the volatility in short-term treasury yields.
Bad Things Happen in Downtrends | Trendlines over Headlines with John Roque – The Chart Report
In the latest episode of Trendlines over Headlines, John Roque of 22V Research shares his perspective on Regional Banks, the S&P 500, Interest Rates, Gold, and more!
Top Tweets
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/4yvhWTwGXe
— StockMKTNewz – Evan (@StockMKTNewz) March 14, 2023
Big ramp into the close here $SPY pic.twitter.com/z1CDbX9rGA
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) March 14, 2023
$SPY was rejected at the 200 MA early in the day and looked very vulnerable.
A late-day rally helped a bit. There's still plenty of work for the bulls to do. pic.twitter.com/KSzykMjPci
— Andrew Moss, CMT (@Andy__Moss) March 14, 2023
$SPX Seems like an important spot. pic.twitter.com/FGIbTk4JDL
— Frank Cappelleri (@FrankCappelleri) March 14, 2023
Investors piled into growth yesterday … @Bloomberg Pure Growth portfolio saw largest jump relative to Pure Value portfolio since June 2022
[Past performance is no guarantee of future results] pic.twitter.com/tUtFr1923n— Liz Ann Sonders (@LizAnnSonders) March 14, 2023
Are we buyers of growth stocks (relative) here?
Or selling the lower-high?$QQQ $SPY pic.twitter.com/KKEKmCwIff
— Mike Singleton, CFA (@InvictusMacro) March 14, 2023
The Bond Market Volatility Index $MOVE (black) has reached its highest level since 2009.
Usually, high volatility in bonds doesn't bode well for risk assets. So, will the $VIX (red) pick up higher? pic.twitter.com/2ekkbmKZ6A
— Alfonso Depablos (@AlfCharts) March 14, 2023
$BTC breaking out of a textbook reversal pattern to its highest level in 9 months…
Who has an explanation for this?
Lower rates? $USD? Financial/banking instability? pic.twitter.com/AcIAc7YsJ1— Steven Strazza (@sstrazza) March 14, 2023
The Fed is too tight for the financial system and too loose for the real economy….and with that, comes a breakout in the tip of the spear of speculative assets, $BTC pic.twitter.com/25eMTFJSBH
— RenMac: Renaissance Macro Research (@RenMacLLC) March 14, 2023
Crude attempting to break lower from its multi-month range…$CL_F pic.twitter.com/jYVjmvOFVw
— Ian McMillan, CMT (@the_chart_life) March 14, 2023
Every time the big political outlets pick it up you know it's bullshit. $CL_F $USO pic.twitter.com/zOB3tScLu7
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) March 14, 2023