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Today’s Summary
Wednesday, March 17th, 2021
Indices: US Stocks closed higher in today’s session with the Dow Jones Industrial Average advancing 189 points or 0.58%. The S&P 500 and Nasdaq rose 0.29% and 0.40%, respectively. The Russell 2000 outperformed, gaining 0.73%.
Sectors: 6 of the 11 sectors closed higher. Consumer Discretionary led, gaining 1.39%. Utilities lagged, falling 1.63%.
Commodities: Crude Oil futures slipped 0.56% to $64.44 per barrel. Gold futures rose 0.76% to $1,744 per ounce.
Currencies: The US Dollar Index dropped 0.53%.
Interest Rates: The 10-year US Treasury yield rose to 1.646%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$NQ, 1h
13250 – a very important pivot for Nasdaq. This level is exactly 61.8% Fibonacci retracement of the Feb-March drop. pic.twitter.com/GaQvyygmk0
— Yuriy Matso (@yuriymatso) March 17, 2021
Today’s Chart of the Day was shared on Twitter by Yuriy Matso (@yuriymatso). It’s a one-hour candlestick chart of the Nasdaq 100 futures over the past two months. Nasdaq futures are testing a well-defined short-term resistance level around 13250. As you can see, price has failed at this level three times over the past month. Yuriy points out that this level coincides with the 61.8% Fibonacci retracement of the Feb-March decline. Will the fourth time be the charm? Or, do we fail again here and continue lower? Either way, we’ll likely know very soon, so pay attention to how price behaves around that 13250 level in the near-term.
Quote of the Day
“The more objective we are, the more accurate our beliefs become. And the person who wins bets over the long run is the one with the more accurate beliefs.”
– Annie Duke
Top Links
The Bull Market Is About To Turn One – LPL Financial Research
The team at LPL Financial Research checks in on the new bull market as it approaches its first birthday.
March Conference Call: 5 Key Takeaways – All Star Charts
Ian Cully highlights five of the most important technical developments to keep an eye on this month.
Keeping It Simple – StockCharts.com
Carl Swenlin weighs-in on some of the negative divergences forming on the S&P 500.
What’s Scaring Investors Right Now – SentimenTrader
Jason Goepfert examines the relationship between the VIX and the 10-year yield.
Reversal Of Fortune? Banking Index Testing 14-Year Breakout Level – Kimble Charting Solution
Chris Kimble takes a look at an important test going on in the Bank Index, $BKX.
Top Tweets
Which 3/17 $SPX rally was more impressive?
2021: +0.29%, positive reversal, new all-time high.
2020: +6%, the day after a 12% decline, among the worst in history.— Frank Cappelleri (@FrankCappelleri) March 17, 2021
One of my favorite market stats of the year is finally here!
Turns out, one of the most green days of the year for stocks is #StPatricksDay. You just can't make that up. pic.twitter.com/cO93gh7myA
— Ryan Detrick, CMT (@RyanDetrick) March 17, 2021
Nightlife: most of last year’s gains for S&P 500 were made in overnight trading, while intraday trading yielded virtually no gain @Bloomberg
[Past performance is no guarantee of future results] pic.twitter.com/Rapeg33Sgp— Liz Ann Sonders (@LizAnnSonders) March 17, 2021
$QQQ Hourly Update: 324ish is a resistance area. The rule of thumb is that if it breaks out of the consolidation, you add the height of the "pattern" to the break-out point. #StockMarket #ETF #stocks @NapatreeC pic.twitter.com/pocDQOppt2
— Mike Moses, CMT,CMSA (@DominickMike) March 17, 2021
Is it finally time for precious metals miners..? $GDX
Silver sure looks ready $SLVP pic.twitter.com/sfynLWvMj9
— Steven Strazza (@sstrazza) March 17, 2021
One of my favorite long-term bases at the moment$URA $XLE $CCJ $KAP $NXE $EFR pic.twitter.com/avsAyMJdgs
— Louis Sykes (@haumicharts) March 17, 2021
$TLT due for a bounce. Cue FOMC? pic.twitter.com/ygRNar9EQR
— Mark Ungewitter (@mark_ungewitter) March 17, 2021
Notice how the 2/10 Spread went negative before the last four recessions.
There are a lot of very well-paid economists on Wall Street who didn't do nearly that well. pic.twitter.com/IDK79EO8F4
— Eddy Elfenbein (@EddyElfenbein) March 17, 2021
— Arun S. Chopra CFA CMT? (@FusionptCapital) March 17, 2021