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Today’s Summary
Friday, March 19th, 2021
Indices: US Stocks were mixed in today’s session. The Dow Jones Industrial Average fell 234 points or 0.71%. The S&P 500 was flat (0.06%), while the Nasdaq rose 0.76%. The Russell 2000 outperformed, gaining 0.88%.
Sectors: 6 of the 11 sectors closed higher. Communications led, rising 0.87%. Real Estate lagged, falling 1.33%.
Commodities: Crude Oil futures rebounded 2.30% to $61.44 per barrel. Gold futures moved higher by 0.33% to $1,742 per ounce.
Currencies: The US Dollar Index slipped 0.13%.
Interest Rates: The 10-year US Treasury yield was unchanged and is currently at 1.716%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Bond Sentiment is extremely oversold – where Major bottoms formed.
The 21dma is at bottom 1.7% in history – watch for a turn UP at any moment.
A turn in Bonds would be very Bullish for Growth Stocks and Precious Metals/Miners – which have been quietly *basing* for weeks. pic.twitter.com/k60UlH6LEi
— Macro Charts (@MacroCharts) March 19, 2021
Today’s Chart of the Day was shared on Twitter by Macro Charts (@MacroCharts). The chart shows the U.S. 30-year Treasury Bond over the past two decades. Treasury Bonds have been getting whacked for months now and the sell-off has really accelerated in recent weeks. However, we’re starting to see signs that Bonds may be due for a bounce in the near-term. Macro Charts points out that a sentiment indicator known as the DSI has fallen to extremely low levels that have historically coincided with major bottoms. Macro Charts adds that a rebound in Bonds would be bullish for Growth Stocks as well as Precious Metals & Miners. Will Bonds rebound next week? Stay tuned!
Quote of the Day
“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.”
– Winston Churchill
Top Links
Weekly Market Performance – Markets Reverse Course – LPL Financial Research
The team at LPL Financial Research summarizes this week’s market action.
A Look Into the Dow Jones Industrial Average Components, Part 2 – Alf Charts
Alfonso Depablos takes a look at some of the chart setups within the Dow Jones Industrial Average.
Where Do (We) Investors Stand? – David Cox
In this quick video, David Cox highlights some important technical developments to be aware of.
Crude Oil About To Decline 50% Following Triple Top, Wonders Joe Friday – Kimble Charting Solutions
Chris Kimble breakdown a long-term chart of Crude Oil.
Stock Market Video Analysis for Week Ending 3/19/21 – AlphaTrends
Brian Shannon reviews this week’s price action and highlights a few levels to keep an eye on next week.
Top Tweets
$NQ, 1h
12700 is THE level to watch for the rest of today's session and early next week.
Make it or break it level. pic.twitter.com/Hk4NwiCo8p
— Yuriy Matso (@yuriymatso) March 19, 2021
big $NQ_F level here – price needs to hold ~650-700 or the early March lows are back in play pic.twitter.com/jMMqK0X08H
— BostonCharts (@bostonchaahhts) March 19, 2021
$NDX — A tale of two head and shoulders ????? pic.twitter.com/jBibsiIZf4
— Nautilus Research (@NautilusCap) March 19, 2021
The mkt's plunge a year ago & its rapid recovery seem wild but in hindsight it followed the sequencing of the typical mkt cycle: prices crater, then earnings bottom out 6 months later. By then, price is well off the lows, earnings improve, price keeps going, valuations come down. pic.twitter.com/5Q6INfvraR
— Jurrien Timmer (@TimmerFidelity) March 19, 2021
The 10-year yield is on pace to be up 8 consecutive weeks.
You have to go back 17 years the last time we saw that (that one ended at 9 in a row).
11 in a row in '73 looks like the record. pic.twitter.com/NN79phwMus
— Ryan Detrick, CMT (@RyanDetrick) March 19, 2021
The US 10-year Treasury yield is now above 1.71% in a remarkable 7 consecutive week charge. That matches the longest advance since Feb 2018. Haven't seen a move more than 7 weeks since April 1994 (11 weeks) pic.twitter.com/Fw8qbDYMhz
— John Kicklighter (@JohnKicklighter) March 19, 2021
Anyone expecting a dollar rip here? Or continuation of downtrend? $DXY pic.twitter.com/OdaP5NYXsU
— Drew Wells, CMT, CIMA® (@DrewTheCharts) March 19, 2021
a couple of false starts, but is now the time? pic.twitter.com/2Sd6wTqPj2
— J.C. Parets (@allstarcharts) March 19, 2021
Not only is there a potential momentum divergence in Bitcoin, but on Bitcoin's latest breakout, the largest altcoins also couldn't follow suit
Even Polkadot which has been the leader amongst the big coins for some time is consolidating here. Is some near term patience warranted? pic.twitter.com/gHAqjyoQfB
— Louis Sykes (@haumicharts) March 19, 2021