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Today’s Summary
Tuesday, March 22nd, 2022
Indices: Nasdaq 100 +1.94% | S&P 500 +1.13% | Russell 2000 +1.08% | Dow +0.74%
Sectors: 10 of the 11 sectors closed higher. Consumer Discretionary led, gaining +2.48%. Energy was the only sector that closed lower, falling -0.74%.
Commodities: Crude Oil futures fell -0.64% to $109.27 per barrel. Gold futures slipped -0.41% to $1,922 per ounce.
Currencies: The US Dollar Index inched lower by -0.06%.
Crypto: Bitcoin gained +3.77% to $42,592. Ethereum rose +3.79% to $3,001.
Interest Rates: The US 10-year Treasury yield rose to 2.384% – its highest in more than two years.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
How many resistances do you see on $RUT ? pic.twitter.com/nx8NJN88vd
— Aksel Kibar, CMT (@TechCharts) March 22, 2022
Today’s Chart of the Day was shared by Aksel Kibar (@TechCharts). It’s a daily candlestick chart of the Russell 2000 over the past two years. The Russell 2000 closed at a two-month high today, but it’s approaching a cluster of resistance around 2,100. For starters, this level acted as support all throughout last year. Secondly, both the 200-day moving average and the AVWAP from the all-time high (not shown) coincide with this level. Lastly, a break above 2,100 would violate the downtrend line that has been in place for the past four months. It would be a huge win for the bulls to see the Russell 2000 break above this area of resistance, but the index has a lot to prove in the near term.
Quote of the Day
“Gentlemen who prefer bonds don’t know what they are missing.”
– Peter Lynch
Top Links
Best Performers Since the 3/14 Pivot – Bespoke
Bespoke takes a look at the best performing stocks in the S&P 1500 since last week’s low.
Another Sign of Internal Nasdaq Strength – SentimenTrader
Jason Goepfert examines a bullish signal from the McClellan Oscillator.
Is the Tide Shifting? | Who Charted? – Potomac Fund Management
In this quick video, Dan Russo and Drew Wells highlight six noteworthy charts in six minutes.
Are Steel Prices on Cusp of a Major Breakout – Kimble Charting Solutions
Chris Kimble points out that the Steel ETF, $SLX, is attempting to breakout to multi-year highs.
Aussie Rules! – All Star Charts
The team at All Star Charts takes a look at the recent action in the Aussie Dollar.
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Top Tweets
Daily Market Mood: Risk-On
Green shoots abound as last week’s risk-on whipsaw continues with $SPX back abv its 200 DMA.
Bond plunge continues with yields spiking higher.
Yen down most since Nov 2020, China tech soars again.
All in all… the pain trade gets more painful.
— Abigail Doolittle (@TheChartress) March 22, 2022
? The $SPX has closed higher by at least 1% in 5 out of the last 6 days. The last time that happened was 10/29/20 to 11/5/20 ( $PFE vaccine data news) pic.twitter.com/hlGGZGi6L6
— ??????? ??? ??? (@BrandonVanZee) March 22, 2022
Last weeks death cross is a bullish signal. Here is what happened after all of the times the S&P 500’s 50 day MA crossed below the 200 day MA since 2010. Six for six times stocks were up in the next three months. Average gain 8.5%. pic.twitter.com/wtrm9gO7X2
— Gina Martin Adams (@GinaMartinAdams) March 22, 2022
$QQQ +13% from last week's low pic.twitter.com/ODPwcCszie
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) March 22, 2022
$QQQ: $SPY broke above its Nov downtrend, perhaps we are going into a phase of $QQQ relative outperformance pic.twitter.com/crVrrsyv2C
— Bailey.Baxter2020 (@BBaxter2020) March 22, 2022
Lots of evidence for both the bull and bear cases out there.
Stocks vs Bonds breaking out like this definitely falls in the bullish camp. pic.twitter.com/G0ullnI14y— Pratty (@PrattyCharts) March 22, 2022
Is this a logical area for #stocks relative to #commodities to take a breather? Will we see a continuation of the strength that we have seen from commodities over the past 2 years? pic.twitter.com/bADpCr0ZBP
— Grant Hawkridge (@granthawkridge) March 22, 2022
Banks not keeping pace with rates. pic.twitter.com/CdZmFCz0em
— Strategas (@StrategasRP) March 22, 2022
This is fine. $TNX pic.twitter.com/gJuz64bvsL
— Michael Kahn, CMT (@mnkahn) March 22, 2022
10-Year Yields are a bit stretched day to day, by all accounts. We suspect it makes sense to buy a small position in $TLT (iShares 20+ Year Treasury Bond ETF)… pic.twitter.com/v4UlYp9tm3
— Carter Braxton Worth (@CarterBWorth) March 22, 2022
$TLT not sure what the point is in owning it here.
Would need to put in a failed break down to be mildly interesting. pic.twitter.com/IqBy2PmlV1— Sam McCallum ??????? (@honeystocks1) March 22, 2022
Well, at least you're your getting 1.95% to ride it out $BND pic.twitter.com/1jpsGxlYfd
— Ian McMillan, CMT (@the_chart_life) March 22, 2022
The $USDJPY is ripping higher within a bullish momentum regime. pic.twitter.com/lDf1YHqJfY
— Ian Culley (@IanCulley) March 22, 2022
$USDJPY +20% Swings Up (After Prior -20% Swings Down)…. pic.twitter.com/reF1sfuv8Q
— Nautilus Research (@NautilusCap) March 22, 2022
The 14-day ADX line in Bitcoin is at extreme low levels. This suggest in addition to a flat trend, that we could be on the verge of a strong move in either direction.#Bitcoin pic.twitter.com/D68bG92TNu
— Alfonso Depablos (@AlfCharts) March 22, 2022
Nickel full retraced. Lmao pic.twitter.com/tWgS2YNASm
— IamNomad (@IamNomad) March 22, 2022
You’re all caught up now. Thanks for reading!