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Today’s Summary
Friday, March 24th, 2023
Indices: Russell 2000 +0.85% | S&P 500 +0.56% | Dow +0.41% | Nasdaq 100 +0.30%
Sectors: 9 of the 11 sectors closed higher. Utilities led, gaining +3.12%. Consumer Discretionary lagged falling -0.32%.
Commodities: Crude Oil futures moved lower by -1.00% to $69.26 per barrel. Gold fell -0.61% to $1,984 per oz.
Currencies: The US Dollar Index rose +0.51% to $103.12.
Crypto: Bitcoin dropped -2.86% to $27,532. Ethereum dropped -3.38% to $1,756.
Interest Rates: The US 10-year Treasury yield fell to 3.380%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
https://twitter.com/tradebettor/status/1639339139404267542
Today’s Chart of the Day was shared by Brandon (@tradebettor). It’s a daily candlestick chart of the 20+ Year Treasury Bond ETF, $TLT. Brandon points out that $TLT is back above its 200-day moving average for the first time in more than a year. The trend is still lower, but it’s attempting to reclaim a key level around $109. This level has been tested several times in recent months, but it’s proved to be resistance. If $TLT can finally clear this hurdle, it would open the door for further upside.
Quote of the Day
“Observation is a dying art.”
– Stanley Kubrick
Trendlines > Headlines
Check out the latest episode of Trendlines over Headlines!
This week, Frank Cappelleri of CappThesis returns to the show to share his perspective on the S&P 500, Financials, Yields, Gold, Crypto, and more!
Top Links
Will the Generals Follow the Troops? – Trend Investor Pro
Arthur Hill examines the bifurcation between Small Cap and Large Cap indicies.
March Mid-Month Conference Call: 5 Key Takeaways – All Star Charts
The team at All Star Charts highlights five key trends to focus on in the coming weeks.
The Financial Sector is Teetering on Historic Technical Support – Kimble Charting Solutions
Chris Kimble points out that the Financial sector is testing a crucial long-term level.
Sector Performance Experiences a Historical Divergence – Bespoke
Bespoke takes a look at year-to-date sector dispersion.
Huge Inflows In Bond ETFs – TD Ameritrade Network
In this clip, Todd Sohn of Strategas Research discusses the recent flows into Bond ETFs.
Top Tweets
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/GDVpqSk49H
— StockMKTNewz – Evan (@StockMKTNewz) March 24, 2023
The battle continues at the 200 & 50 day moving averages and the trendline for the S&P 500.$SPX $SPY pic.twitter.com/4RwliO6PBz
— Greg Rieben (@gregrieben) March 24, 2023
Nasdaq closes the week at new 7-month highs pic.twitter.com/C1lCJqGj7t
— J.C. Parets (@allstarcharts) March 24, 2023
Stock market so far has handled everything thrown at it fairly well. However, money is going to the large cap and tech. pic.twitter.com/mMtb1wYYPa
— AboveTheCloud (@rahulchahal) March 24, 2023
YTD Gains in S&P500… lol sorry, but this isn’t healthy. pic.twitter.com/XBkDMNfeNl
— Sp3cul8r (@sp3cul8r) March 24, 2023
💰Cash positions are telling of where sentiment lies
– Over past 2 weeks
– Investors have raised $238B of cash
– That is more than any 2 week period in 2008 GFC
– Only rivaled by March, 2020 (Covid)
– Record cash = future buying power
– Panic = Opportunity
👇👇👇 pic.twitter.com/eDx8TNEKWO— Matt Cerminaro (@mattcerminaro) March 24, 2023
Unpopular opinion: Momentum is fading in $SMH pic.twitter.com/bWGaKOkp0D
— Frank Cappelleri (@FrankCappelleri) March 24, 2023
$SMH are you sure? Less names pushing it to new highs. A/D line peaked on Feb 15th. pic.twitter.com/ZjVKHvyhAv
— David Nicoski CMT (@davevermilion) March 24, 2023
It hasn't gotten a lot of attention, but the Bloomberg Commodity Index just been absolutely falling out of bed lately pic.twitter.com/K1iUnxxU5d
— Joe Weisenthal (@TheStalwart) March 24, 2023
Implied vol for gold and 20-year Treasurys is higher than for the Nasdaq and S&P 500 right now, according to Citi pic.twitter.com/c9XoHnaLxv
— Gunjan Banerji (@GunjanJS) March 23, 2023
"Bond market pricing in recession; Equity market pricing in AI" – Goldman Sachs
What is the gold market pricing in then? pic.twitter.com/KNj2zHRFdj
— Jesse Cohen (@JesseCohenInv) March 24, 2023