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Today’s Summary
Monday, March 28th, 2022
Indices: Nasdaq 100 +1.58% | S&P 500 +0.71% | Dow +0.27% | Russell 2000 0.00%
Sectors: 8 of the 11 sectors closed higher. Consumer Discretionary led, gaining +2.67%. Energy lagged, dropping -2.48%.
Commodities: Crude Oil futures dropped -6.97% to $105.96 per barrel. Gold futures fell -0.74% to $1,940 per ounce.
Currencies: The US Dollar Index rose +0.32%.
Crypto: Bitcoin rose +1.28% to $47,462. Ethereum rose +2.00% to $3,362.
Interest Rates: The US 10-year Treasury yield inched lower to 2.462%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
S&P 500 back to early September 2021 highs.
$SPX pic.twitter.com/aon9cCVer2— Matthew Timpane, CMT (@mtimpane) March 28, 2022
Today’s Chart of the Day was shared by Matthew Timpane (@mtimpane). It’s a daily candlestick chart of the S&P 500 over the past 10 months. Matthew points out that the rally is testing an important level around 4550-4590. As you can see, the S&P 500 has made several meaningful reversals around this level in the past year. This level also coincides with the 61.8% retracement of the 2022 decline for all you Fibonacci fans out there. After rallying nearly 10% in two weeks, it would make sense to see some pause here, but it would be bullish to see the S&P 500 reclaim this level. Either way, this will be an important test to watch this week.
Quote of the Day
“Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity.”
– Carl Icahn
Top Links
Bullish Follow-Through – Potomac Fund Management
Dan Russo highlights some key levels to watch this week in the major indices.
Not All Yield Curve Inversions are Created Equally – Bespoke
Bespoke looks at the current state of the yield curve.
And One – The Weekly Trend
In this podcast, David Zarling and Pratty Tulsian discuss some noteworthy technical developments across the markets.
Whenever in Doubt, Zoom Out – All Star Charts
JC Parets takes a long-term look at Bitcoin, Uranium, and Gold.
Bitcoin’s Technical Indicators Point to Another 8% Spike as the Cryptocurrency Surges Past $45,000 Resistance Level – Business Insider
Katie Stockton examines the near term outlook for Bitcoin.
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Top Tweets
Daily Market Mood: Risk-On
Bullish reversal with stocks ending solidly higher.
March’s Meme Mania continues with $AMC +45% and $GME +25%.#Oil plunges as haven yen nose dives another day.
This as 2s10s flattens to 12 bps…
Last gasp risk appetite stirred!
— Abigail Doolittle (@TheChartress) March 28, 2022
$SPX $NDX both with strong closes, at the HOD again. pic.twitter.com/zZFfcJNTEV
— Larry Tentarelli, Blue Chip Daily (@LMT978) March 28, 2022
Markets advanced again, with the rally now surpassing 14% from recent lows. Under the surface, things weakened as the Nasdaq experienced net lows. This is worrisome as we approach resistance. Commodity stocks held very strong relative to Oil's drop. $OVV $DVN $AMR pic.twitter.com/2BOLxdC0Hl
— Matt Caruso, CFA, CMT (@Trader_mcaruso) March 28, 2022
$SPY even though $SPY hasn't moved above its February highs the $SPY Stocks Above 50MA is at at highs level then seen at the Feb highs pic.twitter.com/PnMZEqOl7B
— Bailey.Baxter2020 (@BBaxter2020) March 28, 2022
$AAPL on track for its 10th straight day of gains. Longest winning streak since Oct 2010!!! @TheTerminal pic.twitter.com/CctxvF4tnZ
— Ed Ludlow (@EdLudlow) March 28, 2022
Apple's 7.1% weight in the S&P 500 today is the largest weighting we've seen for any individual company going back to 1980. $AAPL pic.twitter.com/BGDJp65AFq
— Charlie Bilello (@charliebilello) March 28, 2022
MegaCap Growth vs S&P 500$MGK vs $SPX pic.twitter.com/cPxEbJocGO
— David Zarling, CMT (@AdaptivCharts) March 28, 2022
commodities $CRB closed last week up against that 2014 prior highs… pic.twitter.com/Ey9nmVJHA7
— David Cox, CMT, CFA (@DavidCoxWG) March 28, 2022
$USO oil ETF among its worst days.. pic.twitter.com/qKfPhOPbt8
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) March 28, 2022
Don't look now, but the Dollar Index is testing nearly 2-year highs above 99.00! $DXY pic.twitter.com/8JSlRZrxQt
— Matt Weller CFA, CMT (@MWellerFX) March 28, 2022
US Dollar strength —> US stocks outperform global stocks.$USD $DXY $SPY $ACWI pic.twitter.com/cxZnapO2N6
— David Keller, CMT (@DKellerCMT) March 28, 2022
One of these curves is not like the others: pic.twitter.com/iPcLHc6xBQ
— Dan Russo, CMT (@DanRusso_CMT) March 28, 2022
If Bitcoin can close today in the green, it'll be the first 7-day consecutive positive daily close since last July. Consistent with the beginnings of new uptrends (thrusts) or blow-off tops#Bitcoin $BTC pic.twitter.com/qNSkubxK6d
— Louis Sykes (@haumicharts) March 28, 2022
#Bitcoin $BTC overbought for the first time in over 5 months and back above its AVWAP from ATHs pic.twitter.com/9ODUGCm1WT
— Steven Strazza (@sstrazza) March 28, 2022
Confluence zone at 3,350 in Ethereum. Resistance and the AVWAP from ATHs coincides to make it a big level of interest. Notice that momentum is reaching overbought conditions for the first time since November of last year. This action supports the move in price.$ETHUSD pic.twitter.com/h7oFvxnGA7
— Alfonso Depablos (@AlfCharts) March 28, 2022
GameStop +25% today and +144% since its lows on March 14.
AMC +44% today and +127% since its lows on March 14. pic.twitter.com/WvFC2uvRMW
— TradingView (@tradingview) March 28, 2022
You’re all caught up now. Thanks for reading!