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Daily Chart Report ? Monday, March 9th, 2020

March 9, 2020

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Today’s Summary
Monday, March 9th, 2020

Indices: US stocks had their worst day since the 2008 Great Financial Crisis. Trading was halted for 15 minutes this morning after the S&P 500 reached limit down (-5%). The Dow Jones Industrial Average closed lower by a whopping 2,014 points or 7.79%. The S&P 500 and Nasdaq plummeted 7.60% and 7.29%, respectively. The Russell 2000 was the weakest of the major averages, crashing 9.37%!

Sectors: All 11 sectors closed lower by at least 4%. Consumer Staples led, but still dropped 4.35%. Energy lagged by a longshot, crashing a jaw-dropping 20.14%.

Commodities: Crude Oil futures had its second-worst day in history, crashing 24.60% to $31.10 per barrel. Gold futures rose 0.38% to another multi-year closing high of $1,680 per ounce.

Currencies: The US Dollar Index tumbled 0.92%.

Interest Rates: The US 10-year Treasury yield crashed to another record low of 0.51%.

Here are the best charts, articles, and ideas being shared on the web today!

Here are the best charts, articles, and ideas being shared on the web today!

Chart of the Day

Today’s Chart of the Day was shared on Twitter by Jurrien Timmer of Fidelity Investments (@TimmerFidelity). It’s a daily bar chart of the S&P 500 going back to December 2018. Stocks continued to plummet in today’s session, with the S&P 500 crashing 7.60%, marking the worst day for the index since 2008. The S&P 500 is approaching bear market territory as it’s currently down nearly 19% from the peak (18.93% to be exact). The index is already about 10% below the 200-day moving average. As Jurrien points out, that’s nearly as much as it was above the 200-DMA at the peak in February. As we know, markets are like rubber bands – when they’re stretched too far in one direction, they snap back in the opposite direction. The fact that price is getting pretty stretched below the 200-DMA suggests that we could be due for some mean reversion in the near-term to test the 200-DMA from below. However, beware that bad things tend to happen under the 200-day moving average.

Quote of the Day

“When the time comes to buy, you won’t want to.”

– Walter Deemer (Technical Analyst)

Top Links

Chief Market Technician Analyzes Futures, Treasuries and Oil Prices Amid Heightened Trading Volatility – CNBC
Respected technician, Jonathan Krinsky made an appearance on CNBC this morning to share his thoughts on the extreme volatility that has been going on in the markets recently.

Was That It? Or Eye of the Storm – All Star Charts
After being one of the biggest bulls on wall street for months,  JC Parets turned bearish on stocks just days before the sell-off began. In this note, he updates his thesis and lays out the two possible scenarios that could play out over the next few weeks.

Adjusting to New Market Conditions – Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon, and Ivanhoff discuss the current market environment and look for stocks that are holding up well in this weak tape.

Opening Crash Even as Oversold Signals Pile Up – SentimenTrader
Jason Goepfert of SentimenTrader shares some insightful stats about the ongoing sell-off in stocks.

Stock and Bond Sentiment Spread Hits an Extreme – Andrew Thrasher
Andrew Thrasher explains that the spread between Stock and Bond sentiment is reaching an extreme and what that means for the market going forward.

Top 10 Tweets

You’re all caught up now. Thanks for reading!

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