Daily Chart Report ? Thursday, March 12th, 2020
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Today’s Summary
Thursday, March 12th, 2020
Indices: Today was the worst day for US Stocks since the Black Monday Crash of 1987. The Dow Jones Industrial Average shed 2,353 points or 9.99%. The S&P 500 fell 9.51% into bear market territory, while the Nasdaq dropped 9.43%. The Russell 2000 plummeted a whopping 11.18%.
Sectors: All 11 sectors fell by more than 7%. Health Care led for the second day in a row but still tumbled 7.47%. Energy lagged by far, crashing 12.47%.
Commodities: Crude Oil futures dropped 6.43% to $30.99 per barrel. Gold futures sold-off by 3.61% to $1,576 per ounce.
Currencies: The US Dollar Index gained 0.93%.
Interest Rates: The US 10-year Treasury yield rose to 0.85%.
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 Arun Chopra (@FusionptCapital). It’s a chart of the S&P 500 going back to 1980. Today was the worst day for the index since the Black Monday Crash of 1987. The most remarkable thing about this sell-off has been the speed at which it happened. In just 16 trading days the S&P 500 dropped 27% from an all-time high, marking the fastest transition into bear market territory in the history of the index. Arun uses a 9-week rate of change indicator to highlight the fact that we’re witnessing a truly historic move. It’s unclear at this point how far the index will fall before buyers step in, and only time will tell whether that will be the bottom or just a bottom within a longer-term downtrend. One thing is crystal clear; this is undoubtedly a risk-off environment where records are being shattered left and right.
Quote of the Day
“In a correction, other people’s stocks go down, in a bear market, your stocks go down.”
– Alan Abelson (Financial Journalist)
Top Links
The Fastest Bear Market Ever – LPL Financial Research
The team at LPL Financial Research points out that it only took 19 days for the Dow Jones Industrial Average to enter a bear market, and just 16 days for the S&P 500, marking the fastest 20% drawdown in the history of both indexes.
Bet on Humanity – Macro Charts
Macro Charts has been on point over the past month. He warned of the possibility of a sharp sell-off just days before the market began dropping. In his latest post, he updates his view on the markets and examines the potential for a sharp rally in the near-term.
We Want To Be Buying On The Way Back Up – All Star Charts
In this note, JC Parets shares two charts that could signal a potential bottom in stocks.
Liquidity Crisis Accelerates and Metals Hit Hard – Fibonacci.com
Today’s selling was indiscriminate across asset classes, even Gold wasn’t safe from the carnage. In this piece, Tarek Saab of Fibonacci.com gives his technical take on Precious Metals.
Video Podcast with Brian Shannon and Phil Pearlman – StockTwits
Here’s a great conversation between Phil Pearlman and Brian Shannon about the current market environment. Brian was one of the first to warn of the downturn in the intermediate trend three weeks ago before the sell-off accelerated.
Top 10 Tweets
You’re all caught up now. Thanks for reading!