Daily Chart Report ? Friday, March 13th, 2020
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Today’s Summary
Friday, March 13th, 2020
Indices: US stocks had their best day since 2008 following Thursday’s historic sell-off. The Dow Jones Industrial Average rebounded 1,985 points or 9.36%. The S&P 500 and Nasdaq surged 9.29% and 9.35%, respectively. The Russell 2000 was the weakest of the major indices but still gained 7.67%.
Sectors: All 11 sectors closed higher by more than 5%. Financials led, soaring 13.16%. Utilities lagged but still gained 5.45%.
Commodities: Crude Oil futures moved higher by 6.26% to $32.93 per barrel. Gold futures tumbled 2.98% to $1,529 per ounce.
Currencies: The US Dollar Index rallied 1.04%.
Interest Rates: The US 10-year Treasury yield rose to 0.981%.
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 in a note titled “Signs of a Washout” by the team at LPL Financial Research. It’s a chart of the S&P 500 index over the past decade. The indicator in yellow shows the percentage of stocks within the S&P 500 that are trading above their respective 200-day moving averages. Over the past two weeks, the S&P 500 experienced one of the sharpest declines in the history of the index. In just 16 trading days, the index crashed over 27%. Just yesterday, the index dropped nearly 10%, marking its worst day since the Black Monday Crash of 1987. In the aftermath of all this carnage, less than 6% of stocks in the S&P 500 remain above their 200-day moving average. Anything less than 20% is considered extreme for this indicator. Senior Market Strategist Ryan Detrick sums it up perfectly here; “These are truly frightening times. However, it is important to remember that the signs of panic we are seeing are typically found at or near major market lows.” For more, check out the full note here.
Quote of the Day
“Intuition will tell the thinking mind where to look next.”
– Jonas Salk (Virologist)
Top Links
Last Stocks Above Their Moving Averages – Bespoke
In this note, Bespoke shows the handful of stocks in the S&P 500 that have managed to stay above their 50 and 200-day moving averages.
Fifteen Charts That Changed the World – Macro Charts
Macro Charts shares fifteen charts that illustrate some of the extreme moves we saw across the markets this week.
Where Do We (Investors) Stand – David Cox
Here’s a quick market recap video from Portfolio Manager, David Cox.
Are Treasury Bonds Forming Largest Bearish Reversal Ever? – Kimble Charting Solutions
Chris Kimble takes a look at a potential bearish reversal that’s forming in the 20+Year Treasury Bond ETF, $TLT.
High Low Friday – 3/13/20 – Dana Lyons
Dana Lyons highlights some indexes and ETFs that are currently trading at new highs/lows.
Top 10 Tweets
You’re all caught up now. Thanks for reading!