Daily Chart Report ? Thursday, March 19th, 2020
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Today’s Summary
Thursday, March 19th, 2020
Indices: US Stocks closed higher in today's session with the Dow Jones Industrial Average rising 188 points or 0.95%. The S&P 500 and Nasdaq gained 0.47% and 2.30%, respectively. The Russell 2000 was the strongest of the major indices, bouncing 6.82%.
Sectors: Energy led, rebounding 6.80%. Utilities lagged, falling 5.82%.
Commodities: Crude Oil futures had one of the best days ever, surging 24.39% to $25.90 per barrel. Gold futures fell 0.99% to $1,473 per ounce.
Currencies: The US Dollar Index continued higher by 2.00% to its highest level since 2017.
Interest Rates: The US 10-year Treasury yield slipped to 1.12%.
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 Strategas Research (@StrategasRP). It's a chart of the S&P 500 over the past decade. A lot of people have been comparing the magnitude of the current decline to past bear markets like 1987, 2000-2002, and 2008-2009. As of today's close, the current drawdown in the S&P 500 stands at 28.85%, which is almost as severe as the 1987 drawdown. On the other hand, we still have much further to fall (about 30%) before we can liken the magnitude of the current decline to the 2008-2009 Great Financial Crisis when the index fell as much as 57%. For more on this, check out this note from Bespoke.
Quote of the Day
"At the bottom, stocks will be cheap and no one will care."
– Bob Farrell (Technical Analyst)
Top Links
The Russell 2000's Third Largest Drowndown - Bespoke
In this note, Bespoke emphasizes just how historic the sell-off in Small-Caps has been.
When Is the Right Time to Buy Stocks? - The Irrelevant Investor
Michael Batnick takes a stab at the question on most people's minds right now; When is the right time to buy stocks?
Looking for Breadth Around the World - All Star Charts
Steve Strazza shares a table that highlights the strongest/weakest Global Equity Indexes around the world.
Stock Market Bulls Hope Stocks and Bond Yields Find a Bottom Here! - Kimble Charting Solutions
In this quick read, Chris Kimble examines the tight relationship between the S&P 500 and US Treasury Bond Yields.
5 Breadth Indicators to Help Time the Market - Trend Investor Pro
In this video tutorial, Arthur Hill explains how to use breadth indicators to help identify signs of a bottom in Stocks.