Daily Chart Report ? Monday, March 23rd, 2020
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Today’s Summary
Monday, March 23rd, 2020
Indices: US Stocks closed lower to start the week with the Dow Jones Industrial Average dropping 582 points or 3.04%. The Nasdaq outperformed the other major indices slipping just 0.27%. The S&P 500 and the Russell 2000 fell 2.93% and 1.13%, respectively.
Sectors: 10 out of the 11 sectors closed lower. Communications was the only sector to close higher, inching up 0.25%. Energy, dropping 8.86%.
Commodities: Crude Oil futures rose 0.59% to $23.78 per barrel. Gold futures surged 3.95% to $1,560 per ounce.
Currencies: The US Dollar Index moved higher by 0.51%.
Interest Rates: The US 10-year Treasury yield moved lower to 0.763%.
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 Steve Strazza (@sstrazza). It’s a daily candlestick chart of the Nasdaq 100 ETF, $QQQ. Steve explains that buyers and sellers have made it clear; $170 is a key level to watch. It has acted as either support or resistance numerous times over the past few years. In addition, this level has been tested nearly every day over the past six sessions. Identifying levels of polarity like this simplifies investment decisions during uncertain market environments by allowing you to model straightforward if-then scenarios. For example, if price continues to close above $170, then the risk is to the upside. On the other hand, if price falls below $170, then the risk is to the downside.
Quote of the Day
“When I was a boy and I would see scary things in the news, my mother would say to me, ‘Look for the helpers. You will always find people who are helping.’”
– Mr. Rodgers (TV Personality)
Top Links
Fastest 30% Sell-Off in History – The Reformed Broker
Josh Brown shares some insightful charts that illustrate how much faster this sell-off has been relative to prior bear markets.
Lower Lows and Lower Highs – All Star Charts
JC Parets breaks down the charts of some of the major indices and offers his technical take on the current market environment.
Gold (GLD) Outshining Silver (SLV) – Bespoke
Here’s a short note from Bespoke that takes a look at the recent spike in the Gold/Silver ratio ($GLD/$SLV).
Panic with Friends with Chris Kimble of Kimble Charting Solutions – Lindzanity Podcast
In this podcast, Howard Lindzon interviews Chris Kimble, of Kimble Charting Solutions. They discuss the art of technical analysis and share their thoughts on the current market.
Buying During a Crisis – Of Dollars and Data
Data scientist, Nick Maggiulli lays out some of the long-term benefits of continuing to buy during market panics.
Top 10 Tweets
You’re all caught up now. Thanks for reading!