Daily Chart Report ? Thursday, March 26th, 2020
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Today’s Summary
Thursday, March 26th, 2020
Indices: US Stocks continued to rebound in today's session with the Dow Jones Industrial Average advancing 1,352 points or 6.38%. The S&P 500 and Nasdaq surged 6.24% and 5.60%, respectively. The Russell 2000 climbed 6.30%.
Sectors: All 11 sectors closed higher by at least 4%. Utilities led, surging 8.52%. Consumer Discretionary lagged but still closed higher by 4.14%.
Commodities: Crude Oil futures dropped 4.65% to $23.18 per barrel. Gold futures slipped 0.21% to $1,640 per ounce.
Currencies: The US Dollar Index tumbled 1.47%.
Interest Rates: The US 10-year Treasury yield fell to 0.81%.
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 Nautilus Research (@NautilusCap). The chart compares the S&P 500 as of yesterday’s close, to the 1929 and 1987 crashes. As of today’s close, the index has rebounded an impressive 17% from Monday’s low. The rally has been a much-needed sigh of relief for the bulls, leading many to believe that the bottom is in. Others warn that this week’s rally is nothing more than a dead cat bounce, and that price will eventually retest Monday’s lows. It may seem like cherry-picking to use 1929 and 1987 as analogs; however, those two crashes are similar in terms of speed and magnitude to the recent decline. Do you think the S&P 500 will go on to retest Monday’s low? Let us know what you think!
Quote of the Day
"It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change."
– Charles Darwin (Naturalist)
Top Links
Anatomy of a Bear Market Reversal - Are We There Yet? - StockCharts.com
This article pairs well with today's Chart of the Day. Mary Ellen McGonagle examines how the market bottomed in the '08-'09 bear market.
More Selling to Come: Strategist - Reuters
In this video, Dan Russo of Chaikin Analytics explains why he's skeptical of this week's rebound in stocks.
Taking Cues from the QQQs - All Star Charts
In Monday's Chart of the Day we highlighted a chart from Steve Strazza that emphasized the importance of the $170 level in the Nasdaq ETF, $QQQ. In this post, Steve updates his thoughts on the ETF, now that it has bounced considerably from that level.
The Fibonacci Sequence Is Everywhere—Even the Troubled Stock Market - Smithsonian Magazine
If you're new to technical analysis, here's a good read from none other than Smithsonian Magazine about the illusive Fibonacci ratio and how technical analysts apply it to the financial markets.
The Greatest Investment Quotes of All Time - Of Dollars and Data
Loyal readers of The Chart Report know how much we love a good quote. Data scientist, Nick Maggiulli put together this great list of quotes from some of the smartest minds in the history of finance. Tons of wisdom in here!
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