Daily Chart Report ? Tuesday, March 2nd, 2021
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Today’s Summary
Tuesday, March 2nd, 2021
Indices: US Stocks closed lower in today's session with the Dow Jones Industrial Average falling 144 points or 0.46%. The S&P 500 and Nasdaq moved lower by 0.81% and 1.69%, respectively. The Russell 2000 underperformed, dropping 1.93%.
Sectors: Materials was the only sector to close higher, rising 0.56%. Tech lagged, falling 1.59%.
Commodities: Crude Oil futures moved lower by 1.47% to $59.75 per barrel. Gold futures rose 0.62% to $1,734 per ounce.
Currencies: The US Dollar Index slipped 0.25%.
Interest Rates: The 10-year US Treasury yield fell to 1.393%.
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 Shane Murphy (@murphycharts). It's a chart of the Gold Miners ETF, $GDX, over the past eight years. Shane points out that $GDX is retesting the breakout level around $31-$32. This level acted as resistance several times over the years until it finally broke out last April. As classic technical analysis states, former resistance tends to act as support when retested like this. Will buyers show up at this familiar level? We'll likely find out soon, so stay tuned!
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Quote of the Day
"Healthy scepticism is the basis of all accurate observation."
– Arthur Conan Doyle
Top Links
Weak Tuesday After Big Gains on Monday - Bespoke
Bespoke points out that a weak Tuesday is typical after a strong Monday.
We're Buying Gold Miners...Again - All Star Charts
The team at All Star Charts examines a potential rebound in Gold Mining stocks.
Semiconductor Stocks Looking To Trigger Bullish Breakout Signal - Kimble Charting Solutions
Chris Kimble takes a look at a ratio chart of Semiconductors vs. the Nasdaq 100.
S&P 500 Seasonal Pattern Suggests Weakness Likely Ending Soon - Almanac Trader
Jeff Hirsch explains what seasonality suggests for the S&P 500 in the weeks ahead.
Anatomy of a Bond Market Sell-off - LPL Financial Research
The team at LPL Financial Research weighs-in on the action we saw in the bond market last week.
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