Daily Chart Report ? Wednesday, March 3rd, 2021
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Today’s Summary
Wednesday, March 3rd, 2021
Indices: US Stocks continued lower in today's session with the Dow Jones Industrial Average slipping 121 points or 0.39%. The S&P 500 and Nasdaq dropped 1.31% and 2.70%, respectively. The Russell 2000 closed lower by 1.06%.
Sectors: 3 of the 11 sectors closed higher. Energy led, rising 1.47%. Tech lagged, falling 2.52%.
Commodities: Crude Oil futures moved higher by 2.19% to $61.06 per barrel. Gold futures dropped 1.40% to $1,709 per ounce.
Currencies: The US Dollar Index moved higher by 0.21%.
Interest Rates: The 10-year US Treasury yield rose to 1.486%.
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 Chris Verrone of Strategas Research (@verrone_chris). We're nearly one full year into the current bull market. The S&P 500 is up more than 70% since the infamous March 23rd low last year. Chris points out that, on average, the second year of a bull market tends to be less impressive than the first year, but still pretty good! According to the data in the table, the S&P 500 has historically gained an average of 42.2% in the first year of a bull market, and 12.7% in the second year. The average max drawdown in the second year of a bull market is 9.8%, so a correction within the next 12-months would be perfectly normal for the second year of a bull market.
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Quote of the Day
"It is the difference of opinion that makes horse races."
– Mark Twain
Top Links
March Jobs Report Day: Trading Historically Bullish - Almanac Trader
With monthly unemployment numbers dropping tomorrow, Jeff Hirsch examines how stocks have historically traded around the March jobs report.
March Strategy Session: Three Key Takeaways - All Star Charts
The team at All Star Charts highlights three of the most significant technical developments on their radar.
Renaissance Macro Research Degraff: I Believe Energy Has More to Run - CNBC
In this clip, Jeff DeGraff of Renaissance Macro Research shares his thoughts on Energy stocks and the current market environment.
Historic Surge for the Energy Sector - LPL Financial Research
The team at LPL Financial Research weighs-in on the recent strength in Energy stocks.
Bond Prices About to Fall Off The Cliff - Kimble Charting Solutions
Chris Kimble breaks down a chart of the 10-year US Treasury yield.
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