Daily Chart Report ? Thursday, March 4th, 2021
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Today’s Summary
Thursday, March 4th, 2021
Indices: US Stocks continued lower in today's session with the Dow Jones Industrial Average falling 346 points or 1.11%. The S&P 500 and Nasdaq closed lower by 1.34% and 2.11%, respectively. The Russell 2000 underperformed, dropping 2.76%.
Sectors: Energy was the only sector to close higher, gaining 2.39%. Tech lagged for the third straight day, falling 2.21%.
Commodities: Crude Oil futures jumped 4.16% to $63.83 per barrel. Gold futures fell 0.88% to $1,701 per ounce.
Currencies: The US Dollar Index moved higher by 0.74%.
Interest Rates: The 10-year US Treasury yield rose to a 52-week high of 1.566%.
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 Pivot Analytics (@pivotanalytics). The S&P 500 closed below its 50-day moving average for the first time since late January today. While conventional wisdom would say this is bearish, the data suggests otherwise. Pivot Analytics examined all the prior instances over the past decade where the S&P 500 closed below a rising 50-day moving average. Two weeks later, the S&P 500 has historically been higher nearly 70% of the time for a modest average gain of 0.72%.
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Quote of the Day
“The market is better at predicting the news than the news is at predicting the market.”
– Gerald Loeb
Top Links
The New Bull Market - The Untitled Chart Show
Josh Brown and JC Parets highlight some of the big-picture trends across the markets.
The Gold Report - The Rotation Report
Aaron Jackson takes a look at Gold Mining stocks.
The Market Discounts The Future - Marea Market Musings
Dan Russo reminds us that the market is a forward-looking mechanism.
Will FAANGs Pop the Bubble in Passive? - All Star Charts
Steve Strazza shares his thoughts on the rotation from Growth to Value.
Declines Keep Sentiment in Check - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Top Tweets
