Daily Chart Report ? Friday, March 5th, 2021
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Today’s Summary
Friday, March 5th, 2021
Indices: US Stocks ended the week on a positive note, with the Dow Jones Industrial Average rising 572 points or 1.85%. The S&P 500 and Nasdaq moved higher by 1.95% and 1.55%, respectively. The Russell 2000 underperformed but still gained 2.11%.
Sectors: All 11 sectors closed higher. Energy led for the third straight day, rising 3.74%. Consumer Discretionary lagged but still closed higher by 1.89%.
Commodities: Crude Oil futures rose 3.84% to the highest level in nearly two years at $66.28 per barrel. Gold futures inched lower by 0.15% to $1,698 per ounce.
Currencies: The US Dollar Index gained 0.39%.
Interest Rates: The 10-year US Treasury yield inched higher to a 52-week high of 1.570%.
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 Willie Delwiche (@WillieDelwiche) It's a weekly candlestick chart of the equal-weight S&P 500 ETF, $RSP, over the past three years. Despite a rocky week, Willie points out that the equal-weight S&P 500 closed at a fresh weekly high today. This speaks to the ongoing rotation we've seen recently. Heavily weighted Tech stocks have seen some profit-taking, while the left-for-dead areas of the market, like Energy and Financials, have come to life. In a comment to The Chart Report, Willie said, "Even with the rotation away from Tech towards cyclicals, investors are not becoming defensive. Instead, they're finding and following the new leaders."
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Quote of the Day
“Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.”
– Ferris Bueller
Top Links
Weekly Market Performance - Energy Surges Amid Inflation Fears - LPL Financial Research
The team at LPL Financial Research highlights the key takeaways from this week's price action.
Fill the Gap Episode 3, with Special Guest Walter Deemer - CMT Association
In this podcast, respected technician, Walter Deemer shares some insights from his long career on Wall Street.
Diving Into The DXY Index - All Star Charts
Ian Cully does a deep dive on the US Dollar index.
Stock Market Video Analysis - AlphaTrends.net
Brian Shannon reviews this week's price action and lays out some levels of interest to keep an eye on next week.
Why Are We Panicking Again? - Of Dollars And Data
Here's a good read from Nick Maggiulli about the "panic" in the market this week.
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