Daily Chart Report ? Monday, March 8th, 2021
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Today’s Summary
Monday, March 8th, 2021
Indices: US Stocks were mixed in today’s session. The Dow Jones Industrial Average gained 306 points or 0.97%. The S&P 500 and Nasdaq fell 0.54% and 2.41%, respectively. The Russell 2000 rose 0.49%.
Sectors: 8 of the 11 sectors closed higher. Utilities led, rising 1.41%. Tech lagged, dropping 2.42%.
Commodities: Crude Oil futures moved lower by 1.57% to $65.05 per barrel. Gold futures dropped 1.21% to $1,678 per ounce.
Currencies: The US Dollar Index gained 0.43%.
Interest Rates: The 10-year US Treasury yield rose to 1.599%.
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 Strategas Research (@StrategasRP). The Nasdaq officially fell into correction territory today (10% off highs). On the other hand, the Dow closed just shy of a record high. Sector rotation is to blame for this bifurcated market. Growth/Tech stocks continue to sell-off, while cyclical areas of the market have caught a bid. Strategas shows Banks, Industrials, and Energy on an equally-weighted basis. All three of these value-oriented sectors are breaking out to new 52-week highs. In a comment to The Chart Report, Todd Sohn of Strategas said, “The question is, will the weakness in Tech spill over to the broader market? So far, that’s not the case. I would emphasize watching the indices on an equally-weighted basis to get an idea of how the average stock is holding up.”
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Quote of the Day
“You don’t want to be the smartest person in the room; you want to be the dumbest in the room.”
– Madonna
Top Links
The Day The Growth Trade Topped – The Reformed Broker
Here’s a good read from Josh Brown on the recent weakness in Growth stocks.
After 13 Years, a Key Multi-Year Sector Relationship May Be Reversing and Could Have Enormous Implications – StockCharts.com
Martin Pring offers his perspective on the sector rotation from Tech to Energy.
Tech Stocks, the 10-year Yield and Questionable Narratives – Trend Investor Pro
Arthur Hill examines the relationship between yields and equities.
Weekly Report – 3.8.2021 – Alf Charts
Alfonso Depablos shares some important charts to keep an eye on this week.
Do You Value Stocks? – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the major technical developments on their radar.
Top Tweets
