Daily Chart Report ? Tuesday, March 9th, 2021
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Today’s Summary
Tuesday, March 9th, 2021
Indices: US Stocks closed higher in today's session with the Dow Jones Industrial Average inching up 30 points or 0.10%. The S&P 500 gained 1.42%, while the Nasdaq rebounded 3.69%. The Russell 2000 closed higher by 1.91%.
Sectors: 7 of the 11 sectors closed higher. Consumer Discretionary led, jumping 3.78%. Energy lagged, falling 1.75%.
Commodities: Crude Oil futures moved lower by 1.60% to $64.01 per barrel. Gold futures rebounded 2.32% to $1,717 per ounce.
Currencies: The US Dollar Index fell 0.37%.
Interest Rates: The 10-year US Treasury yield moved lower to 1.528%.
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 Walter Deemer (@WalterDeemer). It's a daily bar chart of the Nasdaq 100 ETF, $QQQ over the past seven months. The Nasdaq rebounded in a big way today, clawing its way out of correction territory. $QQQ jumped 3.94%, booking its best day since the Presidential Election. Also, it outperformed the S&P 500 by the widest margin since the March 23rd low, nearly one year ago. Walter points out that today's rally brings price to an interesting juncture at the 13 and 63-day exponential moving averages. Did today's rally confirm a meaningful low in the Nasdaq? Or, was this simply a relief rally within a new downtrend?
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Quote of the Day
"After a stock market decline, people may perceive more risk than before when, in fact, the decline may have taken some of the risk out of the market."
– Robert Shiller
Top Links
The Nasdaq Moves To A Correction; Why That Could Be Good News - LPL Financial Research
The team at LPL Financial Research explains that fast corrections in the Nasdaq aren't so bad for the bulls after all.
Add to Growth? Or Dump It? - All Star Charts
JC Parets poses an important question in regards to Growth vs. Value after today's rebound.
Versatile Outperformers - Bespoke
Bespoke highlights a handful of stocks that have managed to outperform despite the back-and-forth price action we've seen over the past two days.
Seasonality Suggests Oil & Natural Gas Stock Rally to Continue - Almanac Trader
Jeff Hirsch points to some seasonal tailwinds in the energy space.
My Lessons From The Commodity Pits - Forbes
With commodities gaining in popularity recently, Kenneth Winans shares some valuable advice from his time as a technical analyst on the floor of the Chicago Mercantile Exchange.
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