Daily Chart Report ? Tuesday, March 16th, 2021
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Today’s Summary
Tuesday, March 16th, 2021
Indices: US Stocks closed slightly lower in today's session with the Dow Jones Industrial Average slipping 128 points or 0.39%. The S&P 500 inched lower by 0.16%, while the Nasdaq managed to close positive by 0.09%. The Russell 2000 underperformed, falling 1.72%.
Sectors: 4 of the 11 sectors closed higher. Communications led, gaining 1.05%. Energy lagged, dropping 2.85%.
Commodities: Crude Oil futures fell 0.90% to $64.80 per barrel. Gold futures inched higher by just 0.10% to $1,731 per ounce.
Currencies: The US Dollar Index was flat (0.04%).
Interest Rates: The 10-year US Treasury yield inched higher to 1.620%.
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 Drew Wells (@DrewTheCharts). It's a weekly candlestick chart of the Energy sector ETF, $XLE, over the past six years. The Energy sector has led the way so far in 2021. It's currently up 36% year-to-date, which is more than 2x the performance of the second-best sector (Financials). However, it's noticeably lagging the other sectors this week, as it runs into former support. This is an important test for the S&P's hottest sector. As Drew points out, $55 is the line in the sand for $XLE. Above $55 = Bullish. Below $55 = Bearish. In a comment to The Chart Report, Drew added, "The Energy sector is a good bellwether for the cyclical rotation/reopening trade. Cracking that $55 level gives a lot more confidence in a sustained rotation for those themes, and remaining below suggests that the rip off the March & November lows was more of a mean reversion move."
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Quote of the Day
"Simplicity is the ultimate sophistication."
– Leonardo da Vinci
Top Links
The Twenty Craziest Investing Facts Ever - The Irrelevant Investor
Michael Batnick shares 20 fun facts on investing.
The REAL Deal Regarding FX Exposure in International ETFs - All Star Charts
Ian Cully discusses the impact currencies can have on international ETFs.
Bumble and Roblox Soar, But Trader Says This 9-month-old Stock Looks Like a Better Buy - CNBC
Ari Wald of Oppenheimer offers his technical perspective on IPO stocks.
Irish Eyes Shine on Market Last 27 Years and Thursday After Wednesday St. Patrick's Day - Almanac Trader
Seasonality expert, Jeff Hirsch takes a look at how stocks have historically performed around St. Patrick's Day.
Is the Cannabis Sector Primed for a Move Up? - StockCharts
Mish Schneider examines the outlook for the popular Cannabis ETF, $MJ.
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