Daily Chart Report ? Thursday, March 18th, 2021
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Today’s Summary
Thursday, March 18th, 2021
Indices: US Stocks closed lower in today's session with the Dow Jone Industrial Average slipping 153 points or 0.46%. The S&P 500 and Nasdaq dropped 1.48% and 3.02%, respectively. The Russell 2000 fell 2.94%.
Sectors: Financials was the sector that closed higher, rising 0.52%. Energy lagged significantly, dropping 4.49%.
Commodities: Crude Oil futures tumbled 7.72% to $59.61 per barrel. Gold futures inched higher by 0.31% to $1,733 per ounce.
Currencies: The US Dollar Index gained 0.42%.
Interest Rates: The 10-year US Treasury yield jumped to a new 52-week high of 1.719%.
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 Greg Rieben (@gregrieben). It’s a weekly candlestick chart of the Gold Mining ETF, $GDX, over the past five years. A few weeks ago, we took a look at $GDX as it tested a crucial level around $31-32. In textbook fashion, former resistance turned into support and $GDX has bounced slightly higher. In a comment to The Chart Report, Greg said, “Gold bulls stepped up in early March pushing the price of gold back above the closely watched $1700 level. The gold miners rallied in response and are now facing their first major test at trendline resistance which has stalled rallies since mid-August. Will this be another failed attempt at a rally? Or will price finally break this persistent downtrend that started 7 months ago?”
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Quote of the Day
"Luck is not a business model."
– Anthony Bourdain
Top Links
Most Important Price Point For Tech Stocks Since Dot.com Highs? - Kimble Charting Solutions
Chris Kimble takes a look at a long-term chart of Semiconductors vs. the S&P 500.
Do Higher Rates Not Matter Anymore? - Talking Data
Jim Bianco and Ben Breitholtz discuss the macro implications of higher interest rates.
Zig Zag - Marea Market Musings
Dan Russo shares his thoughts on Bonds.
Markets Under Pressure As Yields Rise, Ed Clissold Weighs In - TD Ameritrade Network
In this clip, Ed Clissold of Ned Davis Research offers his thoughts on the impact of higher interest rates.
Optimism Growing Across Indicators - Bespoke
Bespoke analyzes the results of the latest sentiment surveys.
Top Tweets
