Daily Chart Report ? Tuesday, March 23rd, 2021
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Today’s Summary
Tuesday, March 23rd, 2021
Indices: US Stocks closed lower in today's session with the Dow Jones Industrial Average falling 308 points or 0.94%. The S&P 500 and Nasdaq moved lower by 0.76% and 1.12%, respectively. The Russell 2000 significantly underperformed, dropping 3.58%.
Sectors: 3 of the 11 sectors closed higher. Utilities led, rising 1.49%. Materials lagged, falling 2.08%.
Commodities: Crude Oil futures slid 6.17% to $57.76 per barrel. Gold futures fell 0.75% to $1,725 per ounce.
Currencies: The US Dollar Index moved higher by 0.66%.
Interest Rates: The 10-year US Treasury yield fell to 1.628%.
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 Ryan Detrick (@RyanDetrick). It's been exactly one year since the stock market bottomed on March 23rd, 2020. At that point, the S&P 500 had tumbled more than 33% in just 33 trading days, marking one of the sharpest drawdowns that this generation of market participants has ever witnessed. As you know, this story has a happy V-shaped ending to it. The S&P 500 is up nearly 75% since then, which is the strongest first year of a bull market. Ryan points out that the S&P 500 has gained an average of 16.9% in the second year of a bull market, however, a double-digit correction should be anticipated. Keep in mind, the average length of a bull market is around five years. From this perspective, it's not all that crazy to think that the current bull market could continue in 2021 and beyond. For more on this, check out the full note here.
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Quote of the Day
“In this game, the market has to keep pitching, but you don't have to swing. You can stand there with the bat on your shoulder for six months until you get a fat pitch.”
– Warren Buffett
Top Links
A Look Back At The Corona Crash One Year Later - A Wealth of Common Sense
Ben Carlson recaps the stock market crash/recovery over the past year.
David Keller's Chart Analysis & Trends To Monitor - TD Ameritrade Network
David Keller offers his technical perspective on the stock market.
Real Nice Stocks in the Real Estate Sector - StockCharts.com
Julius de Kempenaer looks for pockets of strength within the Real Estate sector.
NO! Not Everything Happens For a Reason - Technical Analysis Radio
In this podcast, Phil Pearlman and JC Parets pick apart the old saying "everything happens for a reason."
April Almanac: Top DJIA Month - Up in a Row - Almanac Trader
Seasonality expert Jeff Hirsch takes a look at how stocks have historically performed in April.
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