Daily Chart Report ? Wednesday, March 24th, 2021
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Today’s Summary
Wednesday, March 24th, 2021
Indices: US Stocks closed lower in today’s session. The Dow ended unchanged. The S&P 500 and Nasdaq fell 0.55% and 2.01%, respectively. The Russell 2000 underperformed the other major indices for the third straight day, dropping 2.35%.
Sectors: 5 of the 11 sectors closed higher. Energy led, gaining 2.51%. Communications lagged, falling 2.52%.
Commodities: Crude Oil futures rebounded 5.92% to $61.18 per barrel. Gold futures rose 0.47% to $1,733 per ounce.
Currencies: The US Dollar Index rose 0.21% to a four-month high.
Interest Rates: The 10-year US Treasury yield moved lower to 1.610%.
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 Nautilus Research (@NautilusCap). It’s a chart of the US Dollar Index over the past nine years. The Dollar Index bounced off long-term support in January and has been mean reverting higher ever since. It’s currently at a four-month high and testing its downward sloping 200-day moving average. How the Dollar behaves here will likely have macro implications. If the Dollar gets rejected at the 200-day and reverses lower, it would likely be a nice tailwind for things like Large-Caps, Commodities, and Emerging Markets. However, if the Dollar continues higher, it would likely put pressure on these areas of the market.
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Quote of the Day
“Everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices.”
– Merton Miller
Top Links
Commodities Counter-Trend Rally Going to End Here? – Kimble Charting Solutions
Chris Kimble takes a look at a potential reversal in Commodities.
Bitcoin Volatility Is Here to Stay, Top Technician Warns – CNBC
Ari Wald of Oppenheimer offers his technical perspective on Bitcoin.
Stock Market Video Analysis 3/24/21 – AlphaTrends.net
Brian Shannon reviews this week’s price action and lay’s out some key risk levels.
The 10-Year and 30-Year Bond Break Support – StockCharts.com
Carl Swenlin examines US Treasury yields.
What Is A Bear Market? – All Star Charts
JC Parets shares his thoughts on the current market environment.
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