Daily Chart Report ? Tuesday, March 30th, 2021
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Today’s Summary
Tuesday, March 30th, 2021
Indices: US Stocks closed slightly lower in today’s session with the Dow Jones Industrial Average slipping 104 points or 0.31%. The S&P 500 fell 0.32%, while the Nasdaq was more or less flat (0.11%). The Russell 2000 outperformed, rising 1.72%.
Sectors: 3 of the 11 sectors closed higher. Consumer Discretionary led, gaining 0.98%. Consumer Staples lagged, falling 1.07%.
Commodities: Crude Oil futures fell 1.64% to $60.55 per barrel. Gold futures dropped 1.53% to $1,686 per ounce.
Currencies: The US Dollar Index continued higher by 0.38%.
Interest Rates: The 10-year US Treasury yield moved slightly lower to 1.705%.
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 Ian McMillan (@the_chart_life). Last week, a multibillion-dollar fund was forced to liquidate its over-leveraged portfolio, causing a sharp sell-off in a handful of stocks. Some seem concerned that this blow-up could pose a systemic risk to the broader market, similar to what happened with Long-Term Captial Management in ’98. However, if this truly was a systemic risk, we likely would’ve seen the credit markets react by now, and we’re not. The chart shows the CCC high-yield bond spread in blue, along with the S&P 500 in purple. As Ian points out, this high yield spread often turns higher before any major volatility in stocks. But for now, it continues to trend lower, giving stocks the green-light?
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Quote of the Day
“The past can hurt. But the way I see it, you can either run from it, or learn from it.”
– Rafiki
Top Links
Will See A Period Of Underperformance In Big Tech Names, Says Renaissance Macro’s deGraaf -CNBC
Jeff deGraaf of Renaissance Macro explains why he thinks Mega-Cap Tech stocks will underperform.
Gold Miners Bear Market Accelerates If This Happens! – Kimble Charting Solutions
Chris Kimble points out that Gold Miners are on life support.
First Trading Day of April: DJIA and S&P 500 Higher 69.2% of the Time – Almanac Trader
Seasonality expert, Jeff Hirsch takes a look at how stocks have historically performed on the first trading day in April.
The Deal That Broke The Bank, Connect The Dots – The Bear Traps Report
Larry McDonald weighs-in on the Archegos fiasco.
Best Technical Analysis Courses – Investopedia
If you’re looking to learn more about technical analysis, here’s a list of courses recommended by Investopedia.
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