Daily Chart Report ? Tuesday, March 1st, 2022
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Today’s Summary
Tuesday, March 1st, 2022
Indices: S&P 500 -1.55% | Nasdaq 100 -1.63% | Dow -1.76% | Russell 2000 -1.93%
Sectors: Energy was the only sector that closed higher, gaining +1.01%. Financials lagged, falling -3.69%.
Commodities: Crude Oil futures surged +11.09% to a fresh 7-year high of $106.34 per barrel. Gold futures jumped +2.27% to a new 52-week high of $1,944 per ounce.
Currencies: The US Dollar Index rose +0.67%.
Crypto: Bitcoin gained +2.23% to $44,142. Ethereum rose +1.51% to $2,966.
Interest Rates: The US 10-year Treasury yield dropped to 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 by Sam McCallum (@honeystocks1). It’s a daily candlestick chart of the US 10-year Treasury yield ETF, $TNX, over the past year and a half. With all the action in Stocks and Commodities today, this development didn’t get the attention that it deserves. The 10-year yield just logged its biggest two-day decline since March 2020. It’s currently retesting its recent breakout level around 1.70%. This is a pretty important level for the 10-year yield. 1.70% acted as resistance throughout all of 2021, until it finally broke out earlier this year. You’d expect 1.70% to act as support now on this retest, but if it doesn’t, that would qualify as a failed breakout or bull trap. Either way, this is a pretty crucial test for the US 10-year yield, so keep an eye on how it plays out in the near term.
Quote of the Day
“Don’t be a hero. Don’t have an ego. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead.”
– Paul Tudor Jones
Top Links
The State of the Union – Bespoke
Bespoke examines how the S&P 500 and Treasury yields have historically performed around the President’s State of the Union address (tonight).
Will Ukraine and Russia Impact The Usually Bullish March? – LPL Financial Research
The team at LPL Finacial Research takes a look at how the S&P 500 has historically performed in March.
S&P 500 Posts Full-Year Gain 47.1% of Time When January & February Are Both Down – Almanac Trader
Jeff Hirsch points out that the S&P 500 has ended the year positive less than half of the time after closing lower in both January and February.
Breaking Down Europe (On the Charts, That is…) – StockCharts.com
Julius de Kempenaer analyzes rotation within global equity markets.
Retail Traders Rush to Buy Protection as Dumb Money Confidence Craters – SentimenTrader
Jason Goepfert points out that small options traders panicked in a big way last week.
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You’re all caught up now. Thanks for reading!
