Daily Chart Report ? Wednesday, March 2nd, 2022
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Today’s Summary
Wednesday, March 2nd, 2022
Indices: Russell 2000 +2.51% | S&P 500 +1.86% | Dow +1.79% | Nasdaq 100 +1.70%
Sectors: All 11 sectors closed higher. Financials led, gaining +2.59%. Communications lagged but still rose +0.86%.
Commodities: Crude Oil futures continued higher by +6.95% to an 11-year high of $110.60 per barrel. Gold futures dropped -1.11% to $1,922 per ounce.
Currencies: The US Dollar Index ticked lower by 0.04%.
Crypto: Bitcoin slipped -0.96% to $44,017. Ethereum slipped -0.70% to $2,956.
Interest Rates: The US 10-year Treasury yield rebounded to 1.880%.
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 Tarek Saab (@FibLines). It's a weekly chart of Crude Oil futures over the past 16-years. Crude Oil futures have surged more than 20% so far this week, hitting their highest level in more than a decade at $112 per barrel. This has been one of the more historic market moves we've witnessed. Think about it - the price of the world's most important commodity went from negative territory to 11-year highs in less than two years! Tarek points out that Crude is approaching a key level around $114-115. This level acted as resistance all throughout 2011-2013 and still hasn't been broken. Will the fifth time be the charm? Or, will price consolidate/correct at this familiar level? If broken, the next major test would be the 2008 all-time highs around $145. Either way, $114-115 will be a major test for Crude Oil, so keep an eye on how it plays out over the next few weeks.
Quote of the Day
"Change of a long-term or secular nature is usually gradual enough that it is often obscured by the noise caused by short-term volatility. By the time secular trends are acknowledged by the majority they are obvious and mature."
- Bob Farrell
Top Links
Fear Levels in the Market Are High - Potomac Fund Management
Dan Russo highlights some key takeaways from the current market environment.
Negative Bets on Energy are Rolling Off - SentimenTrader
Jason Goepfert examines the put/call ratio for the Energy sector.
Banks (KRE) Swing Wildly - Bespoke
Bespoke takes a look at the recent volatility in Banks stocks.
Some Stocks Like it Hot - All Star Charts
The team at All Star Charts identifies one area of the market that does well in an inflationary environment - Metals & Mining (XME).
Semiconductor Stocks Trading At Critical Inflection Point! - Kimble Charting Solutions
Chris Kimble points out that Semiconductor stocks are testing a key level relative to the Nasdaq.
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