Daily Chart Report ? Thursday, March 3rd, 2022
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Today’s Summary
Thursday, March 3rd, 2022
Indices: Dow -0.29% | S&P 500 -0.53% | Russell 2000 -1.29% | Nasdaq 100 -1.46%
Sectors: 7 of the 11 sectors closed higher. Utilities led, gaining +1.76%. Consumer Discretionary lagged, dropping -2.26%.
Commodities: Crude Oil futures dropped -2.65% to $107.67 per barrel. Gold futures rose +0.71% to $1,936 per ounce.
Currencies: The US Dollar Index gained +0.38%.
Crypto: Bitcoin fell -3.32% to $42,476. Ethereum dropped -3.90% to $2,834.
Interest Rates: The US 10-year Treasury yield fell to 1.844%.
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 Katie Stockton (@StocktonKatie). It’s a daily line chart of Copper futures over the past two years. Commodities are on track for their best week since 1974, and Copper just joined the party fashionably late. The red metal broke out to an all-time high today for the first time since last May. Katie points out that it’s clearly resolving higher out of a 10-month triangle consolidation. It’s also breaking out on a longer-term time frame, having formed a massive base over the past decade. Keep an eye on Copper here as it’s breaking out across multiple time frames, after doing nothing for nearly a year.
Quote of the Day
“Charts don’t give answers, they raise questions. Inferences are drawn when enough questions point in the same direction.”
– Mark Ungewitter
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Top Links
Midweek Outlook: Copper Joins the Party – The Chart Report
In this quick video, Steve Strazza and I take a look at the near-term outlook for Stocks, and the continued strength from Commodities.
Better, But Will It Last? – Potomac Fund Management
Dan Russo shares his weekly breadth analysis.
AAII Sentiment Improves While Other Surveys Plummet – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Contrary Bearish Sentiment Near Bottoming Levels – Almanac Trader
Jeff Hirsch points out that investor sentiment is at levels where Stocks have historically bottomed.
What Happens When Large Caps Whip Small Caps? – Schaeffer’s Investment Research
Rocky White examines what has historically happened when Large Caps are up double digits year-over-year while Small Caps are down double digits year-over-year.
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Top Tweets
You’re all caught up now. Thanks for reading!
