Daily Chart Report ? Friday, March 4th, 2022
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Today’s Summary
Friday, March 4th, 2022
Indices: Dow -0.53% | S&P 500 -0.79% | Nasdaq 100 -1.41% | Russell 2000 -1.55%
Sectors: 5 of the 11 sectors closed higher. Energy led, gaining +2.89%. Financials lagged, dropping -1.87%.
Commodities: Crude Oil futures jumped +6.81% to the highest level in over a decade at $115.00 per barrel. Gold futures rose +2.01% to an 18-month high of $1,975 per ounce.
Currencies: The US Dollar Index gained +0.80% to a fresh 52-week high.
Crypto: Bitcoin dropped -8.25% to $38,950. Ethereum dropped -7.90% to $2,610.
Interest Rates: The US 10-year Treasury yield fell to 1.736%.
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 Andrew Thrasher (@AndrewThrasher). It’s a daily candlestick chart of the Palladium ETF, $PALL, since the start of 2021. Yesterday, we saw Copper join the party in Commodities, and today we’re seeing Palladium do the same. Both Palladium futures and this ETF broke out to all-time highs today for the first time since last May. As you can see, it’s built a large base over the past 10-months to launch higher from. As a side note, you may want to protect the catalytic converter in your car, as theft for these items is spiking along with the price of Palladium!
Quote of the Day
“Do what you can, with what you have, where you are.”
– Theodore Roosevelt
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Top Links
US Back on Top (Sort of) – Bespoke
Bespoke points out that International Stocks are underperforming US Stocks again, after briefly outperforming to start the year.
Bearish Stock Market Environment Continues – AlphaTrends
In this video, Brian Shannon analyzes this week’s price action and lays out some key levels to watch next week.
Are Steel Prices About to Explode Higher? – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the Steel ETF, $SLX.
Crude Oil Traders Haven’t Behaved This Way in Over 20-years – SentimenTrader
Jason Goepfert takes a look at backwardation in Crude Oil futures.
Midweek Update: Copper Joins the Party – The Chart Report
In case you missed it, here’s a quick conversation I had with Steve Strazza yesterday, about the near-term outlook for Stocks, and the continued strength from Commodities.
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Top Tweets
You’re all caught up now. Thanks for reading!
