Daily Chart Report ? Monday, March 7th, 2022
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Today’s Summary
Monday, March 7th, 2022
Indices: Dow -2.37% | Russell 2000 -2.48% S&P 500 -2.95% | Nasdaq 100 -3.75%
Sectors: 2 of the 11 sectors closed higher. Energy led, gaining +1.48%. Consumer Discretionary lagged, dropping -4.90%.
Commodities: Crude Oil futures rose +3.22% to the highest level in over a decade at $119.40 per barrel. Gold futures gained +1.49% to a fresh 18-month high of $1,996 per ounce.
Currencies: The US Dollar Index gained +0.74% to a new 52-week high.
Crypto: Bitcoin fell -1.27% to $37,950. Ethereum dropped -2.35% to $2,490.
Interest Rates: The US 10-year Treasury yield rose to 1.777%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Chicago Wheat futures opened limit up for the second session in row at 1294, printing its highest daily close since the spring of '08. $ZW_F pic.twitter.com/TiCzvq9lOe
— Ian Culley (@IanCulley) March 7, 2022
Today’s Chart of the Day was shared by Ian Culley (@IanCulley). Commodities continue to surge across the board, but Wheat is one of the more interesting ones to watch right now. Ian points out that Chicago Wheat futures opened locked limit up for the second session in a row, around 1294. Agricultural commodity futures, like Wheat, have daily limits on how much they can change in one day. In this case, Wheat opened as high as it was allowed to (+$0.85) before trading was halted for the day. At this point, Wheat is flirting with the 2008 highs around 1350. Are all-time highs for Wheat prices around the corner?
Quote of the Day
“You should expect the unexpected in this business; expect the extreme. Don’t think in terms of boundaries that limit what the market might do.”
– Richard Dennis
Top Links
Stocks: More Bears than Bulls – All Star Charts
JC Parets shares some thoughts on the current market environment.
These Three Charts Look Ready to Go Ballistic! – StockCharts.com
Greg Schnell takes a look at Copper, Oil, and Gold.
The Stock Market has not Been ‘Terribly Resilient’ Against Shift in Momentum: Strategist – Yahoo Finance
In this clip, Katie Stockton offers her outlook on Stocks amid the recent volatility.
3 Times a Charm? U.S. Dollar Facing Breakout Test – Kimble Charting Solutions
Chris Kimble points out that the US Dollar is testing an important long-term inflection point.
Whole Cogan – The Weekly Trend
In this podcast, David Zarling, Ian McMillan, and Dan Gorghuber discuss some of the most significant technical developments across the markets.
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Top Tweets
Daily Market Mood: Wild and Mixed.$SPX -3% for worst day since Oct. 2020 but bonds and yen down too.
Oil’s 13% intraday range may suggest some sort of blowoff top is underway.
If commodities come in/crash soon, may provide relief for stocks.
Then, the Fed!
— Abigail Doolittle (@TheChartress) March 7, 2022
Lowest close of the year for the S&P 500. Bout time to zoom out on this particular chart pic.twitter.com/FTh7eES2Al
— Scott Brown, CMT (@scottcharts) March 7, 2022
Drawdown update:
S&P 500 -11%
Nasdaq 100 -18%
Russell 2000 -18% pic.twitter.com/wvJhZEGVTM
— Ben Carlson (@awealthofcs) March 7, 2022
key ⚓️VWAP levels $SPY $QQQ $IWM
guilty til proven innocent while below 2/24 AVWAP and decl 5 DMA pic.twitter.com/TDMjzgwBow
— Brian Shannon, CMT (@alphatrends) March 7, 2022
Utilities with a new high today (and into positive territory on a YTD basis). $XLU pic.twitter.com/LN5sg0266O
— Willie Delwiche, CMT, CFA (@WillieDelwiche) March 7, 2022
continuing to widen out a bit... pic.twitter.com/dpLkQpIhHD
— Christian Fromhertz ???? (@cfromhertz) March 7, 2022
WTI Crude Oil futures fill the overnight gap up, down $14 from their high of $130... pic.twitter.com/jSmSE5qgMT
— Charlie Bilello (@charliebilello) March 7, 2022
Copper.... REEEEEEJECTED!!! (at least for now) pic.twitter.com/2SmeSnhKRa
— Jay Kaeppel (@jaykaeppel) March 7, 2022
I'm getting more convinced by the day that this is the time for $GLD.
A few weeks ago I said I'd never post a gold chart... but here we are.
Like all good analysts, I'll change my thesis on 30secs notice the second price tells me to.
Is March 2022 the month it finally happens? pic.twitter.com/J8IkUYuOQH
— Sam McCallum ??????? (@honeystocks1) March 7, 2022
Palladium is more valuable than gold. Russia is a major producer. It's used in catalytic converters. pic.twitter.com/7lhvbwOB6E
— Eddy Elfenbein (@EddyElfenbein) March 7, 2022
Nickel is up 80% today. pic.twitter.com/rXlVuGmn6t
— unusual_whales (@unusual_whales) March 7, 2022
Current watchlist pic.twitter.com/Y7EJhF4oIV
— Arun S. Chopra CFA CMT? (@FusionptCapital) March 7, 2022
wheat limit up again on CME open
reminder: this is way scarier for the world than $125 oil pic.twitter.com/Ga7zIxqFaO— Dirty Texas Hedge (@HedgeDirty) March 7, 2022
take me somewhere expensive pic.twitter.com/lloHxixb2O
— Kenneth Dredd (@KennethDredd) March 7, 2022
You’re all caught up now. Thanks for reading!
