Daily Chart Report ? Tuesday, March 15th, 2022
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Today’s Summary
Tuesday, March 15th, 2022
Indices: Nasdaq 100 +3.16% | S&P 500 +2.14% | Dow +1.82% | Russell 2000 +1.40%
Sectors: 10 of the 11 sectors closed higher. Tech led, gaining +3.36%. Energy was the only sector that closed lower, dropping -3.66%.
Commodities: Crude Oil futures dropped -6.38% to $96.44 per barrel. Gold futures dropped -1.59% to $1,929 per ounce.
Currencies: The US Dollar Index slipped -0.08%.
Crypto: Bitcoin inched lower by -0.43% to $39,489. Ethereum rose +1.28% to $2,623.
Interest Rates: The US 10-year Treasury yield moved higher to 2.149%.
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 Alfonso Depablos (@AlfCharts). The chart shows Crude Oil futures (black) and the Energy Sector (blue) over the past 13 years. Crude Oil is back below $100 a barrel, despite the warnings of $300 Oil from the mainstream media. It has already corrected more than 20% on a closing basis, after hitting its highest level in more than a decade just last week. Alfonso points out that this is a pretty logical level for both Crude Oil and the Energy Sector to take a breather after sprinting to multi-year highs. For Crude Oil, that level is around $110-115, and for the Energy Sector, it's around $78-80. Let's clear those levels before we entertain the possibility of $300 Oil!
Quote of the Day
"When things go badly, people become cautious. Then their caution causes things to go well, and when things go well, they become incautious. I think that's a forever cycle."
- Howard Marks
Top Links
Nasdaq 100 Down Over 1% in Six of Eight Sessions - Bespoke
Bespoke examines what has historically happened after the Nasdaq 100 was down more than 1% in 6 of the past 8 sessions.
Is Tech Stocks "Fall" From Leadership a Short or Long Term Deal? - Kimble Charting Solutions
Chris Kimble takes a look at an important test for Tech stocks and the Nasdaq.
Assessing Risk with Aussie/Yen - All Star Charts
The team at All Star Charts explains what the Aussie/Yen currency pair could be suggesting about risk appetite right now.
The Key is Finding What's Less Bad - Potomac Fund Management
Dan Russo shares his weekly sector analysis.
Aura of Tripple Witch - Almanac Trader
Seasonality expert, Jeff Hirsch looks at how stocks have historically performed around March Tripple-Witching (this Friday).
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Top Tweets
You’re all caught up now. Thanks for reading!
