Daily Chart Report ? Wednesday, March 16th, 2022
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Today’s Summary
Wednesday, March 16th, 2022
Indices: Nasdaq 100 +3.70% | Russell 2000 +3.14% | S&P 500 +2.24% | Dow +1.55%
Sectors: 9 of the 11 sectors closed higher. Consumer Directionary led, gaining +3.41%. Energy lagged, falling -0.46%.
Commodities: Crude Oil futures fell -1.45% to $95.04 per barrel. Gold futures dropped -1.06% to $1,909 per ounce.
Currencies: The US Dollar Index dropped -0.62%.
Crypto: Bitcoin gained +4.80% to $41,182. Ethereum rose +5.45% to $2,762.
Interest Rates: The US 10-year Treasury yield moved higher for the 8th consecutive day to 2.190%.
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 Jim Denholm (@denholm_jim). It’s a daily candlestick chart of the S&P 500 over the past six months. There’s a ton of noise out there today about what the Fed’s rate hike could mean for the S&P 500, but Jim points out that the near-term outlook is fairly straightforward. Bulls want to see price reclaim the March highs, around 4,415. A break above there would also invalidate that three-month downtrend. On the other hand, if we break below the February lows, around 4,115, it would signal a continuation of that downtrend. The S&P 500 remains in no man’s land for now, but we’ll likely see resolution within the next week.
Quote of the Day
“The market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism.”
– Benjamin Graham
Top Links
Everything You Need to Know About Rate Hikes – LPL Financial Research
The team at LPL Financial Research looks at how the S&P 500 has performed after previous rate hikes.
Cash Levels Near Multi-Decade Highs – All Star Charts
JC Parets points out that investors have a lot of dry powder right now.
Breaking Down the S&P 500’s First 50 Days of 2022 – Schaeffer’s Investment Research
Rocky White examines what could be next for the S&P 500 after one of the worst starts to a year.
Materials Are Creeping Up, While PKG Breaks Higher – StockCharts.com
Julius de Kempenaer takes a look at strength within the Materials sectors.
S&P 500 Up 21 of Last 28 Years on St. Patrick’s Day – Almanac Trader
Seasonality expert, Jeff Hirsch shows how the S&P 500 has historically fared on St. Patty’s Day ☘️.
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Top Tweets
You’re all caught up now. Thanks for reading!
