Daily Chart Report ? Wednesday, March 23rd, 2022
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Today’s Summary
Wednesday, March 23rd, 2022
Indices: S&P 500 -1.23% | Dow -1.29% | Nasdaq 100 -1.41% | Russell 2000 -1.73%
Sectors: 2 of the 11 sectors closed higher. Energy led, gaining +1.72%. Financials lagged, falling -1.85%.
Commodities: Crude Oil futures gained +5.18% to $114.93 per barrel. Gold futures rose +0.82% to $1,937 per ounce.
Currencies: The US Dollar Index gained +0.20%.
Crypto: Bitcoin inched higher by +0.35% to $42,551. Ethereum rose +1.33% to $3,009.
Interest Rates: The US 10-year Treasury yield fell to 2.295%.
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 chart of the Nasdaq 100 over the past two decades. As of yesterday’s close, 95% of Nasdaq 100 stocks were above their 20-day moving average, while less than 45% were above their 200-day moving average. Andrew points out that there have only been three prior instances where short-term breadth was this strong while long-term breadth was this weak. Yes, the sample size is small. But all three prior instances occurred at major lows in 2009, 2018, and 2020.
Quote of the Day
“Listen to what the market is saying about others,
not what others are saying about the market.”
– Richard Wyckoff
Top Links
The Bull Market Turns Two – LPL Financial Research
With today marking exactly two years since the 2020 bear market low, the team at LPL Financial Research compares the current bull market to previous ones.
Historic Two-Year Rallys – Bespoke
Bespoke examines how the major indices and sectors have performed since the March 2020 lows.
Buy Stocks, Sell Bonds – All Star Charts
The team at All Star Charts takes a look at Stocks vs. Bonds.
US Dollar Reaching Pivotal Long-Term Resistance! – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the US Dollar.
Seven Themes Going Forward – Trend Investor Pro
In this video, Arthur Hill highlights seven themes to keep an eye on in the near term.
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Top Tweets
You’re all caught up now. Thanks for reading!
