Daily Chart Report ? Thursday, March 24th, 2022
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Today’s Summary
Thursday, March 24th, 2022
Indices: Nasdaq 100 +2.20% | S&P 500 +1.43% | Russell 2000 +1.13% | Dow +1.02%
Sectors: All 11 sectors closed higher. Tech led, gaining +2.60%. Energy lagged but still rose +0.25%.
Commodities: Crude Oil futures fell -2.25% to $112.34 per barrel. Gold futures rose +1.29% to $1,962 per ounce.
Currencies: The US Dollar Index gained +0.16%.
Crypto: Bitcoin rose +2.51% to $44,004. Ethereum rose +2.17% to $3,107.
Interest Rates: The US 10-year Treasury yield moved higher to 2.375%.
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 Greg Rieben (@gregrieben). It’s a chart of the Steel ETF, $SLX, over the past 10 years. The heaviest weighted stocks within $SLX include, $VALE, $RIO, $NUE, $MT, and $X. This ETF broke out to its highest level in over a decade today. It surged more than 250% off the March 2020 lows but has spent the past 10-months digesting those gains and building a base. Steel stocks look poised for further strength as long as $SLX can hold this breakout around $67-68 in the near term.
Quote of the Day
“Charts enable us to see what’s going on in a particular stock as buyers and sellers come together in an auction marketplace. They distill the clash for emotional and logical decisions into a clear visual display.”
– Mark Minervini
Top Links
Indicators Point to Continuation of U.S. Market Rally: Technical Analyst – BNN Bloomberg
In this clip, Ed Clissold of Ned Davis Research weighs in on the recent breadth and momentum thrusts in U.S. stocks.
The Start of a Streak? – Potomac Fund Management
Dan Russo takes a look at the recent improvement in breadth.
Bulls and Bears Swing Double Digits – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Is Crypto Bottoming? – Honey Stocks
Sam McCallum highlights a few noteworthy charts in the Crypto space.
Here’s Why Bitcoin is Going Higher – All Star Charts
JC Parets explains that the Aussie/Yen currency pair could be hinting at Bitcoin’s next move higher.
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Top Tweets
You’re all caught up now. Thanks for reading!
