Daily Chart Report ? Monday, March 28th, 2022
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Today’s Summary
Monday, March 28th, 2022
Indices: Nasdaq 100 +1.58% | S&P 500 +0.71% | Dow +0.27% | Russell 2000 0.00%
Sectors: 8 of the 11 sectors closed higher. Consumer Discretionary led, gaining +2.67%. Energy lagged, dropping -2.48%.
Commodities: Crude Oil futures dropped -6.97% to $105.96 per barrel. Gold futures fell -0.74% to $1,940 per ounce.
Currencies: The US Dollar Index rose +0.32%.
Crypto: Bitcoin rose +1.28% to $47,462. Ethereum rose +2.00% to $3,362.
Interest Rates: The US 10-year Treasury yield inched lower to 2.462%.
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 Matthew Timpane (@mtimpane). It’s a daily candlestick chart of the S&P 500 over the past 10 months. Matthew points out that the rally is testing an important level around 4550-4590. As you can see, the S&P 500 has made several meaningful reversals around this level in the past year. This level also coincides with the 61.8% retracement of the 2022 decline for all you Fibonacci fans out there. After rallying nearly 10% in two weeks, it would make sense to see some pause here, but it would be bullish to see the S&P 500 reclaim this level. Either way, this will be an important test to watch this week.
Quote of the Day
“Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity.”
– Carl Icahn
Top Links
Bullish Follow-Through – Potomac Fund Management
Dan Russo highlights some key levels to watch this week in the major indices.
Not All Yield Curve Inversions are Created Equally – Bespoke
Bespoke looks at the current state of the yield curve.
And One – The Weekly Trend
In this podcast, David Zarling and Pratty Tulsian discuss some noteworthy technical developments across the markets.
Whenever in Doubt, Zoom Out – All Star Charts
JC Parets takes a long-term look at Bitcoin, Uranium, and Gold.
Bitcoin’s Technical Indicators Point to Another 8% Spike as the Cryptocurrency Surges Past $45,000 Resistance Level – Business Insider
Katie Stockton examines the near term outlook for Bitcoin.
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Top Tweets
You’re all caught up now. Thanks for reading!
