Daily Chart Report ? Wednesday, March 30th, 2022
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Today’s Summary
Wednesday, March 30th, 2022
Indices: Dow -0.19% | S&P 500 -0.63% | Nasdaq 100 -1.10% | Russell 2000 -1.97%
Sectors: 4 of the 11 sectors closed higher. Energy led, gaining +1.16%. Consumer Discretionary lagged, falling -1.52%.
Commodities: Crude Oil futures rose +3.43% to $107.82 per barrel. Gold futures rose +1.40% to $1,939 per ounce.
Currencies: The US Dollar Index dropped -0.58%.
Crypto: Bitcoin snapped an eight-day winning streak, falling -1.11% to $46,900. Ethereum slipped -0.78% $3,374.
Interest Rates: The US 10-year Treasury yield fell to 2.352%.
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 Mike Zaccardi (@MikeZaccardi). It’s a chart of the Russell 2000 ETF, $IWM, over the past two years. The Russell 2000 closed at a two-month high yesterday, but it was rejected at a familiar level around $211 today. This level acted as support for the majority of last year, and now it’s acting as resistance. To be fair, today’s 2% drop is coming after rallying nearly 10% in the past two weeks, so some short-term pause is normal. Small-Caps often lead the broader market higher or lower, so there is a lot of information to be gleaned from how this test plays out. Bulls want to see price reclaim $211 in the near term, but so far, no cigar.
Quote of the Day
“The biggest mistake a fundamental analyst makes is thinking a stock and a company are the same thing. The biggest mistake a technical analyst makes is thinking they are different.”
– Phil Roth
Top Links
Here Comes the Best Month of the Year – LPL Financial Research
The team at LPL Financial Research points out that April has been a strong month for the S&P 500.
Yield Curve Inversions and SPX Returns – Quantifiable Edges
Rob Hanna takes a look at how the S&P 500 has historically performed after yield curve inversions and concludes that it’s not a great timing tool.
Bearish Newsletter Sentiment as a Contrarian Indicator – Schaeffer’s Investment Research
Rocky White examines the recent sentiment survey from Investor’s Intelligence and what it could mean for stocks.
The Most Bullish Catalyst? – All Star Charts
JC Parets points out that potential weakness in the US Dollar could be the next bullish catalyst for risk assets.
Incredible Volatility in Commodities | Strength in Cotton – TD Ameritrade Network
Legendary Turtle Trader, Jerry Parker discusses the noteworthy trends in commodities and currencies.
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Top Tweets
You’re all caught up now. Thanks for reading!