Daily Chart Report ? Thursday, March 31st, 2022
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Today’s Summary
Thursday, March 31st, 2022
Indices: Russell 2000 -1.00% | Nasdaq 100 -1.55% | Dow -1.56% | S&P 500 -1.57%
Sectors: All 11 sectors closed lower. Utilities led, but still slipped -0.11%. Financials lagged, falling -2.29%.
Commodities: Crude Oil futures tumbled -6.99% to $100.28 per barrel. Gold futures rose +0.77% to $1,954 per ounce.
Currencies: The US Dollar Index gained +0.52%.
Crypto: Bitcoin fell -2.84% to $45,731. Ethereum dropped -3.24% $3,277.
Interest Rates: The US 10-year Treasury yield fell to 2.342%.
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 Michael Kahn (@mnkahn). It’s a daily bar chart of the Home Construction ETF, $ITB, over the past 11 months. The largest stocks in this ETF include; $DHI, $LEN, $NVR, $PHM, and $PHM. Home Construction stocks have taken a beating lately with $ITB closing at a fresh 52-week low on both an absolute and relative basis. At this point, it’s down more than 28% from its highs. As Michael points out, mortgage rates have been putting pressure on the group, with the 30-year mortgage rate jumping to three-year highs. This is somewhat of a risk-on industry group, so it’s not great to see it hitting new lows like this. It would be bullish to see $ITB reclaim former support around $66, but as long as we’re below that level there is further downside risk.
Quote of the Day
“Smart people learn from everything and everyone, average people from their experiences, stupid people already have all the answers.”
– Socrates
Top Links
Can Mega Cap Growth Make a Comeback? – CMT Association
Ian McMillan examines the outlook for Mega Cap Growth stocks.
DJIA and S&P 500 Higher 61.9% of the Time on First Trading Day in Q2 – Almanac Trader
Seasonality Expert, Jeff Hirsch shows how the major averages have performed on the first trading day in April (tomorrow).
Bears Go Back Into Hibernation – Bespoke
Bespoke analyzes the results of the most recent AAII Sentiment Survey.
Stock Market Analysis End of Q1 2022 – AlphaTrends
In this video, Brian Shannon breaks down recent price action and lays out some key levels to watch in the near term.
Time to Dig Into Copper Miners? – Honey Stocks
Sam McCallum takes a look at a potential breakout in Copper mining stocks.
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Top Tweets
You’re all caught up now. Thanks for reading!