Daily Chart Report ? Thursday, March 2nd, 2023
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Today’s Summary
Thursday, March 2nd, 2023
Indices: Dow +1.05% | Nasdaq 100 +0.89% | S&P 500 +0.76% | Russell 2000 +0.22%
Sectors: 9 of the 11 sectors closed higher. Utilities led, gaining +1.89%. Financials lagged, falling -0.48%.
Commodities: Crude Oil futures rose +0.60% to $78.16 per barrel. Gold futures fell -0.27% to $1,841 per ounce.
Currencies: The US Dollar Index rose +0.57% to $104.96.
Crypto: Bitcoin fell -0.71% to $23,466. Ethereum fell -1.04% to $1,648.
Interest Rates: The US 10-year Treasury yield rose to a three-month high of 4.062%.
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 on Twitter by Jay Kaeppel (@jaykaeppel). The battle between the S&P 500 and its 200-day moving average has attracted more spectators than the Super Bowl. You're probably sick of hearing about the 200-DMA by now, but the market continues to prove that it matters. After spending 27 consecutive days above the 200-DMA, The S&P 500 gapped below it at the open this morning. However, Jay points out that buyers showed up right where they need to. This is an encouraging change of character considering the 200-DMA acted as resistance numerous times last year.
Quote of the Day
“If they don't scare you out,
they will wear you out.”
- Brian Shannon
Top Links
March 2023 Almanac: Even Better in Pre-Election Years - Alamanc Trader
Jeff Hirsch examines how stocks have historically performed in March of Pre-Election years.
Sentiment Back to Bearish - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Are DAX (Germany) and CAC-40 (France) Indices About To Send Big Messages to Investors? - Kimble Charting Solutions
Chris Kimble points out that France and Germany are at key inflection points.
Global Industrials are Where Investors Should Spend Their Time and Capital, Says Strategas’ Chris Verrone - CNBC
Chris Verrone shares his perspective on the continued rise in yields, and its potential impact on stocks.
Global Benchmarks Pave the Way for Rising US Yields - All Star Charts
Ian Culley points out that global yields are breaking out ahead of US yields.