Daily Chart Report ? Friday, March 3rd, 2023
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Today’s Summary
Friday, March 3rd, 2023
Indices: Nasdaq 100 +2.04% | S&P 500 +1.62% | Russell 2000 +1.35% | Dow +1.17%
Sectors: All 11 sectors closed higher. Communications led, gaining +2.18%. Consumer Staples lagged but still inched +0.08%.
Commodities: Crude Oil futures rose +1.94% to $79.68 per barrel. Gold futures gained +0.77% to $1,855 per ounce.
Currencies: The US Dollar Index fell -0.42% to $104.53.
Crypto: Bitcoin dropped -4.72% to $22,359. Ethereum dropped -4.75% to $1,570.
Interest Rates: The US 10-year Treasury yield dropped to 3.956%.
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 Steve Strazza (@sstrazza). It’s a weekly candlestick chart of the Steel ETF, $SLX, over the past 13 years. The largest holdings in this ETF include; $VALE, $RIO, $NUE, $TX, and $CLF. Steve points out that $SLX is breaking out to its highest level since 2011 on a weekly basis. It’s built a two-year base on top of an even bigger base, forming what resembles a long-term Cup & Handle pattern. If stocks are in a new bull market, it would make sense to see new leaders. Commodity-related stocks might not be as sexy as the Technology stocks that led during the prior bull market. However, they’re showing impressive relative strength and they’re one of the few areas that are breaking out to multi-year highs.
Quote of the Day
“Don’t fall in love with stocks.
They are inanimate objects.”
– Ralph Bloch
Trendlines > Headlines
https://youtu.be/EvYL9sk3KeU
Check out the latest episode of Trendlines over Headlines!
In this week’s episode, Ian McMillan of Adaptiv returns to the show to make sense of the current market environment. We take a look at the S&P 500, Interest Rates, Crypto, and more!
Top Links
Stock Market Analysis for Week Ending March 3, 2023 – AlphaTrends
In this video, Brian Shannon reviews this week’s price action and identifies some key levels of interest to watch in the near term.
Utilities Stocks are Teetering on Historic Support! – Kimble Charting Solutions
Chris Kimble points out that the Utilities sector is attempting to break below its 20-year uptrend line.
Technicals > fundamentals – Financial Times
Callie Cox takes a look at some of the distortions caused by the rise in short-term options.
How Many Bear Markets Have You Lived Through? – The Big Picture
Barry Ritholtz reflects on the lessons he’s learned from living through several bear markets.