Daily Chart Report ? Monday, March 6th, 2023
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Today’s Summary
Monday, March 6th, 2023
Indices: Dow +0.12% | Nasdaq 100 +0.10% | S&P 500 +0.07% | Russell 2000 -1.48%
Sectors: 5 of the 11 sectors closed higher. Utilities led, gaining +0.48%. Materials lagged, dropping -1.62%.
Commodities: Crude Oil futures rose for the fifth consecutive session by +0.98% to $80.46 per barrel. Gold futures were unchanged at $1,855 per ounce.
Currencies: The US Dollar Index fell -0.22% to $104.29.
Crypto: Bitcoin was flat at $22,407. Ethereum was also flat at $1,566.
Interest Rates: The US 10-year Treasury yield inched higher to 3.964%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by John Kicklighter (@JohnKicklighter). It’s a daily candlestick chart of Crude Oil futures and its Volatility Index ($OVX) in red. Crude Oil rose for the fifth straight session today and closed above its 100-day moving average for the first time in four months. It peaked almost precisely one year ago at around $120 per barrel, after trading in negative territory less than two years earlier. However, it’s been pretty boring lately. Price has tightened into a narrow range over the past four months, with volatility ($OVX) hitting a new 52-week low today. It’s often said, “From range contraction comes range expansion.” It would make sense to see a large move higher or lower from Crude in the coming weeks, as it’s reaching a decision point.
Quote of the Day
“It’s wise to remember that too much success in the stock market is in itself an excellent warning.”
- Gerald Loeb
Top Links
Small Cap Seasonal Strength Ending - Almanac Trader
Jeff Hirsch points out that the "Januarry Effect" is beginning to wane for Small-Caps.
Stock Futures are Flat as Wall Street Awaits Fed Chair Powell’s Comments - CNBC
In this clip, Jonathan Krinsky shares his technical perspective on $AAPL and the Russell 2000.
Market Review - China, Materials, and Bonds - AlphaCharts
Brian G takes a look at Bonds, and two areas of relative strength (Materials & Chinese Internet Stocks).
Here's How the Chartered Market Technician (CMT) Designation Works for Aspiring Traders - Yahoo Finance
Brian Shannon discusses the value of being a Chartered Market Technician (CMT).
Trendlines over Headlines | Breaking Down the Charts with Ian McMillan - The Chart Report
In this week's episode of Trendlines over Headlines, Ian McMillan of Adaptiv returns to the show to discuss the S&P 500, Interest Rates, Crypto, and more!