Daily Chart Report ? Tuesday, March 7th, 2023
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Today’s Summary
Tuesday, March 7th, 2023
Indices: Russell 2000 -1.11% | Nasdaq 100 -1.22% | S&P 500 -1.53% | Dow -1.72%
Sectors: All 11 sectors closed lower. Consumer Staples led, but still fell -0.99%. Financials lagged, dropping -2.58%.
Commodities: Crude Oil futures snapped a five-day winning streak, dropping -3.58% to $77.58 per barrel. Gold futures dropped -1.87% to $1,820 per ounce.
Currencies: The US Dollar Index had its best day since October, rising +1.26% to a three-month high of $105.61.
Crypto: Bitcoin fell -0.96% to $22,191. Ethereum inched lower by -0.22% to $1,562.
Interest Rates: The US 10-year Treasury yield inched higher to 3.970%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Chris Ciovacco (@CiovaccoCapital). The battle between the S&P 500 and its 200-day moving average rages on...We bounced off the 200-day on Thursday and rallied about 3.5% before rolling over on Monday. After today's 1.5% drop, we're within striking distance of the 200-day yet again. We initially reclaimed the 200-day at the end of January, and we've closed above it for 31 consecutive trading days. It's been successfully tested three times since then, which has been constructive considering how many times it acted as resistance last year. Will buyers successfully defend the 200-day moving average for the fourth time?
Quote of the Day
“Listen to what the market is saying about others,
Not what others are saying about the market.”
- Richard Wyckoff
Top Links
March Strategy Session: 3 Key Takeaways - All Star Charts
The team at All Star Charts highlights three technical developments to be aware of.
JUNK (JNK) Bonds Form Bearish Gartley “Sell” Pattern - See it Market
James Bartelloni points out that Junk Bonds ($JNK) have formed a potentially bearish chart pattern.
Why So Bearish? - The Irrelevant Investor
Michael Batnick shares his thoughts on the persistence of bearish sentiment.
Fill The Gap Episode Twenty-Six, with Vernon Bice, CMT - CMT Association
The CMT Association sits down with Vernon Bice, a Portfolio Manager of several growth-oriented funds at Lord Abbett.