Daily Chart Report ? Monday, March 13th, 2023
Sponsored By:
Today’s Summary
Monday, March 13th, 2023
Indices: Nasdaq 100 +0.79% | S&P 500 -0.15% | Dow -0.28% | Russell 2000 -1.60%
Sectors: 6 of the 11 sectors closed higher. Real Estate led gaining +1.61%. Financials lagged, dropping -3.95%.
Commodities: Crude Oil futures dropped -2.45% to $74.80 per barrel. Gold futures rose +2.64% to $1,917 per ounce.
Currencies: The US Dollar Index fell -0.97% to $103.62.
Crypto: Bitcoin jumped +9.13% to $24,209. Ethereum rose +5.56% to $1,680.
Interest Rates: The US 10-year Treasury yield dropped to 3.573%.
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 Liz Ann Sonders (@LizAnnSonders). The two-year Treasury yield has fallen over 100 basis points in the past three days, marking its sharpest drop since Black Monday in 1987. Ironically, the rise in short-term yields was responsible for Silicon Valley Bank’s demise, and now short-term yields are pulling back at a historic rate. The Fed definitely broke something, and the market is betting that they’ll have to slow their pace of aggressive rate hikes to prevent further implosions. There’s a lot of debate over whether a potential Fed pivot will be positive or negative for the stock market and the economy. Either way, the market is betting the Fed will stop raising rates, as the Federal Funds Rate has historically followed the 2-year yield.
Quote of the Day
“The history of markets is one of overreaction in both directions.”
– Peter L. Bernstein
Trendlines > Headlines
https://youtu.be/e8JwVv6_Of8
Check out the latest episode of Trendlines over Headlines!
In this episode, John Roque of 22V Research returns to the show to make sense of last week’s wild price action. We discuss Regional Banks, the S&P 500, Interest Rates, Gold, and more!
Top Links
Top. – The Reformed Broker
Josh Brown shares his thoughts on the sharp reversal in 2-year yields.
Gold Bulls Eyeing Historic Super-Cycle Breakout Level! – Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of Gold as it’s caught a bid in recent days.
A Look at the Financial Sector’s Weightings – Bespoke
Bespoke examines the Financial sectors weight within the S&P 500.
If US Dollar Index is Below 105, Buy Stocks! – All Star Charts
JC Parets takes a look at the US Dollar Index and its potential impact on stocks.
Turn Around Tuesdays with The Chart Report – Twitter Spaces
Join us on Twitter Spaces tomorrow morning to discuss the hottest charts and trends across the markets.