Daily Chart Report π Tuesday, March 14th, 2023
Sponsored By:
Todayβs Summary
Tuesday, March 14th, 2023
Indices: Nasdaq 100 +2.32% | Russell 2000 +1.87%| S&P 500 +1.65% | Dow +1.06%
Sectors: All 11 sectors closed higher. Communications led gaining +2.83%. Health Care lagged but still rose +0.89%.
Commodities: Crude Oil futures dropped -4.64% to $71.33 per barrel. Gold futures fell -0.29% to $1,911 per ounce.
Currencies: The US Dollar Index was flat (+0.05%) at $103.67.
Crypto: Bitcoin rose +2.38% to $24,785. Ethereum rose +1.64% to $1,707.
Interest Rates: The US 10-year Treasury yield rose to 3.693%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Brian Shannon (@alphatrends). Brian points out that Crude Oil Futures are currently "pinched" between two key Anchored VWAPS. Brian has an entire chapter on trading the "Pinch" in his most recent book, Maximum Trading Gains with Anchored VWAP. A Pinch occurs when price trades into a narrow range between two converging AVWAPs. In this case, Crude Oil has been rangebound for several months between the Covid low AVWAP (green) and the AVWAP from the June 2022 highs (red). In the book, Brian explains: "Think of the pinch like squeezing a spring together, the energy gets compressed until the spring is let go and an energetic move follows." A break below the lower AVWAP (around $68.80) would serve as a short signal, while a break above the upper AVWAP (around $86.30) would serve as a buy signal.
Quote of the Day
"Changes in latitudes lead to changes in attitudes."
- Steve Leuthold
Top Links
Mike Zaccardi examines the outlook for Crude Oil.
Pictures of Monkeys Rally 15% - All Star Charts
JC Parets highlights the signs of risk appetite amid the doom and gloom of the recent bank failures.
Bespoke takes a look at the volatility in short-term treasury yields.
Bad Things Happen in Downtrends | Trendlines over Headlines with John Roque - The Chart Report
In the latest episode of Trendlines over Headlines, John Roque of 22V Research shares his perspective on Regional Banks, the S&P 500, Interest Rates, Gold, and more!