Daily Chart Report π Friday, March 17th, 2023
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Todayβs Summary
Friday, March 17th, 2023
Indices: Nasdaq 100 -0.49% | S&P 500 -1.10% | Dow -1.19% | Russell 2000 -2.56%
Sectors: All 11 sectors closed lower. Technology led but still inched lower by -0.14%. Financials lagged, dropping -3.22%.
Commodities: Crude Oil futures fell -2.08% to a fresh 52-week low of $66.93 per barrel. Gold futures jumped +2.63% to $1,974 per ounce β the highest level in nearly a year.
Currencies: The US Dollar Index fell -0.55% to $103.86.
Crypto: Bitcoin jumped +9.64% to $27,466. Ethereum rose +7.01% to $1,794.
Interest Rates: The US 10-year Treasury yield dropped to 3.436%.
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 David Rath (@DJWrath). The Nasdaq led by a wide margin this week, gaining 5.85%, marking its best week since November. Itβs outperformed the S&P 500 for 12 consecutive days now, which is its third-longest streak of outperformance over the past 25 years. David points out that the Nasdaq is currently testing a key resistance level relative to the S&P 500 (second chart down). Weβve seen several notable inflections around this level over the past couple of years. Will this level break the Nasdaqβs impressive streak of outperformance next week?
Quote of the Day
βLuck is what happens when preparation meets opportunity.β
β Seneca
Trendlines > Headlines
https://youtu.be/YbOCeqP_z7c
Check out the latest episode of Trendlines over Headlines!
In this weekβs episode, Brian Lund of The Lund Loop joins us to make sense of this weekβs price action. We take a look at the S&P 500, Banks, Crude Oil, Pot Stocks, Crypto, and more!
Top Links
Nasdaq 100 Steadily Outperforms β Bespoke
Bespoke points out that the Nasdaq has outperformed the S&P 500 for 12 consecutive sessions β the third-longest streak in the past 25 years.
Back to December β LPL Financial Research
Adam Turnquist highlights some key takeaways from recent price action.
Energy is on the Ropes β All Star Charts
Steve Strazza examines the weakness in Crude Oil & Energy Stocks.
Is a Tsunami Closing In β The Weekly Grind
Sam McCallum shares some noteworthy charts to focus on next week.
Gold Gets a Shine β StockCharts.com
Greg Schnell breaks down a chart of Gold after the yellow metalβs best week in almost two years.