Daily Chart Report π Monday, March 20th, 2023
Sponsored By:
Todayβs Summary
Monday, March 20th, 2023
Indices: Dow +1.20% | Russell 2000 +1.11% | S&P 500 +0.89% | Nasdaq 100 +0.34%
Sectors: All 11 sectors closed higher. Materials led, gaining +1.62%. Utilities lagged, but still inched higher by +0.04%.
Commodities: Crude Oil futures rose +1.33% to $67.82 per barrel. Gold futures rose +0.47% to an 11-month high of $1,983 per ounce.
Currencies: The US Dollar Index dropped -0.54% to $103.31.
Crypto: Bitcoin fell -1.19% to $27,720. Ethereum dropped -2.89% to $1,734.
Interest Rates: The US 10-year Treasury yield rose to 3.488%.
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 Ian Culley (@IanCulley). Gold poked its head above $2,000/oz. today, and closed at its highest level in nearly a year. Ian points out that itβs back above the 2011 highs, which are around $1,925/oz. Gold has looked technically attractive for three years now, as its been in the process of emerging from the mother of all bases. However, itβs been unable to make a meaningful leg higher despite two prior break out attempts in 2020 & 2022. Will the third time be the charm? The next upside objective will be the 2020/2022 all-time highs, which are around $2,070/oz. Above $2,070/oz is blue-sky territory for Gold, meaning thereβs no price memory to prevent it from making a new leg higher.
Quote of the Day
"There's no fever like gold fever."
- Richard Russell
Top Links
March Seasonality Prevails, Banking Fiasco Be Damned - Almanac Trader
Seasonality expert, Jeff Hirsch points out that the second half of March has historically been stronger than the first half of the month.
Yellow Rocks Over Falling Stocks - Grindstone Intelligence
Austin Harrison takes a look at the recent moves in Precious Metals.
New Uptrends Emerging - All Star Charts
JC Parets examines the outlook for Gold & Bitcoin.
Three Stocks Thriving Despite Market Uncertainty - See it Market
David Killer highlights three stocks that are showing relative strength - $NVDA, $META, $AMD.
Trendlines over Headlines | Assessing the Damage after the Banks Break - The Chart Report
In this episode, Brian Lund of the Lund Loop joins us to make sense of the markets. We look at the broader market, Banks, Crude Oil, Pot Stocks, Crypto and more!