Daily Chart Report ๐ Tuesday, March 21st, 2023
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Todayโs Summary
Tuesday, March 21st, 2023
Indices: Russell 2000 +1.88% | Nasdaq 100 +1.42% | S&P 500 +1.30% | Dow +0.98%
Sectors: 8 of the 11 sectors closed higher. Energy led, gaining +3.46%. Utilities lagged falling -2.01%.
Commodities: Crude Oil futures rose +2.73% to $69.67 per barrel. Gold futures dropped -2.10% to $1,941/oz.
Currencies: The US Dollar Index inched lower by -0.09% to $103.22.
Crypto: Bitcoin rose +0.97% to $28,084. Ethereum gained +3.42% to $1,798.
Interest Rates: The US 10-year Treasury yield rose to 3.611%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Todd Sohn (@Todd_Sohn). The green line represents the combined weights of the two largest stocks within the S&P 500 over the past 30-years. $AAPL and $MSFT are currently the largest, but keep in mind that the green line measures whichever two stocks were the largest at that time (ex. $GE & $XOM in 2004.) Mega-Cap Tech has been doing a lot of the heavy lifting recently, with $AAPL and $MSFT accounting for more than half of the S&P 500โs YTD gain. Todd points out that their combined weight within the S&P 500 has reached an all-time high of 13.2%. For reference, thatโs larger than the entire bottom four sectors combined (Energy + Utilities + Materials + Real Estate = 11.5% weight.) This isnโt outright bearish, but it does raise concentration risk, as two stocks have never had so much influence over the S&P 500.
Quote of the Day
โOur brains are wired to make us social animals. We feel the pain of social exclusion in the same parts of the brain where we feel real physical pain. So being a contrarian is a little bit like having your arm broken on a regular basis.โ
โ James Montier
Top Links
Is This the Most Important Chart in the World? โ Carson Group
Ryan Detrick points out the the Financial Sector ($XLF) is testing a crucial long-term level.
Bonds, Bitcoin & Big Tech โ Pardon the Price Action
In this video, JC Parets & Steve Strazza discuss some of the most noteworthy charts & trends across the markets.
S&P 500 Might Deliver a Rare Bullish Signal โ Day Trader Playbook
Yuriy Matso looks at previous instances where the S&P 500 violated and reclaimed its 200-day moving average after registering a Golden Cross.
S&P 500 Up 5 of Last 8 Fed Hike Announcement Days โ Almanac Trader
Jeff Hirsch examines how the S&P 500 has historically performed around FOMC meetings.