Daily Chart Report π Monday, March 27th, 2023
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Todayβs Summary
Monday, March 27th, 2023
Indices: Russell 2000 +1.08% | Dow +0.60% | S&P 500 +0.17% | Nasdaq 100 -0.74%
Sectors: 8 of the 11 sectors closed higher. Energy led, gaining +2.13%. Technology lagged falling -0.77%.
Commodities: Crude Oil futures rose +5.13% to $72.81 per barrel. Gold dropped -1.51% to $1,954 per oz.
Currencies: The US Dollar Index fell -0.27% to $102.84.
Crypto: Bitcoin fell -2.95% to $27,177. Ethereum dropped -3.59% to $1,712.
Interest Rates: The US 10-year Treasury yield had its best day in six months, rising to 3.534%.
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 Larry Thompson (@HostileCharts). It's a ratio chart of the Equal Weight S&P 500 vs. the traditional Cap Weight S&P 500 (RSP/SPX). Breadth has become a concern in recent weeks, as a handful of Mega Cap Tech stocks have been doing most of the heavy lifting within the S&P 500. As a result, Equal Weight is on track for its second worst month relative to Cap Weight in the past 25-years. Larry points out that this ratio is currently testing a potential support level around 0.035%. As you can see, this level has been a key inflection point in recent years. Bulls would welcome a bounce from this ratio, as it would represent broadening participation as opposed to the narrow Mega-Cap leadership we've had so far this month.
Quote of the Day
"Life is not a matter of holding good cards,
but sometimes, playing a poor hand well."
- Jack London
Top Links
End of March Historically Weak Last 3 or 4 Days - Almanac Trader
Seasonality expert, Jeff Hirsch points out the final days of March have historically been weak.
Is Big Tech Back in the Drivers Seat? - Grindstone Intelligence
Austin Harrison examines the outlook for Large Cap Tech and Growth.
A Macro Overview of the Markets and the Banking Crisis - Against All Odds Research
In this video, Steve Strazza and Jason Boyd discuss the current market environment.
Short Interest Update - Bespoke
Bespoke takes a look at the performance of some of the most heavily shorted stocks in the Russell 3000.
Trendlines over Headlines: The Chop Fest Continues - The Chart Report
In our latest episode of Trendlines over Headlines, Frank Cappelleri of CappThesis joins us to share his perspective on the S&P 500, Financials, Yields, Gold, Crypto, and more!