Daily Chart Report π Tuesday, March 28th, 2023
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Todayβs Summary
Tuesday, March 28th, 2023
Indices: Russell 2000 -0.06% | Dow -0.12% | S&P 500 -0.16% | Nasdaq 100 -0.49%
Sectors: 5 of the 11 sectors closed higher. Energy led, gaining +1.55%. Communications lagged falling -0.82%.
Commodities: Crude Oil futures rose +0.54% to $73.20 per barrel. Gold gained +1.01% to $1,974 per oz.
Currencies: The US Dollar Index fell -0.39% to $102.43.
Crypto: Bitcoin was flat at $27,148. Ethereum rose +3.25% to $1,772.
Interest Rates: The US 10-year Treasury yield rose to 3.571%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Austin Harrison (@meanstoatrend). We have a tale of two markets on our hands right now. The Nasdaq closed at seven month highs on Friday, while Micro Caps ($IWC) ended the week at fresh bear market lows. $IWC peaked almost exactly two years ago, and itβs currently down more than 35% from those all-time highs. Itβs testing a key level around $100, which coincides with the pre-Covid highs. This level has already been successfully tested twice in the past year. Itβs holding up so far this week, but if it breaks, it will be a major red flag as Small and Micro Cap stocks often lead the broader market higher or lower.
Quote of the Day
βWhen the message of the market is not clear the message IS CLEAR! Stand aside, go slow, be patient until the next move reveals itself.β
β Brian Shannon
Top Links
Would You Believe Me If I Told You? β Carson Group
Ryan Detrick looks at how resilient the S&P 500 has been in March.
April 2023 Almanac: DJIAβs Top Month β Almanac Trader
Seasonality expert, Jeff Hirsch examines how stocks have historically performed in April.
Banks β March 26th, 2023 β Bartβs Charts
James Barteloni highlights an important line in the sand for the Bank Index, $KBW.
Why the Stock Market Makes You Feel Bad All the Time β A Wealth of Common Sense
Ben Carlson shares some insights on the duration of bear markets and how investors behave in different market environments.
Top Tweets
$NDX β Staying below, for now. pic.twitter.com/sq0Vp2PBC8
β Larry Thompson (@HostileCharts) March 28, 2023
Micro caps β Right near 52-week lows. $IWC
So which part of the market cap spectrum has it right? pic.twitter.com/DtpbaZoCRt
β Bespoke (@bespokeinvest) March 28, 2023
The top 7 stocks account for 56% of the $QQQ by market cap. On avg they are +39.4% YTD vs +6.6% for the rest: pic.twitter.com/LXq4mZnbX6
β Optuma (@Optuma) March 28, 2023