Daily Chart Report π Wednesday, March 29th, 2023
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Todayβs Summary
Wednesday, March 29th, 2023
Indices: Nasdaq 100 +1.87% | S&P 500 +1.42% | Russell 2000 +1.08% | Dow +1.00%
Sectors: All 11 sectors closed higher. Real Estate led, gaining +2.38%. Health Care lagged, but still rose +0.28%.
Commodities: Crude Oil futures slipped -0.31% to $72.97 per barrel. Gold futures fell -0.33% to $1,967 per oz.
Currencies: The US Dollar Index gained +0.21% to $102.64.
Crypto: Bitcoin gained +4.15% $28,404. Ethereum rose +1.27% to $1,796.
Interest Rates: The US 10-year Treasury yield was flat at 3.568%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by TrendSpider (@TrendSpider). Itβs a 65-min candlestick chart of the Nasdaq 100 ETF ($QQQ) over the past two months. Today, the media declared that the Nasdaq is in a new bull market, as itβs up more than 20% from its December lows. However it seems silly to call this a new bull market, considering its still down more than 22% from its all-time highs. Labels aside, the Nasdaq is shaping up for a new leg higher. It closed at a seven month high today, as it attempts to emerge from a bullish cup & handle pattern. It failed its initial attempt to close above the February highs last Wednesday, but it spent the past week forming the handle of this pattern. Some of the nastiest moves in recent months have begun as failed breakouts, so itβs crucial that $QQQ holds above the February highs ($312) in the near term. If it can hold above $312, the next major upside objective will be the August highs, which are around $333.
Quote of the Day
βThe height of the pinnacle is determined by the breadth of the base.β
β Ralph Waldo Emerson
Top Links
So Youβre Telling Me Thereβs a Chance β Trading Adventures
Andy Moss highlights some key takeaways from recent price action.
Last Day of Q1: Small-Caps Best, NASDAQ Second Best β Almanac Trader
Jeff Hirsch examines how the major indices have historically performed on the last day of Q1.
Gold: The Shiny Rock is Shining β Carson Group
Sonu Varghese takes a look at the relationship between Gold and Real Interest Rates.
Equally-Weighted S&P 500 Falls Apart Relative β All Star Charts
JC Parets shares his thoughts on the Equal Weight S&P 500βs underperformance.
Top Tweets
$SPX β Continuing to improve in most fronts.
Price follow through.
RSI improved.
A/D Line improved.Yes β $4,200 is the big bully that still needs to be defeated. pic.twitter.com/vl6eGKiUMi
β Larry Thompson (@HostileCharts) March 29, 2023