Daily Chart Report 📈 Thursday, March 30th, 2023
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Today’s Summary
Thursday, March 30th, 2023
Indices: Nasdaq 100 +0.91% | S&P 500 +0.57% | Dow +0.43% | Russell 2000 -0.18%
Sectors: 10 of the 11 sectors closed higher. Real Estate led, gaining +1.30%. Financials were the only sector that closed lower, falling -0.22%.
Commodities: Crude Oil futures rose +1.92% to $74.37 per barrel. Gold futures gained +1.57% to a new 52-week high of $1,998 per oz.
Currencies: The US Dollar Index fell -0.46% to $102.17.
Crypto: Bitcoin fell -1.51% $27,926. Ethereum inched lower by -0.36% to $1,787.
Interest Rates: The US 10-year Treasury yield inched lower to 3.553%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Grant Hawkridge (@granthawkridge). It’s a chart of the S&P 500 over the past three decades with an indicator measuring the number of consecutive trading days since a new all-time high. As of today, we’ve gone 311 trading days without an all-time high, marking the longest streak since the Great Financial Crisis. The chart serves as a good reminder of how long drawdowns can persist for. The drawdown in the early 2000’s lasted five times longer than the current drawdown (1,799 trading days). It finally reached all-time highs in 2007, but that breakout failed, and we went another 1,368 days without an all-time high. Why do we care about all-time highs? Because it’s much easier for price to make forward progress when there’s virtually no overhead supply for buyers to contend with. It doesn’t look like this streak will end any time soon, considering the S&P 500 is still down more than 15% from its highs.
Quote of the Day
“Isn’t it funny how day by day nothing changes, but when you look back, everything is different?”
– C.S. Lewis
Top Links
Sentiment Still Bearish…Or Is It? – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Are Semiconductors Ready for a Pullback? – StockCharts.com
Carl Swenlin points out that Semiconductor Stocks are showing signs of exhaustion.
Gold Miners ETF (GDX) Flashing Bullish Buy Signal – See it Market
Guy Cerundolo examines the outlook for Gold Mining Stocks.
A Recession Won’t Happen This Year – Fox Business News
In this clip, Ryan Detrick and Charles Payne discuss the outlook for the stock market and the economy.