Monday, March 22nd, 2021
Indices: US Stocks kicked off the week on a positive note with the Dow Jones Industrial Average rising 103 points or 0.32%. The S&P 500 and Nasdaq gained 0.70% and 1.23%, respectively. The Russell 2000 underperformed, falling 0.90%.
Sectors: 6 of the 11 sectors closed higher. Technology led, gaining 1.75%. Energy lagged, falling 2.00%.
Commodities: Crude Oil futures inched higher by 0.20% to $61.55 per barrel. Gold futures slipped 0.21% to $1,738 per ounce.
Currencies: The US Dollar Index inched lower by 0.14%.
Interest Rates: The 10-year US Treasury yield moved lower to 1.693%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
— Katie Stockton, CMT (@StocktonKatie) March 18, 2021
Today’s Chart of the Day was shared last week on Twitter by Katie Stockton (@StocktonKatie). It’s a chart of the Volatility Index ($VIX) over the past two years. The VIX is a teenager again! It closed at a fresh 52-week low today, below that key 20 level. The VIX spent 246 days above 20 before finally closing below it last month. Since then, we’ve seen several whipsaws above and below 20, but overall, the VIX continues to fall into a more ‘normal’ range. As Katie points out, VIX under 20 is evidence that we could be transitioning back into a low volatility regime. These volatility regimes can persist for a while. Take a look at years like 2013, 2017, and 2019. The VIX was in a low volatility regime (barely closed above 20) while the S&P 500 steadily marched higher.
Quote of the Day
“Short-term volatility is greatest at turning points and diminishes as a trend becomes established.”
– George Soros
Historic Year for the S&P 500 – Bespoke
Bespoke examines the best-performing stocks in the S&P 500 since the March 23rd low nearly one year ago.
Apples to Oranges – MurphyCharts
Shane Murphy shares his thoughts on the largest stock in the market – $AAPL.
The NFT Mania Has Entered Public Markets – Momentum Monday
In their weekly Momentum Monday video, Howard Lindzon and Ivanhoff highlight the strongest stocks, trends, and themes across the markets.
Bonds Are About The Most Oversold In History – SentimenTrader
Jason Goepfert takes a look at the sell-off in Treasury Bonds.
Are You Trying To Make Money Or Save The World? – All Star Charts
Steve Strazza explains why ESG investing is not as environmentally/socially responsible as you might think.
12700 is THE pivot for Nasdaq!
Also, Nasdaq is forming a bullish inverse Head and Shoulders pattern. Will be in play in the index can move above 13300. pic.twitter.com/S7uK9AbOWn
— Yuriy Matso (@yuriymatso) March 22, 2021
— Greg Rieben (@gregrieben) March 22, 2021
— Drew Wells, CMT, CIMA® (@DrewTheCharts) March 22, 2021
Technology looking to hold above the prior peak in this relationship from 2000… pic.twitter.com/CIjqz6IRfs
— Ian McMillan, CMT (@the_chart_life) March 22, 2021
With more value names entering the high momentum bucket, median valuations for the high momentum quintile (top 20%) is actually cheaper than median Russell 1000 valuations.
First time since this happened since it briefly touched here in early 2017 pic.twitter.com/IPZd4K6vHE
— Christopher Cain, CMT (@PythonTrader) March 22, 2021
— jeroen blokland (@jsblokland) March 22, 2021
Copper…continuation pattern at play whilst pausing on the 20 days exponential MAV. pic.twitter.com/IAEjrsvsqe
— conradseric, CMT, CAIA, CEFA (@conradseric) March 22, 2021
— Liz Ann Sonders (@LizAnnSonders) March 22, 2021
— Mark Ungewitter (@mark_ungewitter) March 22, 2021
— Brian G (@alphacharts) March 22, 2021
Still patiently laying prone in my ghillie trading suit, waiting and staring at $TLT
– Potential positive momentum divergence
– MACD histogram divergence
– MACD (2nd) positive crossover
— Adam D. Koós, CFP®, CMT (@AdamKoos) March 22, 2021
you can invest in booze you know…. pic.twitter.com/HotsQK4bkQ
— J.C. Parets (@allstarcharts) March 22, 2021