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Daily Chart Report ? Thursday, March 24th, 2022

March 24, 2022 Patrick Dunuwila

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Today’s Summary
Thursday, March 24th, 2022

Indices: Nasdaq 100 +2.20% | S&P 500 +1.43% | Russell 2000 +1.13% | Dow +1.02%

Sectors: All 11 sectors closed higher. Tech led, gaining +2.60%. Energy lagged but still rose +0.25%.

Commodities: Crude Oil futures fell -2.25%  to $112.34 per barrel. Gold futures rose +1.29% to $1,962 per ounce.

Currencies: The US Dollar Index gained +0.16%.

Crypto: Bitcoin rose +2.51% to $44,004. Ethereum rose +2.17% to $3,107.

Interest Rates: The US 10-year Treasury yield moved higher to 2.375%.

Here are the best charts, articles, and ideas being shared on the web today!


Chart of the Day

Steel stocks on?$SLX $STLC $CLF $NUE #steel pic.twitter.com/3qsPfRLcGH

— Greg Rieben (@gregrieben) March 24, 2022

Today’s Chart of the Day was shared by Greg Rieben (@gregrieben). It’s a chart of the Steel ETF, $SLX, over the past 10 years. The heaviest weighted stocks within $SLX include, $VALE, $RIO, $NUE, $MT, and $X. This ETF broke out to its highest level in over a decade today. It surged more than 250% off the March 2020 lows but has spent the past 10-months digesting those gains and building a base. Steel stocks look poised for further strength as long as $SLX can hold this breakout around $67-68 in the near term.


Quote of the Day

“Charts enable us to see what’s going on in a particular stock as buyers and sellers come together in an auction marketplace. They distill the clash for emotional and logical decisions into a clear visual display.”

– Mark Minervini


Top Links

Indicators Point to Continuation of U.S. Market Rally: Technical Analyst – BNN Bloomberg
In this clip, Ed Clissold of Ned Davis Research weighs in on the recent breadth and momentum thrusts in U.S. stocks.

The Start of a Streak? – Potomac Fund Management
Dan Russo takes a look at the recent improvement in breadth.

Bulls and Bears Swing Double Digits – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.

Is Crypto Bottoming? – Honey Stocks
Sam McCallum highlights a few noteworthy charts in the Crypto space.

Here’s Why Bitcoin is Going Higher – All Star Charts
JC Parets explains that the Aussie/Yen currency pair could be hinting at Bitcoin’s next move higher.


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Top Tweets

$SPY lowest volume of ‘22.

— Frank Cappelleri (@FrankCappelleri) March 24, 2022

Megacap US tech back to your normally-scheduled eating of the world $QQQ $SPY pic.twitter.com/jYzDhLH9ad

— Mike Zaccardi, CFA, CMT (@MikeZaccardi) March 24, 2022

#RTY_F, 1d

Observations:
1. RTY has been trending between 2100 and 1900 for the last 50 sessions (yellow box)
2. If RTY can move above the 2100 resistance, it might form a potential Bear Trap

2100 is the key level going forward (it has been the key level for the last 12 months) pic.twitter.com/yJMjcv5r4H

— Yuriy Matso (@yuriymatso) March 24, 2022

The 5-day Rate of Change on $SPX $SPY was 6.2% on 3/18 & 6.9% on 3/21. Since 1950, when the index experienced a 5-day ROC above 6% for 2 consecutive days, the forward results are compelling. Signals are bunched around weak periods. 94% higher a year later. pic.twitter.com/ZUEL60BhkT

— Jonathan Harrier, CMT (@jonathanharrier) March 24, 2022

Nasdaq-100 $NDX bullish signal:

The 52-week Williams%R oscillator became "oversold" 2 weeks ago, the 7th time since 2003. This indicates that price has become "oversold" relative to it's 1-year range.

It signaled a multi-year low for the Nasdaq in 4/6 cases.

It gets better… pic.twitter.com/b7CgGbkS2U

— Caleb Franzen (@CalebFranzen) March 24, 2022

Cyclicals vs. Defensives pic.twitter.com/DM3NOTa7cF

— J4 (@J4_doji) March 24, 2022

US bonds are down 6.3% so far this year, on pace for their worst year in history (record is -2.9% in 1994). pic.twitter.com/pRP2QzXi5e

— Charlie Bilello (@charliebilello) March 24, 2022

Bonds down big and not even in an objectively established rate uptrend yet (>120-month EMA). When yield crosses above 120mo EMA everything we've learned about bonds the last 40 years goes out the window. A bounce in bonds or whipsaw in this indicator still quite possible though. pic.twitter.com/bcLoLoXOrZ

— Jay Kaeppel (@jaykaeppel) March 24, 2022

Long-term look at the 30-year Treasury yield and how well the 100-month moving average has defined the over 3-decade trend. pic.twitter.com/fKqHtYEqlS

— Andrew Thrasher, CMT (@AndrewThrasher) March 24, 2022

I'd be more concerned with 10y-2y spread making a new 2-year low if if 10y-3m spread wasn't at a new 5-year high. pic.twitter.com/6unucxhlct

— Willie Delwiche, CMT, CFA (@WillieDelwiche) March 24, 2022

well? pic.twitter.com/v15uwqJJ24

— J.C. Parets (@allstarcharts) March 24, 2022

$ETH: $BTC broke above Dec downtrend, expect $ETH to outperform $BTC pic.twitter.com/BYvQCPhBJL

— Bailey.Baxter2020 (@BBaxter2020) March 24, 2022

This is not oil, a meme stock or even a shitcoin. It’s U.S mortgage rates pic.twitter.com/RLx8wbg56K

— Genevieve Roch-Decter, CFA (@GRDecter) March 24, 2022


You’re all caught up now. Thanks for reading!

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