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
— 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
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.
$SPY lowest volume of ‘22.
— Frank Cappelleri (@FrankCappelleri) March 24, 2022
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) March 24, 2022
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
— J.C. Parets (@allstarcharts) March 24, 2022
— 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!