Sponsored By:
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.
Sponsored:
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 Trap2100 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!
