Daily Chart Report ? Monday, March 7th, 2022

By Patrick Dunuwila

March 7, 2022
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Today’s Summary
 Monday, March 7th, 2022

Indices: Dow -2.37% | Russell 2000 -2.48% S&P 500 -2.95% | Nasdaq 100 -3.75%

Sectors: 2 of the 11 sectors closed higher. Energy led, gaining +1.48%. Consumer Discretionary lagged, dropping -4.90%.

Commodities: Crude Oil futures rose +3.22% to the highest level in over a decade at $119.40 per barrel. Gold futures gained +1.49% to a fresh 18-month high of $1,996 per ounce.

Currencies: The US Dollar Index gained +0.74% to a new 52-week high.

Crypto: Bitcoin fell -1.27% to $37,950. Ethereum dropped -2.35% to $2,490.

Interest Rates: The US 10-year Treasury yield rose to 1.777%.

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 Ian Culley (@IanCulley). Commodities continue to surge across the board, but Wheat is one of the more interesting ones to watch right now. Ian points out that Chicago Wheat futures opened locked limit up for the second session in a row, around 1294. Agricultural commodity futures, like Wheat, have daily limits on how much they can change in one day. In this case, Wheat opened as high as it was allowed to (+$0.85) before trading was halted for the day. At this point, Wheat is flirting with the 2008 highs around 1350. Are all-time highs for Wheat prices around the corner?

Quote of the Day

“You should expect the unexpected in this business; expect the extreme. Don’t think in terms of boundaries that limit what the market might do.”

– Richard Dennis

Top Links

Stocks: More Bears than Bulls – All Star Charts
JC Parets shares some thoughts on the current market environment.

These Three Charts Look Ready to Go Ballistic! – StockCharts.com
Greg Schnell takes a look at Copper, Oil, and Gold.

The Stock Market has not Been ‘Terribly Resilient’ Against Shift in Momentum: Strategist – Yahoo Finance
In this clip, Katie Stockton offers her outlook on Stocks amid the recent volatility.

3 Times a Charm? U.S. Dollar Facing Breakout Test – Kimble Charting Solutions
Chris Kimble points out that the US Dollar is testing an important long-term inflection point.

Whole Cogan – The Weekly Trend
In this podcast, David Zarling, Ian McMillan, and Dan Gorghuber discuss some of the most significant technical developments across the markets.

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Patrick Dunuwila

Editor, The Chart Report

Patrick Dunuwila is the Co-Founder and Editor of The Chart Report, a popular technical analysis newsletter read by thousands of investors worldwide every day. Patrick is a Chartered Market Technician (CMT) with over a decade of market experience. Prior to launching The Chart Report, he worked as a proprietary trader at Benchmarq Technologies in New York City. He's originally from Syracuse, NY, and currently resides in San Diego, CA.

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