Charting market rotation: Dow industrials take flight amid surging Treasury yields – MarketWatch

U.S. stocks are mixed early Thursday, vacillating as market rotation persists after the Federal Reserve’s Wednesday policy statement.

Against this backdrop, the Dow Jones Industrial Average has extended a break atop the 33,000 mark, as the Nasdaq Composite vies to simply maintain a posture atop its 50-day moving average.

MW JD331 202103 20210318095009 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

MW JD358 202103 20210318111703 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

Before detailing the U.S. markets’ wider view, the S&P 500’s US:SPX  hourly chart highlights the past two weeks.

As illustrated, the S&P is holding its range top.

The index briefly tagged record highs after the Fed’s policy statement — by a narrow two-point margin — though a breakout attempt technically remains underway.

(On a granular note, Wednesday’s session low (3,935.7) closely matched the Feb. closing peak (3,934.8), a level formerly defining the S&P 500’s record close.)

MW JD327 202103 20210318095005 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

Meanwhile, the Dow Jones Industrial Average US:DJIA  continues to trend higher, tagging the 33,000 mark for the first time on record.

Against this backdrop, the index has registered an intraday record high across seven of the prior eight sessions.

Separately, the blue-chip benchmark has trended atop its 20-hour moving average, the hallmark of a strong near-term uptrend.

MW JD324 202103 20210318095002 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

True to recent form, the Nasdaq Composite US:COMP continues to lag behind.

As illustrated, the index continues to vacillate at the 50-day moving average, currently 13,418.

Separately, the index remains capped by its range top (13,607), a recent near-term hurdle.

MW JD325 202103 20210318095003 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

Widening the view to six months adds perspective.

On this wider view, the Nasdaq has sustained its bullish reversal, notching three straight closes atop the 50-day moving average.

To reiterate, more distant overhead matches the former range top (13,607) and the February breakdown point (13,729).

Slightly more broadly, the 2020 peak (12,973) remains a bull-bear inflection point. The initial rally atop this area encompassed two 7-to-1 up days across a three-session window.

MW JD338 202103 20210318095102 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

Looking elsewhere, the Dow Jones Industrial Average has truly taken flight, tagging the 33,000 mark.

The index continues to trend higher even after a massive two standard deviation breakout, encompassing four straight closes atop the 20-day Bollinger bands.

Though due to consolidate at some point, the nearly straightline spike is longer-term bullish.

MW JD331 202103 20210318095009 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

Meanwhile, the S&P 500 has sustained a less decisive March breakout.

Still, the prevailing flag-like pattern — underpinned by the breakout point — is technically constructive.

The bigger picture

As detailed above, the major U.S. benchmarks are acting well technically, on balance, though a familiar divergence remains in play.

On a headline basis, the Dow Jones Industrial Average has tagged the 33,000 mark, while the S&P 500 has thus far topped about 17 points under the 4,000 mark.

Both round number milestones mark record territory.

Meanwhile, the Nasdaq Composite continues to lag behind, though it has sustained a rally atop its 50-day moving average.

MW JD328 202103 20210318095006 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

Moving to the small-caps, the iShares Russell 2000 ETF US:IWM  has sustained a recent break to record highs.

Tactically, the breakout point (230.30) is followed by the post-breakout low (227.36) and the ascending the 50-day moving average.

The 50-day moving average underpinned the March downturn.

MW JD329 202103 20210318095007 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

Meanwhile, the SPDR S&P MidCap 400 ETF US:MDY  is digesting a more decisive break to record territory.

Recall the initial spike marked a two standard deviation breakout, encompassing three consecutive closes atop the 20-day volatility bands.

MW JD333 202103 20210318095011 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

Looking elsewhere, the SPDR Trust S&P 500 US:SPY  has reached record territory less decisively.

Still, the prevailing flag-like pattern is technically constructive.

MW JD358 202103 20210318111703 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

Placing a finer point on the S&P 500, the index spiked to tag a nominal new high after the Federal Reserve’s policy statement.

Nearby inflection points match the Feb. peak (3,950), the Feb. closing peak (3,935) and support matching the former range top (3,915).

MW JD331 202103 20210318095009 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

More broadly, the S&P 500 has sustained its mid-March breakout.

The prevailing flag-like pattern — underpinned by the breakout point — signals still muted selling pressure near previously uncharted territory.

When sellers are absent, prices generally rise to draw new sellers.

On further strength, the 4,000 mark remains within striking distance, though targets technically project to the 4,100 and 4,175 areas.

Beyond specific levels, the S&P 500’s intermediate-term bias remains comfortably bullish.

Thursday’s Watch List

The charts below detail names that are technically well positioned. These are radar screen names — sectors or stocks poised to move in the near term. For the original comments on the stocks below, see The Technical Indicator Library.

MW JD335 202103 20210318095013 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

MW JD334 202103 20210318095012 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

Drilling down further, the 10-year Treasury note yield XX:TNX  continues to take flight, knifing to 13-month highs.

In the process, the yield has nearly doubled year-to-date — across just 11 weeks — rising 85 basis points from the Jan. low (0.90).

Fundamentally, the yield’s surge to the 1.75 mark has registered despite dovish Federal Reserve policy remarks Wednesday. Concerns that an already-recovering economy may overheat, amid a pending round of additional fiscal stimulus, have contributed to the yield’s latest surge.

Technically, the yield has placed distance atop its breakdown point, a level matching the 2016 low (1.34). Recall that the sub-1.34 area marks the “pandemic zone,” territory that may never be revisited. (See the March 5 review.)

A more distant inflection point at the 2017 low (2.03) is increasingly within view.

More broadly, the prevailing follow-through confirms the yield’s late-2020 trend shift,detailed previously. (See the Dec. 3 review and Jan. 6 review.)

MW JD330 202103 20210318095008 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

Moving to specific names, Nasdaq, Inc. US:NDAQ  is a large-cap name showing signs of life.

Earlier this month, the shares knifed to the range top, rising to challenge record territory.

The shares have since held tightly to resistance — consolidating amid decreased volume — improving the chances of eventual follow-through. Tactically, a breakout attempt is in play barring a violation of near-term support, circa 142.30.

MW JD326 202103 20210318095004 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

D.R. Horton, Inc. US:DHI  is a well positioned large-cap homebuilder.

Technically, the shares have knifed to record highs, clearing resistance matching the February peak. An intermediate-term target projects to the 91 area.

Conversely, the breakout point (83.50) is followed by the ascending 50-day moving average, a recent bull-bear inflection point. A posture atop this area signals a bullish bias.

MW JD337 202103 20210318095015 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

XPO Logistics, Inc. US:XPO  is a large-cap trucking and logistics name.

As illustrated, the shares have broken from a two-month range, rising to challenge record territory. Tactically, a breakout attempt is in play barring a violation of the former range top (124.50).

More broadly, the shares are well positioned on the five-year chart, rising from a continuation pattern hinged to the steep late-2020 rally.

(On a granular note, see the tight December range, and subsequently wider 2021 range, which has broadened in effectively equidistant form. The bullish continuation patterns are hinged to the steep November rally.)

MW JD336 202103 20210318095014 NS ProxyEgg Charting market rotation: Dow industrials take flight amid surging Treasury yields - MarketWatch

Finally, Viper Energy Partners US:VNOM  is a well positioned mid-cap oil and gas name. (Yield = 3.2%.)

Technically, the shares have rallied to the range top, rising to challenge 52-week highs.

The initial upturn was fueled by a volume spike, and the shares have since held tightly to the range top, improving the chances of an eventual breakout. An intermediate-term target projects to the 19.50 area on follow-through.

More broadly, the shares are well positioned on the three-year chart, traversing still less-charted territory under the 2020 breakdown point (21.00).

Still well positioned

The table below includes names recently profiled in The Technical Indicator that remain well positioned. For the original comments, see The Technical Indicator Library.

Company Symbol* (Click symbol for chart.) Date Profiled
Facebook, Inc. FB Mar. 17
Silicon Motion Technology Corp. SIMO Mar. 17
AutoNation, Inc. AN Mar. 17
McDonald’s Corp. MCD Mar. 16
Virtu Financial, Inc. VIRT Mar. 16
Spirit Airlines, Inc. SAVE Mar. 16
LKQ Corp. LKQ Mar. 15
Nordstrom, Inc. JWN Mar. 15
Anthem, Inc. ANTM Mar. 15
Walgreens Boots Alliance, Inc. WBA Mar. 12
International Paper Co. IP Mar. 12
APA Corp. APA Mar. 12
iShares Europe ETF IEV Mar. 11
CME Group, Inc. CME Mar. 11
Westlake Chemical Corp. WLK Mar. 11
3M Co. MMM Mar. 11
Southwest Airlines Co. LUV Mar. 10
Century Aluminum Co. CENX Mar. 10
Packaging Corp. of America PKG Mar. 10
MagnaChip Semiconductor Corp. MX Mar. 10
Under Armour, Inc. UA Mar. 9
Visa, Inc. V Mar. 9
Big Lots, Inc. BIG Mar. 9
Alaska Air Group, Inc. ALK Mar. 9
State Street Corp. STT Mar. 8
American Eagle Outfitters, Inc. AEO Mar. 8
Hess Corp. HES Mar. 3
Alcoa Corp. AA Mar. 3
Beazer Homes USA, Inc. BZH Mar. 3
EchoStar Corp. SATS Mar. 3
Mastercard, Inc. MA Mar. 2
Boeing Co. BA Mar. 2
Starbucks Corp. SBUX Mar. 1
Oceaneering International, Inc. OII Mar. 1
Eaton Corp. ETN Feb. 25
Oracle Corp. ORCL Feb. 24
United Airlines Holdings, Inc. UAL Feb. 24
Nucor Corp. NUE Feb. 23
Signet Jewelers Limited SIG Feb. 23
Old Dominion Freight Line ODFL Feb. 22
Seagate Technology STX Feb. 19
Canada Goose Holdings, Inc. GOOS Feb. 19
Chevron Corp. CVX Feb. 18
Lyft, Inc. LYFT Feb. 16
Intel Corp. INTC Feb. 12
Helmerich & Payne, Inc. HP Feb. 11
U.S. Global Jets ETF JETS Feb. 9
Motorola Solutions, Inc. MSI Feb. 9
KeyCorp KEY Feb. 5
Diamondback Energy, Inc. FANG Feb. 4
Wix.com, Ltd. WIX Feb. 3
CarMax, Inc. KMX Feb. 3
Toll Brothers, Inc. TOL Feb. 2
Eagle Materials, Inc. EXP Feb. 2
Avis Budget Group, Inc. CAR Feb. 1
Capital One Financial Corp. COF Jan. 29
Aptiv, plc APTV Jan. 29
Cummins, Inc. CMI Jan. 25
Magna International, Inc. MGA Jan. 22
M.D.C. Holdings, Inc. MDC Jan. 22
Zebra Technologies Corp. ZBRA Jan. 14
Macy’s, Inc. M Jan. 11
Nexstar Media Group, Inc. NXST Jan. 11
iShares Transportation Average ETF IYT Jan. 11
Energy Select Sector SPDR XLE Jan. 8
Skyworks Solutions, Inc. SWKS Jan. 7
Financial Select Sector SPDR XLF Jan. 7
Synaptics, Inc. SYNA Jan. 4
JPMorgan Chase & Co. JPM Dec. 22
Calix, Inc. CALX Dec. 17
Tenet Healthcare Corp. THC Dec. 16
Williams-Sonoma, Inc. WSM Dec. 15
SDPR S&P Regional Banking ETF KRE Dec. 14
Etsy, Inc. ETSY Dec. 14
Emerson Electric Co. EMR Dec. 8
Fortinet, Inc. FTNT Dec. 7
Kulicke and Soffa Industries, Inc. KLIC Dec. 7
Dillard’s, Inc. DDS Dec. 4
Valero Energy Corp. VLO Dec. 3
Sonos, Inc. SONO Dec. 1
American Airlines Group, Inc. AAL Nov. 30
Zillow Group, Inc. ZG Nov. 23
Bank of America Corp. BAC Nov. 20
SPDR S&P Oil & Gas Exploration and Production ETF XOP Nov. 20
MetLife, Inc. MET Nov. 19
Kohl’s Corp. KSS Nov. 18
Applied Materials, Inc. AMAT Nov. 17
Regions Financial Corp. RF Nov. 13
Norfolk Southern Corp. NSC Nov. 9
Communications Services Select Sector SPDR XLC Nov. 5
Alphabet, Inc. GOOGL Nov. 5
The Travelers Companies, Inc. TRV Oct. 21
Micron Technology, Inc. MU Oct. 20
Vulcan Materials Co. VMC Oct. 19
ON Semiconductor Corp. ON Oct. 16
Ford Motor Co. F Oct. 15
SPDR S&P Homebuilders ETF XHB Oct. 9
Shake Shack, Inc. SHAK Oct. 9
Martin Marietta Materials, Inc. MLM Sept. 30
Abercrombie & Fitch Co. ANF Sept. 29
Scientific Games Corp. SGMS Sept. 23
Crocs, Inc. CROX Sept. 14
Five Below, Inc. FIVE Sept. 10
Eastman Chemical Co. EMN Sept. 10
Deere & Co. DE Aug. 24
Johnson Controls International JCI Aug. 21
General Motors Co. GM Aug. 20
Builders FirstSource, Inc. BLDR Aug. 18
Freeport McMoRan, Inc. FCX Aug. 10
Industrial Select Sector SPDR XLI Aug. 6
Penn National Gaming, Inc. PENN July 30
SPDR S&P Metals & Mining ETF XME July 28
iShares MSCI South Korea ETF EWY July 28
Materials Select Sector SPDR XLB July 20
Caterpillar, Inc. CAT July 20
Roku, Inc. ROKU July 16
SPDR S&P Retail ETF XRT June 3
iShares MSCI Japan ETF EWJ May 29
Tesla, Inc. TSLA Apr. 23
Apple, Inc. AAPL Mar. 27
iShares MSCI Emerging Markets ETF EEM Mar. 19
Microsoft Corp. MSFT Feb. 22
* Click each symbol for current chart.

Source of this news: https://www.marketwatch.com/story/charting-market-rotation-dow-industrials-take-flight-amid-surging-treasury-yields-2021-03-18

Related posts:

Trend Electronics : Notice of Adjourned 30th AJM - Marketscreener.com
Trend Electronics Limited NOTICE OF THE ADJOURNED 30TH ANNUAL GENERAL MEETING The Hon'ble National Company Law Tribunal ("NCLT"), Mumbai Bench, vide its order dated September 25, 2018 ("Or...
Points Reasons Why Your Company Should Use Proxy Servers – Occasions when Square Chronicles - Occasi...
More often than not, many people find it difficult to be familiar with use of proxy servers learn company. As a result, they stay away from them as they consider regarding an unnecessary ...
TLDR: Sequoia, WhatsApp, Wikipedia, Intel, bitcoin, AI, quick the business sector - MediaNama. com
Sequoia Financing addresses fraud allegations in opposition of portfolio startups At a time when three from the portfolio startups (Trell, BharatPe, and recently Zilingo) are typically mired in em...
Fix An error occurred while starting Roblox - TWCN Tech News
Roblox is an online game platform where users can design their games or play games by other users, but sometimes users will receive an error stating that “An error occurred while starting Roblox Stud...
Chris Sale Strikes Out Six Over 3.2 Shutout Innings For Portland Sea Dogs - CBS Boston
BOSTON (CBS) — Chris Sale made his second rehab start on Tuesday, taking the mound for the Double-A Sea Dogs in Portland. Though his uniform was a little different than what Red Sox fans are used t...
Update on IPv6 Plans for Virgin Media, TalkTalk, Plusnet and Vodafone - ISPreview.co.uk
A number of our readers have been asking for an update on the progress being made by several major UK broadband ISPs, including TalkTalk, Vodafone, Plusnet and Virgin Media (VMO2), toward the deploym...
Network Error Code: 4206 on Genshin Impact - TheWindowsClub
Network Error Code 4206 on Genshin Impact appears when trying to launch the game as it is failing to connect to the server. The following are the complete error message that you see when the error co...
What is Apple's New Private Relay and How Does it Work? - Lifehacker
Apple shared a bunch of big reveals at this year’s WWDC presentation, most of which were promptly overshadowed by the parade of new iOS 15 features. One of the biggest was the announcement of Private...
Fortnite game hackers earning covering Rs 8. 7 crore a year - Sify Data
"The dark-colored market for the buying and selling with stolen Fortnite accounts is one of the expansive, and also the most lucrative, alone according to a new report at the hands of Night Lion ...
News Giants Request Dynamic In an attempt to Block Pirated NHL Fields in Canada - TorrentFreak
Home > Anti-Piracy > Site Obstructing > Some the largest Canadian media makers, including Bell and Rogers, are asking the Us Court for a new as well broader pira...
Aktieninhaber Democracy Is Getting Bigger Way Runs - The New You are able to Times
Good, that’s beginning to change. Quantity of intriguing experiments are ongoing. One of the most enjoyable is a collaboration between a substantial activist hedge fund, Electric motor No . 1, ...
High Court Orders Big UK ISPs to Block 19 More Piracy Websites - ISPreview.co.uk
The High Court in London has, following a case raised by the Motion Picture Association of Europe (MPA), issued a new injunction that forces most of the major UK broadband ISPs (e.g. BT, Sky Broadban...
The Top 3 Criteria for Selecting a Trustworthy Proxy Service Provider - WinBuzzer
Whether you are running a business that needs to boost security online or are an individual needing more control over your online activities, a functional and dependable proxy server is critical. S...
How Can You Use A VPN On Netflix? - HackRead
To watch Netflix securely and unlock its international catalog, you just need a reliable VPN – Let’s dig deeper. Netflix is one of the leading streaming platforms that has over 15,000 titles in its...
Could be God of War taking PC? Rumors - BollyInside
Rumors of a Half-Life 2 remaster and a God of War PC plug-in started spreading on Saturday after the contents of an -nvidia database leaked. Don’t achieve too excited, though: Nvidia says the ...
‘If I don’t do it, who’s headed to help them? ’: Maryland workforce works to ensure equity wearing C...
These efforts are given a hand to by the fact that four during the eight Vaccine Hunters — Peterson, Maisie Lynch, Kathleen Bartels, Courtney Mason, Dina Ciccone, Tanya Aguilar, Becky Taylor and ...
Shotcut 21.08.29 - Neowin
Shotcut is a free, open source, cross-platform video editor for Windows, Mac and Linux. Major features include support for a wide range of formats; no import required meaning native timeline editing...
Trend Electronics : Annual Report 2019-20 - Marketscreener.com
30th 2019 - 2020 TREND ELECTRONICS LIMITED (A COMPANY UNDER CORPORATE INSOLVENCY RESOLUTION PROCESS) RESOLUTION PROFESSIONAL REGISTERED OFFICE Mr Divyesh Desai 20 KM...

IP Rotating Proxy Onsale

SPECIAL LIMITED TIME OFFER

00
Months
00
Days
00
Hours
00
Minutes
00
Seconds
First month free with coupon code FREE30