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Today’s Summary
Monday, February 12, 2024
Indices: Russell 2000 +1.75% | Dow +0.33% | S&P 500 -0.10% | Nasdaq -0.44%
Sectors: 8 of the 11 sectors closed higher. Utilities led, gaining +1.16%. Technology lagged, falling -0.76%.
Commodities: Crude Oil futures were flat (+0.10%) at $76.92 per barrel. Gold futures fell -0.28% $2,033 per oz.
Currencies: The US Dollar Index was flat (+0.05%) at $104.13.
Crypto: Bitcoin rose +3.36% to a two-year high of $49,937. Ethereum gained +6.07% to a new 52-week high of $2,660.
Volatility: The Volatility Index jumped +7.89% to 13.94.
Interest Rates: The US 10-year Treasury yield was unchanged at 4.181%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$SPX seasonality over the last 50 years:
(Blue line = 2024 performance; Red line = 50-year average performance)
On average, typically around 2/14 is the seasonal high in the market, followed by a few weeks of drawdowns pic.twitter.com/LGrJmg3Mb4
— Dash, CMT, CFP (@Dash_charts) February 12, 2024
🏆 Today’s Chart of the Day was shared by @Dash_charts.
- The S&P 500 has gained +22% since the Oct. 27th lows and hasn’t even pulled back more than -2% on a closing basis.
- The index is well overdue for some sort of pullback, consolidation, or correction, and history suggests it could begin this week.
- Using a 50-year seasonal composite of the S&P 500 (red), Dash points out that the index has historically hit a short-term peak in mid-February before bottoming in mid-March.
The next month has historically been weak, but strength tends to return in April-July… Sell Valentine’s Day, Buy St. Patty’s Day?
Quote of the Day
“Luck is a dividend of sweat. The more you sweat, the luckier you get.”
– Ray Kroc
Top Links
February Strategy Session: 3 Key Takeaways – All Star Charts
The team at All Star Charts highlights three things to watch in the coming weeks.
Equity Rally Should Last Through The End of The Quarter, Says Renaissance Macro’s DeGraaf – CNBC
Jeff deGraaf of Renaissance Macro Research shares his thoughts on the S&P 500, Regional Banks, and more.
Sell the Super Bowl? – The Weekly Trend Podcast
David Zarling and Ian McMillan discuss the relentless rally, Small-Caps breadth, and more.
Bitcoin Reclaiming $50,000 – Bespoke
Bespoke points out that Bitcoin is entering rare air, as it’s only traded above $50k for 5.5% of its life.
Top Tweets
$IWM turns positive for 2024 pic.twitter.com/ek2bKYitYb
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) February 12, 2024
Yo, Charts — pic.twitter.com/U6o9xuDubz
— da Chart Life (@daChartLife) February 12, 2024
$IWM – Russell 2000 breaking out would put breadth bears in a coffin. pic.twitter.com/q2hLwgTe1a
— Larry Thompson (@HostileCharts) February 12, 2024
60% of Russell 2000 Index constituents are trading above the 200 DMA. $RUT $IWM pic.twitter.com/KFlNX3X7cO
— Shane C. Murphy (@murphycharts) February 12, 2024
coiled up pic.twitter.com/bPLcljwxHL
— kkern (@kkernttb) February 12, 2024
#Bitcoin chart is building nicely. Hard to argue with trend on this side of $38K. $GBTC #technicalanalysis #trendfollowing #cmtassociation pic.twitter.com/WwsjcEDVza
— John Kolovos, CMT, CFA (@John_Kolovos) February 12, 2024
$NVDA Spinning top into new ATHs. 🔝
Time for a much needed pullback? pic.twitter.com/3k3tqw02Db
— TrendSpider (@TrendSpider) February 12, 2024
With a $1.83 trillion market cap, Nvidia just passed Amazon to become the 4th largest US company.
Nvidia TTM revenues $NVDA: $45 billion
Amazon TTM revenues $AMZN: $575 billion pic.twitter.com/5Xh2GUeACC— Charlie Bilello (@charliebilello) February 12, 2024
$AMD Weekly.
2x rally off the Oct lows ->
Breakout to new ATHs ->
3 weeks of rest ->
Ready to resume higher. pic.twitter.com/8z9HnclwmP— Brian G (@alphacharts) February 12, 2024
Quite a day there, $BMR… pic.twitter.com/mjiZK7W5tn
— Walter Deemer (@WalterDeemer) February 12, 2024