Powered By:
Todayโs Summary
Tuesday, February 13, 2024
Indices: Dow -1.35% | S&P 500 -1.37% | Nasdaq -1.58% | Russell 2000 –3.96%
Sectors: All 11 sectors closed lower. Health Care led but still fell -0.93%. Consumer Discretionary lagged, falling -1.99%.
Commodities: Crude Oil futures closed higher for the seventh consecutive day, rising +1.24% to $77.87 per barrel. Gold futures dropped -1.27% $2,007 per oz.
Currencies: The US Dollar Index rose +0.70% to a three-month high of $104.86.
Crypto: Bitcoin fell -0.43% to $49,720. Ethereum fell -0.68% to $2,642.
Volatility: The Volatility Index jumped +13.63% to 15.84.
Interest Rates: The US 10-year Treasury yield rose to a two-month high of 4.318%.
Here areย the best charts, articles, and ideas shared on the web today!
Chart of the Day
90% downside volume closely following record highs. $STUDY pic.twitter.com/9DHPInVGjH
— Mark Ungewitter (@mark_ungewitter) February 13, 2024
๐ Todayโs Chart of the Day was shared by Mark Ungewitter (@mark_ungewitter).
- The S&P 500 dropped -1.37%ย today, marking the second-worst day of 2024. It felt much worse because volatility has been absent since October, and the selling was notably broad today.
- The NYSE had over 90% downside volume today. Mark points out that itโs rare to see such selling pressure shortly after an all-time high.
- All four prior instances occurred as the market was losing momentum after an advance. It continued to make all-time highs in three of the four cases, but not for very long.The takeaway: The sample size is small, but this has historically been an ominous sign.ย
Quote of the Day
โThe public is often right during the trends but wrong at both ends.”
โ Humphrey B. Neill
Top Links
The CPI Sell-Off – CappThesis
Frank Cappelleri breaks down the recent price action in the S&P 500.
February Weak Seasonality & Frothy Market Selloff Sets Up Next Bull Leg – Almanac Trader
Jeff Hirsch examines the seasonally weak period that lies ahead.
Rug Pull Season > Football Season – All Star Charts
JC Parets highlights some of the bearish developments for stocks.
Natural Gas โ February 12, 2024 – Bart’s Charts
James Barelloni looks for potential support levels in Nat Gas ($UNG).
Top Tweets
Happy Valentine's Day (almost) pic.twitter.com/5th29vjOac
— Urban Carmel (@ukarlewitz) February 13, 2024
Given selling pressure today, worth noting that S&P 500 has not had a 2% daily decline since February 2023
[Past performance is no guarantee of future results] pic.twitter.com/yW3GGzSSYI— Liz Ann Sonders (@LizAnnSonders) February 13, 2024
Very odd day. Since 2007…
– NYSE issues advancing < 10%
– NYSE volume advancing < 10%
– while SPX is down less than -2%March 6, 2012
Sept 13, 2016
Today pic.twitter.com/1a4H73IqMa— FinTwit_Bot (@BotFintwit) February 13, 2024
First 9:1 down volume day since December and most lopsided since last March.
Generally need two or more (without an intervening 9:1 up vol day) for this to be an issue for the market. pic.twitter.com/A0WaC5cCQS
— Willie Delwiche, CMT, CFA (@WillieDelwiche) February 13, 2024
The market did not experience a significant spike in 10-day lows as I thought it would after today's price action at an index level. I will, however, be monitoring for any continuation tomorrow. pic.twitter.com/TmpczulxJZ
— Grant Hawkridge (@granthawkridge) February 14, 2024
Many doom and gloom bears have turned into bulls, there is deterioration under the surface, and take note that right now for the next 6 wks historically isn't great for stocks in yr 4 of a new President.
Oh, and the S&P 500 is up 14 out of 15 wks.
Seasonal weakness is normal. pic.twitter.com/OdKoGIIXvm
— Ryan Detrick, CMT (@RyanDetrick) February 13, 2024
$IWM -4.1%. Worst day since June 2022 pic.twitter.com/un6acpn0x5
— Mike Zaccardi, CFA, CMT ๐ (@MikeZaccardi) February 13, 2024
5th attempt:โ$IWM $RUT pic.twitter.com/HqqgVILHyU
— Ian McMillan, CMT (@the_chart_life) February 13, 2024
Everybody…GAP and KISS your Valentine 20d moving average please! pic.twitter.com/Gu3Z5vWwjs
— conradseric, CMT, CAIA, CEFA (@conradseric) February 13, 2024
Yesterday's negative reversal in the semis has something for everyone.
Over the last three years, they have often occurred near short-term highs. pic.twitter.com/QjDfOc8kll
— Bespoke (@bespokeinvest) February 13, 2024
๐บ๐ธHotter-than-expected CPI doesn't bode well with an aggressive rate-cutting cycle.
– Headline 3.1% vs 2.9% exp.
– Core 3.9% vs. 3.7% exp.โ ๏ธ10y yields bounce to test weak resistance at 4.28%. If they close above 4.2%, they will likely continue their rise to 4.4%. pic.twitter.com/pncEQpdoD7
— Althea Spinozzi (@Altheaspinozzi) February 13, 2024
U.S. Dollar Index $DXY jumps to a 3-month high pic.twitter.com/tFXG7wvNV3
— Barchart (@Barchart) February 13, 2024
-1.3% day on the S&P but on Twitter youโll feel as if you are in the 1929 Great Depression.
— DepressedOptionsTrader, CFA (@account_blown) February 13, 2024