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Today’s Summary
Thursday, February 15, 2024
Indices: Russell 2000 +2.45% | Dow +0.91% | S&P 500 +0.58% | Nasdaq +0.21%
Sectors: 10 of the 11 sectors closed higher. Energy led, gaining +2.79%.Tecnology lagged, falling -0.21%.
Commodities: Crude Oil futures rose +1.24% to $77.59 per barrel. Gold futures gained +0.53% $2,015 per oz.
Currencies: The US Dollar Index dropped -0.41% to $104.28.
Crypto: Bitcoin inched higher by +0.19% to $51,942. Ethereum rose +1.73% to a new 52-week high of $2,826.
Volatility: The Volatility Index fell -2.71% to 14.00.
Interest Rates: The US 10-year Treasury yield fell to 4.236%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
All-time daily closing high for the NYSE Composite Index. pic.twitter.com/TsKmmUpIG5
— Louis Spector, CMT (@EastCoastCharts) February 15, 2024
🏆 Today’s Chart of the Day was shared by Louis Spector (@EastCoastCharts).
- The NYSE Composite closed at an all-time high today for the first time since January 12th, 2022.
- This index contains over 2000 stocks, providing a much broader representation of “the stock market” compared to popular benchmarks like the Dow, S&P 500, or Nasdaq 100.
- It’s emerging from a two-year base within a primary uptrend after recovering from a -22.4% drawdown.
The takeaway: Another important index has joined the all-time high club, only this one is much broader than the others. The path of least resistance is higher for the NYSE Composite if it can hold this breakout above 17,300.
Quote of the Day
“Charts don’t give answers, they raise questions. Inferences are drawn when enough questions point in the same direction.”
– Mark Ungewitter
Top Links
DJIA Up 11 of Last 13 Before Presidents’ Day Weekend – Almanac Trader
Jeff Hirsch looks at how stocks have historically performed on the Friday before Presidents’ Day weekend.
Sturdy Sentiment – Bespoke
Bespoke breaks down the latest sentiment numbers.
ETFs & Markets with Todd Sohn: A Look at “The Bench” for Equity Markets – Strategas Asset Management
Todd Sohn shares his thoughts on market internals, Chinese equities, and more.
Interest Rates and Potential Impact on Equities – LPL Financial Research
Adam Turnquist examines the outlook for the 10-year Treasury yield.
Top Tweets
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/Pcy3I3XEa1
— Evan (@StockMKTNewz) February 15, 2024
For the first time since August 2022, 10 of the 11 SPDR Sectors beat the $SPX index today. Only megacap $XLK underperformed, yet the index still made its 11th all-time closing high of the year… pic.twitter.com/SJazG8axJR
— Optuma (@Optuma) February 15, 2024
Since 2007, there have been five days with back-to-back >79% upside days following a >90% downside:
– 9/19/2008
– 10/5/2011
– 11/3/2011
– 3/8/2012
– Today pic.twitter.com/gnmX3ejXO1— FinTwit_Bot (@BotFintwit) February 15, 2024
If small caps breakout, that'll really upset a lot of people. pic.twitter.com/2dwyzHewWD
— Ryan Detrick, CMT (@RyanDetrick) February 15, 2024
$IWM vs $QQQ … is that a double bottom trying to form? pic.twitter.com/1oj6Y80P67
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) February 15, 2024
It's been 13 years since the Russell 2000 $IWM completely reversed a 4% drop within 2 sessions.
It struggled over the next few months, then a steady stairstep higher.
Really only 3 distinct time periods – near the ends of bear markets in 2002, 2008, and 2011. pic.twitter.com/GIxF27yE1m
— Jason Goepfert (@jasongoepfert) February 15, 2024
Our Nasdaq Cycle Composite is less bullish than the S&P 500 version this year. The composite trend, which combines the one-, four-, and 10-year cycles, peaks in early March. The combination of excessive optimism and seasonal weakness could leave the composite vulnerable. 1/2 pic.twitter.com/YaHqjL1OR5
— Rob Anderson (@_rob_anderson) February 15, 2024
Basket of stocks with highest price sensitivity to changes in 10y Treasury (tracked by @GoldmanSachs) has held up well since broader market’s recent October 2023 low
[Past performance is no guarantee of future results] pic.twitter.com/NkFs6oUzRm— Liz Ann Sonders (@LizAnnSonders) February 15, 2024
$XLE has got my interest. Get WTI above $80 and then this can really start to cook. $USO #technicalanalysis pic.twitter.com/EujPFe3oJi
— John Kolovos, CMT, CFA (@John_Kolovos) February 15, 2024
$CL_F – Crude oil Futures pic.twitter.com/ar61Rvjtke
— Bhagyashree Urdhwareshe, CMT (@sunsofttech) February 15, 2024
$DXY coming into the DTL. First reaction is a rejection. We will see how this plays out in the coming days/weeks… pic.twitter.com/xAqNRlvyHu
— Ian McMillan, CMT (@the_chart_life) February 15, 2024
Japan enters recession $NK_F here lol pic.twitter.com/dDKNBQtion
— Jamie Saettele, CMT (@JamieSaettele) February 15, 2024
When they say "Japan slips into recession" they mean GDP fell during the Q that began 229 days ago and again during the Q that ended 46 days ago
What they don't tell you is Japanese stocks are +15% since the start of the recession and the Nikkei is less than 2% from new ATHs $NK pic.twitter.com/AKSOO9Fn74
— Steven Strazza (@sstrazza) February 15, 2024
This chart shows how off the charts the move in $SMCI has been. It has been wildly overbought all the way up. pic.twitter.com/IvAWawlquK
— Gil Morales – TheOWLTrader.com & VoSI (@gilmoreport) February 16, 2024
I swear with markets it's never what you see on the front page.$SMCI is up 200% from the night $Gold did it's 'world changing dollar ending system imploding' breakout. https://t.co/S6Yurlg6MP pic.twitter.com/JmZ4JUurR6
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) February 15, 2024