Powered By:
Today’s Summary
Wednesday, February 21, 2024
Indices: Dow +0.13% | S&P 500 +0.13% | Nasdaq 100 -0.38% | Russell 2000 -0.47%
Sectors: 9 of the 11 sectors closed higher. Energy led, gaining +1.88%. Technology lagged, falling -0.63%.
Commodities: Crude Oil futures rose +1.13% to $77.91 per barrel. Gold futures fell -0.27% to $2,034 per oz.
Currencies: The US Dollar Index inched lower by -0.05% at $104.00.
Crypto: Bitcoin fell -0.83% to $51,843. Ethereum fell -1.57% to $2,968.
Volatility: The Volatility Index fell -0.39% to 15.35.
Interest Rates: The US 10-year Treasury yield rose to 4.319%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$NVDA's charge has lifted the $QQQ Nasdaq 100 ETF over 0.6% after hours.
Can this ticker play the savior to what some would otherwise consider a technical channel breakdown? pic.twitter.com/jALcAa8PNI
— John Kicklighter (@JohnKicklighter) February 21, 2024
🏆 Today’s Chart of the Day was shared by John Kicklighter (@JohnKicklighter).
- Nvidia ($NVDA) surged +9% after-hours in reaction to earnings. It’s trading near all-time closing highs again after correcting -8.7% in just four days.
- $NVDA has become the 3rd largest stock in S&P 500 and 4th largest in Nasdaq 100. Both indices closed flat but rallied after-hours by +0.77% and +1.33%, respectively.
- The Nasdaq ($QQQ) violated its rising trendline from the October lows earlier this week. If $NVDA can hold on to its gains tomorrow, $QQQ could get back on track. Reclaiming this broken trendline would be a very bullish.
The takeaway: If $NVDA holds this gain, it will likely pull the Nasdaq ($QQQ) off the ledge.
Quote of the Day
“The impression has built up that the stock market is the cause of booms and busts. Actually, it is the thermometer — not the fever.”
– Bernard Baruch
Top Links
Bull Market on Hold – Grindstone Intelligence
Austin Harrison looks at areas of potential strength and weakness within the market.
140-year Old Streategy is Working – All Star Charts
JC Parets examines the divergence between Dow Industrials and Dow Transports.
Nvidia’s Stock (NVDA) Reaches Key Fibonacci Extension Level! – Kimble Charting Solutions
Chris Kimble points out that Nvidia ($NVDA) is testing the 261.8% Fibonacci extension.
Meta, Amazon, and Netflix: 3 Leading Growth Stocks Testing Gap Support – See it Market
David Keller points out that three Mega-Caps have gapped higher recently.
Top Tweets
Nice 0.66% rally in the last 35 minutes to push $SPY into the green on the day. pic.twitter.com/u2AgB1Ey7n
— Bespoke (@bespokeinvest) February 21, 2024
Spoos made a one week low and then turned and ripped 25 handles in 15 minutes as we all predicted pic.twitter.com/9PZzQy8mQT
— Tom Hearden (@followtheh) February 21, 2024
The market has shown remarkable resilience and strength with 10 out of 11 sectors trading above their 200-day average. pic.twitter.com/L8KTQ08mfC
— Grant Hawkridge (@granthawkridge) February 21, 2024
Last week, more than 25% of Financial and Industrial sector stocks closed at an annual high simultaneously, triggering a bullish breadth-based signal with a 97% win rate for the S&P 500 over the subsequent year. pic.twitter.com/oFCu9xufdp
— SentimenTrader (@sentimentrader) February 21, 2024
Volatility has contracted to historically low levels in $GS and stayed that way for over 5 weeks now. How does this coil resolve? pic.twitter.com/CsUtrq8NtY
— Steven Strazza (@sstrazza) February 21, 2024
Just when everyone forgot about energy stocks…
They start to sneak up the leader board…Use the distractions (chasing AI/the hot trend) to your advantage. #energy #oil pic.twitter.com/qFb8mADf9e
— Greg Rieben (@gregrieben) February 21, 2024
Uranium Stocks $URNM Oversold, near well-defined support, and still in a long-term uptrend. Interesting spot. #technicalanalysis #StockMarket pic.twitter.com/Aw9F4hVnqk
— John Kolovos, CMT, CFA (@John_Kolovos) February 21, 2024
Alleluia BOOM. Breadth did not deteriorate from the lows. 91% up volume so far. HANG SENG index. pic.twitter.com/vaD75EuOih
— David Nicoski CMT (@davevermilion) February 21, 2024
$FXI #FXI This horizontal price area has produced some insane upside moves in the last 15 years.
October 2008: +48% in 4 months
October 2022: +60% in 3 months
January 2024: +11.75% (so far) pic.twitter.com/E9ahcD5KFc— Jake Wujastyk (@Jake__Wujastyk) February 21, 2024
Good spot from @JeremyDSchwartz
"With Amazon getting added to Dow: is this a signpost of 2020 tech-inspired changes to the key gauge?$CRM: Salesforce was added August 31st 2020 to replace Exxon. How did that work out? 👀". pic.twitter.com/QUA0xhX9py
— Koyfin (@KoyfinCharts) February 21, 2024
I'm old enough to remember when Yahoo was added to the S&P 500 (December 1999). pic.twitter.com/jnXsWtABcj
— Walter Deemer (@WalterDeemer) February 21, 2024
You’re all caught up now. Thanks for reading!