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Todayās Summary
Wednesday, March 6, 2024
Indices:Ā Russell 2000Ā +0.70%Ā |Ā NasdaqĀ +0.67%Ā |Ā Ā S&P 500Ā +0.51%Ā | DowĀ +0.20%
Sectors:Ā 10 of the 11 sectors closed higher. Utilities led, gainingĀ +0.96%. Consumer Discretionary was the only negative sector, fallingĀ -0.36%.
Commodities:Ā Crude Oil futures roseĀ +1.25%Ā to $79.13 per barrel. Gold futures rose for the fifth day, gainingĀ +0.76%Ā to an all-time high of $2,158 per oz.
Currencies:Ā The US Dollar Index droppedĀ -0.40%Ā to $103.35.
Crypto:Ā Bitcoin roseĀ +3.64%Ā to $66,120. Ethereum gainedĀ +7.37%Ā to a two-year high of $3,822.
Volatility:Ā The Volatility Index roseĀ +0.43%Ā to 14.51.
Interest Rates:Ā The US 10-year Treasury yield dropped to 4.106%.
Here areĀ the best charts, articles, and ideas shared on the web today!
Chart of the Day
$AAPL vs. $SPX is the most oversold sinceā¦
ā¦ever. pic.twitter.com/uYZAevRpyt
— Frank Cappelleri (@FrankCappelleri) March 6, 2024
š Todayās Chart of the Day was shared by Chris Verrone (@verrone_chris).
- Apple Inc. ($AAPL) is rotting away, closing at a four-month low today. Itās fallen for six straight days, losing nearlyĀ -7%Ā during that time. It hasnāt booked a seven-day losing streak since Jan. ā22, but it could tomorrow.
- Itās making new 52-week lows relative to the S&P 500, as shown in the ratio chart above ($AAPL/$SPX). Frank points out that RSI hit an all-time low today, indicating extreme relative weakness.
- The S&P 500 has held up remarkably well despite $AAPL being its second-largest component. ItāsĀ +7.3%Ā YTD and barely off its peak, while $AAPL isĀ -12%Ā YTD andĀ -14.6%Ā from its peak.
The takeaway: $AAPL has been extremely weak in absolute and relative terms. While this juggernaut corrects, other areas of the S&P 500 have picked up the slack, including Industrials, Financials, and, of course, $NVDA. Bull markets thrive on rotation; perhaps that’s what we’re seeing.
Quote of the Day
āMillions saw the apple fall, butĀ Newton was the only one who asked why.ā
ā Bernard Baruch
Top Links
Is a Steadying S&P 500 Uptrend Remarkable? – Schaeffer’s Investment Research
Rocky White examines the four-month rally in the S&P 500.
After the Stock Market Declines 1% in a Single Day – CappThesis
Frank Cappelleri analyzes recent price action in the S&P 500.
Semis in Uncharted Territory – Bespoke
Bespoke highlights the continued strength of Semiconductor stocks.
I Used to Be a Gold Bug – All Star Charts
JC Parets shares his thoughts on Gold as it continues to print record highs.
Aggressive and Contrarian Moves + Semiconductor Influence – Strategas Asset Management
Todd Sohn discusses the growing influence of semiconductors in the major indices.
Top Tweets
$RSP
Equal-weight S&P 500 ETF, no market cap bias.
New all-time high today. pic.twitter.com/qDg5Ahx5XS— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) March 6, 2024
Still two unfilled recent gaps in $QQQ to watch: 443.77 to the upside and 425.70 to the downside. pic.twitter.com/QrUg2kMS4U
— Walter Deemer (@WalterDeemer) March 6, 2024
new relative lows for all of them today pic.twitter.com/16VB2x7gxB
— J.C. Parets (@allstarcharts) March 6, 2024
Apple's RSI-14 is now at its lowest level since February 2018.
We've had two full bear markets and one near-bear market since then https://t.co/fNQ2yTXVsU pic.twitter.com/G6Xe3fSpEL
— Scott Brown, CMT (@scottcharts) March 7, 2024
All eyes are on the Gold breakout $GC $GLD
Meanwhile, hat tip to @RedDogT3 for pointing out Silver. This chart is incredibly tight after years of consolidation. $SI $SLV
Can it follow Gold for a breakout? pic.twitter.com/yY8FcdSeZw
— Andrew Moss, CMT (@Andy__Moss) March 6, 2024
$GLD The Golden Chalice Breakout ā¢ļø pic.twitter.com/aV0D5nUzNT
— TrendSpider (@TrendSpider) March 6, 2024
$GDX up 5 sessions in a row. Who knows the last time that happened..
+13% in that stretch. pic.twitter.com/tmv3r7tPlx
— Mike Zaccardi, CFA, CMT š (@MikeZaccardi) March 6, 2024
$GLD and $GDX flows remain muted. We worry when flows anticipate moves b/c historically flows follow performance. This suggests more fuel for rally. pic.twitter.com/7hZFqHxK8z
— RenMac: Renaissance Macro Research (@RenMacLLC) March 6, 2024
#Bitcoin One of these things looks like the other… $BTCUSD pic.twitter.com/epROAyd04a
— Jake Wujastyk (@Jake__Wujastyk) March 6, 2024
The way $ANF trades – it has gone so vertical it will now loop backwards pic.twitter.com/0xPD9yF4Nj
— Ralph (@StuckInStock) March 6, 2024