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Todayโs Summary
Thursday, March 7, 2024
Indices: Nasdaq +1.56% | S&P 500 +1.03% | Russell 2000 +0.81% | Dow +0.20%
Sectors: 9 of the 11 sectors closed higher. Communications led, gaining +1.62%. Financials lagged, falling -0.15%.
Commodities: Crude Oil futures fell -0.25% to $78.93 per barrel. Gold futures rose for the sixth day, gaining +0.32% to an all-time high of $2,165 per oz.
Currencies: The US Dollar Index dropped -0.54% to $102.80.
Crypto: Bitcoin rose +1.24% to $66,941. Ethereum gained +1.40% to a two-year high of $3,876.
Volatility: The Volatility Index fell -0.55% to 14.43.
Interest Rates: The US 10-year Treasury yield dropped to 4.087%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
An AAPL a day doesn't keep NVDA away. pic.twitter.com/rHjPucjzEB
— Todd Sohn (@Todd_Sohn) March 7, 2024
๐ Todayโs Chart of the Day was shared by Todd Sohn (@Todd_Sohn).
- $NVDA has continued to print all-time highs, rising anotherย +4.5%ย today. Itโs rapidly gaining weight after eating everyoneโs lunch.
- Its current weight in the S&P 500 is 5.1%, making it the third-largest component behind $AAPL and $MSFT. Todd points out that itโs larger than the entire Energy sector (red) and almost as large as $AAPL (light blue).
- $NVDAโs growing influence in the S&P 500 has helped push the index to new highs, while other Mega-Caps ($AAPL) correct beneath the surface. Breadth expansion has also helped bolster the index, but thatโs also healthy.
The takeaway: $NVDA could soon surpass $AAPL as the second-largest stock. Its continued rise has allowed other mega-caps to correct without impacting the S&P 500.
Quote of the Day
โThe best inside information is on the tape. I would rather follow its indications than act on a tip from J.P. Morgan himself.โ
โ Richard Wyckoff
Top Links
March Strategy Session: 3 Key Takeaways
The team at All Star Charts highlights three developments to watch this month.
Overwhelmingly Bullish, Even for All Time Highs – Bespoke
Bespoke breaks down the results of the latestย AAII Sentiment Survey.
Sector Sentiment – Thrasher Analytics
Andrew Thrasher looks at offensive sectors vs. defensive sectors.
Actively Passive; No, Passively Active – Potomac
Dan Russo shares his thoughts on active investing vs. passive.
16 Charts (and Tables) to Know This Election Year – Carson Group
Ryan Detrick lays out everything you need to know about the market’s performance around presidential elections.
Top Tweets
The S&P 500 started in 1957 and today was the 1,200th all-time high.
It was also the 16th ATH in '24, which is right at the avg of 17.6 ATHs per year. pic.twitter.com/AU48AdeFxN
— Ryan Detrick, CMT (@RyanDetrick) March 7, 2024
SPX going for 17 out of 19 positive weeks pic.twitter.com/erBmtITszs
— Mike Zaccardi, CFA, CMT ๐ (@MikeZaccardi) March 7, 2024
100% of S&P 500 sectors are above their 50-day average pic.twitter.com/GtoWeQSU9C
— Grant Hawkridge (@granthawkridge) March 7, 2024
Number of the Day: 1.0064
Today is the first time ever that the Philadelphia Semiconductor Index has traded at a higher price than the S&P 500. pic.twitter.com/SBaAhRuXXg
— Bespoke (@bespokeinvest) March 7, 2024
Def included in the top 10 most noteworthy charts of this year. Equal-weight / Small-cap continues to attract investor interest. $RSP $RUT $SPX pic.twitter.com/crcnFaxv5D
— Shane C. Murphy (@murphycharts) March 7, 2024
15 years ago, the S&P 500 bottomed, ending the worst bear market since the Great Depression.
Since then, it's increased over 10x, generating a 16.7% annualized total return. pic.twitter.com/vSWQpkAY9K
— Charlie Bilello (@charliebilello) March 7, 2024
Patry on, Garth. $TNX $UUP pic.twitter.com/x1nWC5lVLE
— Brian G (@alphacharts) March 7, 2024
This is a FOR REAL breakout in Gold. Goldfinger points to a target range of 2530 to 2700 $GLD $GC_F pic.twitter.com/aoP7pqk05f
— Peter Brandt (@PeterLBrandt) March 6, 2024
The 2nd half #Bitcoin bull markets have had the benefit of a declining dollar (driven by improving liquidity). The $DXY tends to peak (green line) after liquidity & $BTC bottom in the 12 months prior before rolling over. This supercharges all risk assets (denominator goes down)โฆ pic.twitter.com/TMRWzeLVrN
— Jamie Coutts CMT (@Jamie1Coutts) March 7, 2024
2024 in a nutshell:$NVDA up 6 straight days$AAPL down 7 straight days pic.twitter.com/sSMxxBPaCs
— jaredblikre.ai (@SPYJared) March 7, 2024