Powered By:
Todayโs Summary
Monday, March 11, 2024
Indices: Dow +0.12% | S&P 500 -0.11% | Nasdaq 100 -0.37% | Russell 2000 -0.81%
Sectors: 4 of the 11 sectors closed higher. Real Estate led, gaining +1.18%. Technology lagged, falling -1.49%.
Commodities: Crude Oil futures inched lower byย -0.10% to $77.93 per barrel. Gold futures rose for the eighth day, inching higher by +0.14% to an all-time high of $2,189ย per oz.
Currencies: The US Dollar Index rose +0.11% to $102.85.
Crypto: Bitcoin rose for the sixth day, gaining +4.48% to an all-time high of $72,118. Ethereum rose +4.75% to a two-year high of $4,067.
Volatility: The Volatility Index rose +3.26% to 15.21.
Interest Rates: The US 10-year Treasury yield rose to 4.100%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
The $SPX closed down today, but the % of stocks above their 200-day moving average closed at the highest level since September 2021. pic.twitter.com/3UOmgZhijd
— Brian Bond, CMT (@BrianBond) March 11, 2024
๐ Todayโs Chart of the Day was shared by Brian Bond (@BrianBond).
- The S&P 500 was virtually unchanged today (-0.11%), but Brian points out that one popular breadth metric broke out to multi-year highs.
- As of today’s close, 82.2% of S&P 500 stocks are above their 200-day moving averages โ the highest since September 2021. The index peaked at 96.8% in April 2021 and deteriorated for eight months into the 2022 peak.
- Breadth usually deteriorates or diverges into a major market top, as seen in 2020 and 2022. However, breadth is currently expanding and confirming the recent strength.
The takeaway: The internals of the S&P 500 have meaningfully improved. Breadth is expanding and confirming the uptrend. ย
Quote of the Day
โAlthough there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.โ
โ Benjamin Graham
Top Links
Strategas’ Chris Verrone Names These Sectors as Being on the Verge of a Breakout – CNBC
Chris Verrone discusses sector rotation within the market.
It’s a Bull Market for Gold – All Star Charts
JC Parets looks at the relationship between Bitcoin and Gold.
Is the U.S. Dollar Quietly Forming a Bearish Topping Pattern? – Kimble Charting Solutions
Chris Kimble examines the outlook for the US Dollar Index ($DXY).
Room for Nvidiaโs stock to consolidate and absorb momentum, says Renaissance Macroโs deGraaf – CNBC
Jeff deGraaf offers his thoughts on Nvidia ($NVDA). ย
And One More Thing About Nvidia –ย The Irrelevant Investor
Michael Batnick highlights some of the wild things going on with Nvidia ($NVDA).ย
Top Tweets
$SPY down 2 days in a row. It hasn't fallen a third day since January 4 pic.twitter.com/oHqubeezKE
— Urban Carmel (@ukarlewitz) March 11, 2024
Pullbacks in confirmed uptrends usually offer good continuation buy points. Timing is chart specific, over the 50-sma is good, staying over the 20-sma is better. Would like to see no upside surprises from CPI and PPI this week. $SPY $QQQ pic.twitter.com/TTF7WWJh1Y
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) March 11, 2024
$XLC Patterns repeat. pic.twitter.com/1HiS8UZduT
— Frank Cappelleri (@FrankCappelleri) March 11, 2024
$MTUM worst 2-day stretch since Sept 2022 pic.twitter.com/TpzukIr7bw
— Mike Zaccardi, CFA, CMT ๐ (@MikeZaccardi) March 11, 2024
The PHLX Semiconductor Sector Index $SOX has only been more extended from its 200-day moving average twice in the 21st century: 2021 & 2003. However, if we compare it to the dot-com bubble period, it is not even close. pic.twitter.com/Geb704guoe
— Alfonso Depablos (@AlfCharts) March 11, 2024
Stock market concentration is nothing new pic.twitter.com/WTp5tn365C
— Ben Carlson (@awealthofcs) March 11, 2024
Sector weightings are a big reason why international markets have underperformed the US over the last 10-15 years. US=Tech=Outperformance pic.twitter.com/pWdLBxMjJE
— Bespoke (@bespokeinvest) March 11, 2024
Here's how Japan's stock market is reacting to finally reaching those former all-time highs from 1989… pic.twitter.com/yqiCkhhLSw
— J.C. Parets (@allstarcharts) March 11, 2024
We still have hours until the US close, but Gold is currently sporting its 9th consecutive day's advance.
There are only 6 other instances of a 9-day or greater consistent climb in the past 40 years. And all of this at record highs.$GC_F pic.twitter.com/OzUNYAso9K
— John Kicklighter (@JohnKicklighter) March 11, 2024
Higher consolidations within higher consolidations can be likened to a rodeo bull, itching and twitching to charge through the gate.
โParaphrasing Andy Addison pic.twitter.com/qiRRTEnJUG
— Mark Ungewitter (@mark_ungewitter) March 11, 2024
Gold breaking out to new highs and gold outperforming the USD.
Some of the largest moves in gold started this way. pic.twitter.com/VRMXDz6rKN
— Ryan Detrick, CMT (@RyanDetrick) March 11, 2024
#Bitcoin has reached an all-time high for the first time just before a Halving. The market has climbed the wall of worry and is entering the next phase, characterized by incessant media coverage and family members asking "is now a good time to buy?"
Its also when we typicallyโฆ pic.twitter.com/4oIR9INOnT
— Jamie Coutts CMT (@Jamie1Coutts) March 11, 2024
— IV (@iv_technicals) March 11, 2024