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Todayβs Summary
Tuesday, March 12, 2024
Indices: Nasdaq 100 +1.49% | S&P 500 +1.12% | Dow +0.61% | Russell 2000 -0.02%
Sectors: 7 of the 11 sectors closed higher. Technology led, gaining +2.05%. Utilities lagged, falling -0.97%.
Commodities: Crude Oil futures fell -0.47% to $77.56 per barrel. Gold futures dropped -1.03% to $2,166 per oz.
Currencies: The US Dollar Index inched higher by +0.07% to $102.93.
Crypto: Bitcoin fell -0.89% to $71,473. Ethereum rose -2.11% to $3,981.
Volatility: The Volatility Index slid -9.07% to 15.21.
Interest Rates: The US 10-year Treasury yield rose to 4.153%
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
One of the most interesting charts out there right now IMO. If this becomes a failed breakout for growth stocks relative to value, we might be sitting here 9 months from now talking about how the Financials and Industrials were the leaders in 2024. And maybe the small caps too pic.twitter.com/SMeaHKsXo1
— Austin Harrison, CFA, CMT (@meanstoatrend) March 12, 2024
π Todayβs Chart of the Day was shared by Austin Harrison (@meanstoatrend).
- Austin points out that growth vs. value ($IWF/$IWD) is retesting its former highs after breaking out in January. The outcome of this test will give us an idea of which sectors will outperform in the coming months.
- The top growth stocks in $IWF are $MSFT, $AAPL, $NVDA, $AMZN, and $META, while the top value stocks in $IWD are $BRKB, $JPM, $XOM, $JNJ, and $PG.
- A breakdown would imply new leadership from value-oriented sectors (Financials, Industrials, Health Care), while a bounce would imply renewed leadership from the Magnificent 7 and growth-oriented sectors (Tech, Discretionary, Communications).
The takeaway: Growth vs. Value ($IWF/$IWD) is at an inflection point. Itβs rebounding so far, suggesting renewed leadership from the Magnificent 7 and growth-oriented sectors. However, a breakdown would imply new leadership from value-oriented sectors.
Quote of the Day
βI always laugh at people who say βIβve never met a rich technicianβ I love that! Itβs such an arrogant, nonsensical response. I used fundamentals for 9 years and got rich as a technician.β
β Marty Schwartz
Top Links
Remembering the Worst Bear Market Since the Great Depression β Carson Group
Ryan Detrick looks back at the Great Financial Crisis on the 15-year anniversary of the low.
The S&P 500 vs. Inflation Data β CappThesis
Frank Cappelleri examines how the S&P 500 has recently behaved around CPI day.
A Risk Appetite Assessment β Grindstone Intelligence
Austin Harrison highlights some signs of risk appetite.
Technical Tuesdays with The Chart Report
Hereβs the recording of our spaces from earlier today. We discussed Nvidia, Crypto, Chinese stocks, and more.
John Roque on Technical Analysis β The HX Podcast with Enrique Abeyta
Hereβs a great podcast with John Roque and Enrique Abeyta on the philosophy behind Technical Analysis.
Top Tweets
Despite a hotter-than-expected print, CPI day belongs to the bulls. $SPY π© pic.twitter.com/xnztzbhJ2d
— TrendSpider (@TrendSpider) March 12, 2024
The S&P 500 closed at another all-time high today, its 17th of the year. $SPX pic.twitter.com/Hrc9KNipNB
— Charlie Bilello (@charliebilello) March 12, 2024
$SPX with Double ATHs again.
Just straight flexing on the haters. pic.twitter.com/z4KBvyaa54
— Larry Thompson (@HostileCharts) March 12, 2024
Normally, after we see big stock market crash events and we get back to 80% or more S&P 500 stocks above their 200-day, this trend tends to continue for some time…
Strength begets strength…
We are currently at 79.48%… Is this time going to be different? pic.twitter.com/ZjTF47rMDz
— Grant Hawkridge (@granthawkridge) March 12, 2024
I've seen a lot of consternation about the S&P 500 being "eXtReMeLy OvErBoUgHt"
Granted, the best $SPX returns have been from when the index is "oversold" (weekly RSI < 36).
But did you know that the next best returns have been from "overbought" RSI readings (>75)? π€― pic.twitter.com/JKevk16XH6
— Matt Weller CFA, CMT (@MWellerFX) March 12, 2024
All-Country World Index ATH $ACWI pic.twitter.com/vPmeFsmnVB
— Mike Zaccardi, CFA, CMT π (@MikeZaccardi) March 12, 2024
MSCI Emerging Markets Index
Price is above an upward sloping 200-day moving average. Fibonacci retracement from Feb '21 highs is pointing out the right levels IMO. $EEM $SPX pic.twitter.com/qID9TlrUZE
— Shane C. Murphy (@murphycharts) March 12, 2024
The 2y10y Treasury yield curve spread has been inverted for 422 consecutive trading days, which puts it ahead of the 1978-80 inversion for the longest ever. Not hearing much about this lately… but it's something to note.
h/t @StrategasRP for the chart. pic.twitter.com/kMYUnOuOcG— Liz Young (@LizYoungStrat) March 12, 2024
Injective Protocol consolidating all year, within the context of an ongoing uptrend. This has been a leader in the space. pic.twitter.com/iZCm6VBodG
— J.C. Parets (@allstarcharts) March 12, 2024
Who had IBM beating Apple, Microsoft, Google, Facebook, and Amazon over the last 3 years? pic.twitter.com/O7g0Gq6Wpx
— Lawrence Hamtil (@lhamtil) March 12, 2024
15-years since the March 2009 generational low… fun then & now comparison of where ETFs have come from. pic.twitter.com/w7Vl9V0x6V
— Todd Sohn (@Todd_Sohn) March 12, 2024
4 years ago today, state of the market.
3Μ³/Μ³1Μ³2Μ³/Μ³2Μ³0Μ³ vs today:$NVDA $53 $920$AMZN $83 $175$AAPL $60 $173$META $154 $500$MSFT $134 $415$GOOGL $55 $138 pic.twitter.com/0ERAbuT39X
— Rahul (@rhemrajani9) March 12, 2024