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Today’s Summary
Wednesday, March 13, 2024
Indices: Russell 2000 +0.30% | Dow +0.10% | S&P 500 -0.19% | Nasdaq 100 -0.83%
Sectors: 7 of the 11 sectors closed higher. Energy led, gaining +1.60%. Technology lagged, falling -1.08%.
Commodities: Crude Oil futures rose +2.78% to $79.72 per barrel. Gold futures gained +0.68% to $2,181 per oz.
Currencies: The US Dollar Index fell -0.13% to $102.79.
Crypto: Bitcoin rose +2.31% to an all-time high of $73,121. Ethereum rose +0.69% to $4,008.
Volatility: The Volatility Index fell -0.65% to 13.74.
Interest Rates: The US 10-year Treasury yield rose to 4.192%
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today's close will make 266 trading days since a 2% down day. 3rd time this century for a run > 250. Some of these historical runs have continued for more than 500 and even 700 consecutive trading days. Crossing above 250 has seen SPX higher 93% or 14 of the last 15 times. pic.twitter.com/aoBvlhnVjr
— Louis Spector, CMT (@EastCoastCharts) March 13, 2024
🏆 Today’s Chart of the Day was shared by Louis Spector (@EastCoastCharts).
- The S&P 500 hasn’t had a -2% down day in over a year. 266 trading days, to be more exact.
- That might sound unsustainable, but Louis points out that this streak could last 2x or 3x longer before breaking any records.
- This has happened 15 times since 1950 (over 250 trading days without a -2% down day). Seven made it past 500 trading days, and four made it past 700 trading days. The index was almost always higher one year later (14 of 15 times), with one notable exception.
The takeaway: It’s been over a year since the S&P 500 fell -2% in a day. That might sound unsustainable, but history shows this can continue much longer.
Quote of the Day
“People should like something less when its price rises, but in investing, they often like it more.”
– Howard Marks
Top Links
Tech Sector Outlook – Grindstone Intelligence
Austin Harrison looks inside the Technology sector.
Consumer Discretionary Stocks XLY Near Buy Point 3/13/24 – Alphatrends
Brian Shannon breaks down the Consumer Discretionary sector in four timeframes.
Nvidia Stock Price Reverses Lower From Important Fibonacci Level! – Kimble Charting Solutions
Chris Kimble points out that $NVDA is stalling at a key Fibonacci level.
Get Used to a Range-Bound Dollar – All Star Charts
Ian Culley examines the outlook for the US Dollar ($DXY).
Top Tweets
$QQQ Bounce or Break?
Tomorrow's PPI data should give us our answer. 👀 pic.twitter.com/l6gRd1hswC
— TrendSpider (@TrendSpider) March 13, 2024
Through mid-March, a -1.7% dip marks the largest drawdown for the S&P 500 in 2024. On average, the largest drawdown each year is roughly -15%, although sub -3% max drawdown years are not impossible… hotter sentiment might be a challenge to this, although not impossible. pic.twitter.com/EoZVS3reas
— Todd Sohn (@Todd_Sohn) March 13, 2024
A year removed from the height of the regional banking turmoil:$SPY +36%$XLF +33%$KRE +14% pic.twitter.com/ynNqN1zLuB
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) March 13, 2024
$AAPL with a quiet dark-cross today. Still holding above support, but the trend is notably deteriorating. pic.twitter.com/Nj5Xj3Xx2u
— RenMac: Renaissance Macro Research (@RenMacLLC) March 13, 2024
Here are a couple of bellwethers in their groups. Notice how this year is the exact opposite of last year pic.twitter.com/gTJA6g5buO
— J.C. Parets (@allstarcharts) March 13, 2024
Knock knock…
Who´s there?MSCI World EX US knocking on heaven´s door! pic.twitter.com/arrJPb7wrL
— conradseric, CMT, CAIA, CEFA (@conradseric) March 14, 2024
Dr. Copper is waking up! #copper #commodities #metals pic.twitter.com/voy2ah6f5I
— Conor White, CMT, CIM (@ConorWhiteRJ) March 13, 2024
When was the last time Copper had a bar like that? I would like to order a Manhattan please, can you use Blantons? pic.twitter.com/iNMdBYj5V6
— David Nicoski CMT (@davevermilion) March 13, 2024
This sure looks like a massive pause/bullish consolidation… $COPX #copper #Commodities #technicalanalysis pic.twitter.com/5e7zG6kefC
— John Kolovos, CMT, CFA (@John_Kolovos) March 13, 2024
We got a brief peek above it, but Etherium relative to bitcoin still trending down.$ETH $BTC pic.twitter.com/FnKGDkogSf
— David Rath, CMT, CFA (@DJwrath) March 13, 2024
Dollar index at perfect equilibrium point with 5-point triangle. Some of the better trends can emerge from equilibrium points. pic.twitter.com/lWt93K1E2b
— Linda Raschke (@LindaRaschke) March 13, 2024
Over the last 30 years, the purchasing power of the US consumer dollar has been cut in half due to inflation.
At the same time, the S&P 500 has gained 840% (7.8% per year) after adjusting for inflation.
Why you need to invest, in one chart… pic.twitter.com/KEuseFbHfA
— Charlie Bilello (@charliebilello) March 13, 2024