Powered By:
Today’s Summary
Friday, March 15, 2024
Indices: Russell 2000 +0.40% | Dow -0.49% | S&P 500 -0.65% | Nasdaq 100 -1.15%
Sectors: 4 of the 11 sectors closed higher. Energy led for the third consecutive day, gaining +0.30%. Technology lagged, falling -1.51%.
Commodities: Crude Oil futures inched lower by –0.27% to $81.04 per barrel. Gold futures fell -0.28% to $2,162 per oz.
Currencies: The US Dollar Index inched higher by +0.08% to $103.45.
Crypto: Bitcoin fell -2.69% to $69,449. Ethereum dropped -3.57% to $3,743.
Volatility: The Volatility Index inched higher by +0.21% to 14.42.
Interest Rates: The US 10-year Treasury yield rose for the fifth consecutive day, ending the week at 4.310%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$SPY couple of doji weeklies pic.twitter.com/aoIlA7GBSc
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) March 15, 2024
🏆 Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi).
- The S&P 500 logged its first back-to-back weekly loss since October, but both weeks have been virtually unchanged (-0.26% and -0.13%), leaving the index just -0.39% below record highs.
- Mike points out that the index printed a Doji candle for the second week. Doji candles feature an open and close that are essentially the same. They represent a brief moment of equilibrium between buyers and sellers, signifying a state of indecision.
- Doji candles are often found at inflection points where the trend pauses before continuing higher or reversing lower.
The takeaway: Buyers and sellers have reached a stalemate over the past two weeks after one of the strongest rallies in recent history. Neither side has been able to take control of the near-term trend, but this pause is setting the stage for a meaningful inflection, higher or lower.
Quote of the Day
“Without deviation from the norm, progress is not possible.”
– Frank Zappa
Top Links
Party Like its 1995 – LPL Financial Research
Adam Turnquist compares the current market environment to 1995.
Time to See if Bears Can Break This Market Down – Trade Risk
Evan Medeiros breaks down this week’s price action.
Rotation – Bespoke
Bespoke highlights the evidence of sector rotation within the S&P 500.
Typical Ides of March Low – Almanac Trader
Jeff Hirsch checks in on March seasonality.
Copper and Gold and Palladium, Oh My! – All Star Charts
Ian Culley looks at the recent rally in Precious Metals.
Top Tweets
I've often tweeted how nothing can troll like the price action in the S&P 500 and I think the last two weeks are first ballot troll worthy.
The index rises for 16 of 18 weeks, rips more than 20%, and then records a 2 week losing streak that falls……
-0.39%.
— Steve Deppe, CMT (@SJD10304) March 15, 2024
The S&P 500 has now gone 96 trading days without experiencing even a 2%+ pullback. pic.twitter.com/eCeGUC7foY
— Bespoke (@bespokeinvest) March 15, 2024
S&P 500 up 24% the past 20 weeks.
I found 22 other times it was up 20% or more in 20 weeks (using the first signal in a cluster).
One year later? Higher 21 times. pic.twitter.com/FT6icZCuJo
— Ryan Detrick, CMT (@RyanDetrick) March 15, 2024
Perhaps not a stretch to say “year 3” of post-rate liftoff might be more challenging than prior years. The S&P 500 sits in the top decile of 12-month % change vs. 1st decile 1yr ago. But keep perspective… a 2yr % change shows stocks are only slightly above average performance. pic.twitter.com/bsby5KtjIn
— Todd Sohn (@Todd_Sohn) March 15, 2024
Nasdaq 100 $NDX looks sketchy ahead of the weekend as $MSFT (-2.4%) weighs on the tech-heavy index.
A break of 17.8K points to a deeper retracement toward the low 17Ks. pic.twitter.com/X5fPwdKbuc
— Matt Weller CFA, CMT (@MWellerFX) March 15, 2024
The chart below features the @NDR_Research 2024 Cycle Composite for the NASDAQ. While we view cycle composites as second-tier inputs, this is particularly interesting given the current market environment. pic.twitter.com/LK7Cu9d8HW
— Day Hagan Asset Management (@DayHagan_Invest) March 15, 2024
#NAAIM has moved above 100% again.
Active investment managers becoming now super bullish after two hot inflation prints and ahead of next week’s FOMC meeting? 👀$SPX $SPY $QQQ $RIY pic.twitter.com/anhCPwhP7S
— Alex Fatio (@Alex_Fatio) March 15, 2024
Materials, Financials, and Energy all coming into previous highs…
Where do we go from here?$XLB $XLF $XLE pic.twitter.com/4a0hvP0Sw0
— Ian McMillan, CMT (@the_chart_life) March 15, 2024
Large-cap energy stocks broke out of their year-to-date relative price range this week as inflation prints roiled the market. Historically, the shares and crude oil move closely in tandem, and stocks may be overdue to catch up with the commodity. pic.twitter.com/s34d1SDtij
— Gina Martin Adams (@GinaMartinAdams) March 15, 2024
$HG_F Copper and $EEM Emerging Mkts
will be interesting to see if $EEM follows here pic.twitter.com/tb47V4xVlQ
— Christian Fromhertz 🇺🇸 (@cfromhertz) March 15, 2024
Here's a good one worth watching: US 10-Year Yield approaching 4.35%. $TNX pic.twitter.com/hDBbjhXx0O
— Alfonso Depablos (@AlfCharts) March 15, 2024
$MSOS Just a coincidence? pic.twitter.com/vrkTrdPHss
— Frank Cappelleri (@FrankCappelleri) March 15, 2024
Disney stock is now up +80% relative to Tesla following Elon's choice words for CEO Bob Iger. $DIS $TSLA
Looks like Wall Street is Team Mickey. 🐭 pic.twitter.com/Oee7LJANTI
— TrendSpider (@TrendSpider) March 15, 2024