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Todayโs Summary
Monday, March 18, 2024
Indices: Nasdaq 100 +0.99% | S&P 500 +0.63% | Dow +0.20% | Russell 2000 -0.72%
Sectors: 4 of the 11 sectors closed higher. Communications led, gaining +1.78%. Real Estate lagged, falling -0.69%.
Commodities: Crude Oil futures rose +1.38% to a four-month high of $82.16 per barrel. Gold futures inched higher by +0.13% to $2,164 per oz.
Currencies: The US Dollar Index rose +0.13% to $103.58.
Crypto: Bitcoin fell -1.08% to $67,613. Ethereum dropped -3.35% to $3,520.
Volatility: The Volatility Index fell -0.55% to 14.34.
Interest Rates: The US 10-year Treasury yield rose for the sixth consecutive day to 4.324%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Classic equilibrium point in the Dollar index….ya think it is waiting for something?! hmmmm pic.twitter.com/FmS8lfgSYN
— Linda Raschke (@LindaRaschke) March 18, 2024
๐ Todayโs Chart of the Day was shared by Linda Raschke (@LindaRaschke).
- The US Dollar Index was a crucial chart in 2022, but little has been said about it since its peak in September 2022.
- Itโs been a trendless mess over the past year, but it could be gearing up for a meaningful move or trend.
- Linda points out that Dollar Index futures have reached an equilibrium point after coiling into aย 5-point triangle. In another comment, Linda explained,ย โSome of the better trends can emerge from equilibrium points.โ
The takeaway: The Dollar Index is coiled up for a meaningful move or trend, and its at a decision point ahead of this weekโs data dump.
Quote of the Day
“Good judgment is the result of experience, and experience is the result of bad judgment.”
โ Mark Twain
Top Links
Long-Term Uptrend in Tech is Stable and Will Continue: Technical Analyst Ari Wald – BNN Bloomberg
Ari Wald shares his thoughts on sentiment and Small Caps.
10 Year Bond Yield Testing Key Resistance This Month! – See It Market
Chris Kimble highlights some key levels on the 10-year Treasury yield.
When $SPX Has a 3-day Pullback For the 1st Time in Over 2 Monthsโฆ – Quantifiable Edges
Rob Hanna looks at how the S&P 500 has historically performed after the first three-day losing streak in two months.
Rates Look Set to Rise as TLT Resumes its Downtrend – StockCharts
Arthur Hill examines the outlook for the 20+ Yr Treasury Bond ETF, $TLT.
Top Tweets
$IWM lowest close since Feb 22. Back to flat on the year. pic.twitter.com/fyp979z4UV
— Mike Zaccardi, CFA, CMT ๐ (@MikeZaccardi) March 18, 2024
The fate of the Russell 2000 now lies in Powell's hands…
No pressure, Jerome. ๐ฎโ๐จ $RTY_F $IWM pic.twitter.com/WAinLbEwlr
— TrendSpider (@TrendSpider) March 18, 2024
The RSI on the $SPX has been over 50 for 93 consecutive days now. pic.twitter.com/Nc1e8VicHL
— Brett Villaume, CMT, CAIA (@brettvillaume) March 18, 2024
IGV below the 50-DMA and just made its first 3-month relative low vs. SPX since November 2022 pic.twitter.com/tKlwubz9yg
— Scott Brown, CMT (@scottcharts) March 19, 2024
New relative lows for healthcare$XLV $SPY pic.twitter.com/vwxKbOoIvL
— David Rath, CMT, CFA (@DJwrath) March 18, 2024
Dirty energy $XLE is making fresh all-time highs versus clean energy $PBW. pic.twitter.com/Yb1eWz2y7z
— Sam Gatlin (@sam_gatlin) March 18, 2024
For all you Fed doves #crude pic.twitter.com/vkgs8WcYZg
— Michael Kahn, CMT (@mnkahn) March 18, 2024
Big base in Gas pic.twitter.com/jNYkMb7Tf6
— J.C. Parets (@allstarcharts) March 18, 2024
I know agriculture stocks aren't sexy like semiconductor and tech stocks but on a risk vs reward basis they are looking good here moving higher from support.$COW $MOO pic.twitter.com/qhmFXhBk5f
— Greg Rieben (@gregrieben) March 18, 2024
#Gold is showing a possible Bull Flag pattern on the 4hr chart heading into Central-Bank-A-Palooza over the next couple days.
If the BOJ/Fed/ECB/BOE come out generally more dovish than expected, there's a case for gold to run toward $2200+ this week. pic.twitter.com/74g3J2df7M
— Matt Weller CFA, CMT (@MWellerFX) March 18, 2024
Copper breaking out
Oil breaking out
Anyone else's spidey senses tingling about a resurgence of inflation?
— Jared Dillian (@dailydirtnap) March 18, 2024