Daily Chart Report 📈 Wednesday, March 20, 2024
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Today’s Summary
Wednesday, March 20, 2024
Indices: Russell 2000 +1.92% | Nasdaq +1.15% | Dow +1.03% | S&P 500 +0.89%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.49%. Health Care lagged, falling -0.23%.
Commodities: Crude Oil futures fell -1.76% to a four-month high of $81.27 per barrel. Gold futures rose +1.38% to $2,190 per oz.
Currencies: The US Dollar Index dropped -0.43% to $103.38.
Crypto: Bitcoin jumped +9.65% to $67,872. Ethereum surged +11.33%to $3,515.
Volatility: The Volatility Index dropped -5.78% to 13.03.
Interest Rates: The US 10-year Treasury yield fell to 4.277%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by Caleb Franzen (@CalebFranzen).
- The S&P 500 closed at a record high for the second day in a row after digesting the latest from the Fed. Breadth was strong today with +80% upside volume on the NYSE.
- Caleb points out that the Equal-Weight S&P 500 ETF ($RSP) also closed at record highs today after successfully retesting the breakout level.
- This validates the recent strength in the S&P 500 as it shows broad participation beneath its surface. The star players (Mega-Caps) continue to lead, but the rest of the team is finally participating.
The takeaway: The S&P 500 is printing record highs as participation improves beneath its surface.
Quote of the Day
“It’s a bull market, you know.”
– Mr. Partridge
Top Links
Energy Sector Outlook – Grindstone Intelligence
Austin Harrison highlights the Energy sector’s renewed strength.
All-Time Highs for Basic Materials – All Star Charts
JC Parets looks at the breakout in the Materials sector.
Are Investment Newsletters Too Bullish? – Schaeffer’s Investment Research
Rocky White looks at the signs of extreme optimism from the latest Investors Intelligence sentiment survey.
Go With the (Fund) Flow? – Strategas Asset Management
Todd Sohn shares some insights on recent ETF flows.
Yen Weakness Continues – Bespoke
Bespoke examines the weakness in the Japanese Yen.
Top Tweets
You’re all caught up now. Thanks for reading!
