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Today’s Summary
Wednesday, February 28, 2024
Indices: Dow -0.06% | S&P 500 -0.17% | Nasdaq 100 -0.54% | Russell 2000 -0.77%
Sectors: 7 of the 11 sectors closed higher. Real Estate led, gaining +1.28%. Communications lagged, falling -0.68%.
Commodities: Crude Oil futures fell -0.42% to $78.54 per barrel. Gold futures were flat at $2,043 per oz.
Currencies: The US Dollar Index rose +0.11% to $103.92.
Crypto: Bitcoin jumped +9.54% to a two-year high of $62,512. Ethereum rose +4.40% to $3,387.
Volatility: The Volatility Index rose +3.06% to 13.83.
Interest Rates: The US 10-year Treasury yield fell to 4.266%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
I don't make the rules – I just follow them.#Bitcoin base breakouts to new all-time highs are bullish.
That's just a fact. pic.twitter.com/aUNs9kPnxk
— Caleb Franzen (@CalebFranzen) February 28, 2024
🏆 Today’s Chart of the Day was shared by Caleb Franzen (@CalebFranzen).
- Bitcoin surged +9.5% to $62,500 today, closing just -7% below record highs.
- It’s completing a two-year base within a very strong uptrend. It peaked in November 2021, and lost three-quarters of its value over the next year, before bottoming shortly after the FTX scandal in December 2022.
- The party started over a year ago, but things could start to get loud now that hodlrs are whole again. As Caleb points out, Bitcoin has a habit of accelerating higher after emerging from these bases.
The takeaway: The strongest uptrend in the world is trying to resume. Bitcoin is completing a two-year base after a -75% drawdown. Breaking out of this base would open the door to $100,000 and beyond..
Quote of the Day
“I don’t care,
just please stop talking about this shit (Bitcoin) ”
– Jamie Dimon
Top Links
DJIA and S&P 500 Down 15 of Last 19 on February’s Last Day – Almanac Trader
Jeff Hirsch points out that the last day of February has historically leaned bearish.
Beware of February 29th – Bespoke
Bespoke looks at how the market has performed on Leap Day (Feb. 29th)
Do or Die Time – All Star Charts
Alfonso Depablos highlights the recent bounce from some of the beaten-down areas of the market.
Large Caps Are Lapping Small Caps: What it Could Mean
Rocky White examines the large performance gap between Small-Caps and Large-Caps.
Top Tweets
You are here pic.twitter.com/k2EKBF2vcD
— Ryan Detrick, CMT (@RyanDetrick) February 28, 2024
Financials and industrials, leading higher. Two key sectors showing consistent strength, as the market rally broadens out further. pic.twitter.com/kJNv0YdKlt
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) February 28, 2024
$RTY $RUT $RTY_F $IWM Price continues to near the apex of this ascending triangle. pic.twitter.com/lChEtT34C5
— Jake Wujastyk (@Jake__Wujastyk) February 28, 2024
Small Caps $IWM
Important Big Picture VWAPs pic.twitter.com/ADEayA0XW2— David Zarling, CMT (@AdaptivCharts) February 28, 2024
Every time I see this chart I have to check to make sure I still have it on log scale. Small cap industrials cruising pic.twitter.com/1ed5oipNve
— Austin Harrison, CFA, CMT (@meanstoatrend) February 28, 2024
$ITA pic.twitter.com/anH8ZwRyhm
— Ian McMillan, CMT (@the_chart_life) February 28, 2024
Look at retailers $XRT coming out of a two year base. pic.twitter.com/ikQssB25Xg
— Alfonso Depablos (@AlfCharts) February 28, 2024
$GBTC This is the fourth 3-day gain of at least +18% since the start of 2023.
Multi-week consolidations resulted after the prior three. #Bitcoin $BTCUSD pic.twitter.com/KicEbGXXKM
— Frank Cappelleri (@FrankCappelleri) February 28, 2024
The Only #Bitcoin Chart You'll Ever Need™
We're nearing the average gain in the post-bottom/pre-halving Yellow stage of the historical cycle (+300% vs. +375% & +350% in the last 2 cycles)
Potential for a pullback/consolidation around the halving, but big picture bullish 🐂 pic.twitter.com/iJYBQOk50U
— Matt Weller CFA, CMT (@MWellerFX) February 28, 2024
A close over 61344 tomorrow will mark the highest monthly closing price for Bitcoin (coinbase-USD prices) in its history #bitcoin pic.twitter.com/KvvnVNzix0
— Evan Medeiros (@evanmedeiros) February 28, 2024
They never want them in the bases.$NVDA $BTCUSD pic.twitter.com/x8L2Q0Bu3f
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) February 28, 2024
— Lyn Alden (@LynAldenContact) February 28, 2024