Daily Chart Report πŸ“ˆ Friday, February 2, 2024

Patrick Dunuwila
February 2, 2024

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Today’s Summary
Friday, February 2, 2024

Indices: Nasdaq +1.72% | S&P 500 +1.07% | Dow +0.35% | Russell 2000 -0.59%

Sectors: 6 of the 11 sectors closed higher. Communications led by a wide margin, gaining +4.02%. Utilities lagged, falling -1.80%.

Commodities: Crude Oil futures dropped -2.09% to $72.28 per barrel. Gold futures fell -0.84%$2,054 per oz.

Currencies: The US Dollar Index had its best day in nearly a year, rising +0.87% to $103.96.

Crypto: Bitcoin rose +1.21% to $43,071. Ethereum rose +0.95% to $2,303.

Volatility: The Volatility Index inched lower by -0.22% to 13.84.

Interest Rates: The US 10-year Treasury yield rose to 4.024%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

πŸ† Today’s Chart of the Day was shared by Steve Deppe (@SJD10304).

  • The S&P 500 ($SPX) closed at an all-time high for the third consecutive week, and it’s less than 1% from hitting 5,000 for the first time.
  • Since the October low, $SPX has closed higher in 13 of the past 14 weeks, gaining +20.4%.
  • There have only been seven other instances where $SPX surged +20% over 14 weeks and closed at a record high. $SPX has always been lower one month later, averaging a loss of -2.18%. However, those were buyable dips 85% of the time, considering $SPX was almost always higher three months later (6 out of 7).

The takeaway: History tells us to anticipate a pullback in the next month. However, the trend is unequivocally higher, and $SPX can afford to zag after zigging +20% in just 14 weeks.

Quote of the Day

β€œDoing well is the result of doing good.
That’s what capitalism is all about.”

– Ralph Waldo Emerson

Top Links

Stock Market Analysis February 2 2024 – Alphatrends
 Brian Shannon breaks down this week’s price action and identifies some key levels to watch next week.

Defensive Rotation Continues – All Star Charts
JC Parets points out that Consumer Staples are beginning to outperform.

2-Year Treasury Bond Yields Near Important Fibonacci Support! – Kimble Charting Solutions
Chris Kimble examines a long-term chart of the 2-year Treasury Yield.

Tesla Tests Key Support: Is This a Trade? Or an Investment? – StockCharts.com

David Keller highlights the laggard in the Magnificent 7, Tesla ($TSLA).

Up January vs. Down January Beats All Months – Almanac Trader
Jeff Hirsch looks at what the January Barometer suggests for the rest of the year.

Top Tweets

You’re all caught up now. Thanks for reading!

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