Daily Chart Report π Thursday, February 8, 2024
Powered By:
Todayβs Summary
Thursday, February 8, 2024
Indices: Russell 2000 +1.50% | Nasdaq +0.16% | Dow +0.13% | S&P 500 +0.06%
Sectors: 6 of the 11 sectors closed higher. Energy led gaining +1.03%. Utilities lagged, falling -0.71%.
Commodities: Crude Oil futures rose +3.20% to $76.22 per barrel. Gold futures fell -0.19% $2,048 per oz.
Currencies: The US Dollar Index inched higher by +0.08% to $104.14.
Crypto: Bitcoin rose +2.15% to $45,300. Ethereum inched lower by -0.17% to $2,420.
Volatility: The Volatility Index ticked lower by -0.16% to 12.80.
Interest Rates: The US 10-year Treasury yield rose to 4.154%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
πTodayβs Chart of the Day was shared by Jake Wujastyk (@Jake_Wujastyk).
- The Russell 2000 ($IWM) outperformed by a wide margin today, gaining +1.50%, while the S&P 500 was essentially flat (+0.06%).
- Despite todayβs strength, Small Caps have continued to struggle this year. $IWM is barely out of bear market territory (-19%), while the other three major indices are at all-time highs.
- Jake points out that $IWM spent the past six weeks coiling into a tight range or pennant pattern. As price moves toward the apex, pressure builds for an explosive move or trend in whichever direction it resolves. Given the prevailing uptrend, this pattern should resolve higher. If it resolves lower, that will also be very telling.
The takeaway: The Russell 2000 ($IWM) led by a wide margin today despite its abysmal performance this year. After coiling into a tight range over the past six weeks, $IWM is primed for a large move or trend in either direction.
Quote of the Day
βIt's not what you buy, it's what you pay. Success in investing doesn't come from buying good things but from buying things well. If you don't know the difference, you're in the wrong business.β
β Justin Mamis
Top Links
$SPX 5000! ... wait ... almost ... there it is! - Trading Adventures
Andy Moss highlights some key takeaways from this week's price action.
All-Time Highs in the Stock Market are Usually Followed by More All-Time Highs - A Wealth of Common Sense
Ben Carlson examines the tendency for the market to continue higher after reaching all-time highs.
Three Charts β Could China be Close to a Bottom? - LPL Financial Research
Adam Turnquist shares his outlook on Chinese equities.
Welcome to the Year of the Dragon and Why We Remain Cautious on China - Carson Research
Ryan Detrick looks at how the S&P 500 has historically performed in the year of the Dragon.
Top Tweets