Daily Chart Report ๐ Monday, February 12, 2024
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Todayโs Summary
Monday, February 12, 2024
Indices: Russell 2000 +1.75% | Dow +0.33% | S&P 500 -0.10% | Nasdaq -0.44%
Sectors: 8 of the 11 sectors closed higher. Utilities led, gaining +1.16%. Technology lagged, falling -0.76%.
Commodities: Crude Oil futures were flat (+0.10%) at $76.92 per barrel. Gold futures fell -0.28% $2,033 per oz.
Currencies: The US Dollar Index was flat (+0.05%) at $104.13.
Crypto: Bitcoin rose +3.36% to a two-year high of $49,937. Ethereum gained +6.07% to a new 52-week high of $2,660.
Volatility: The Volatility Index jumped +7.89% to 13.94.
Interest Rates: The US 10-year Treasury yield was unchanged at 4.181%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by @Dash_charts.
- The S&P 500 has gained +22% since the Oct. 27th lows and hasnโt even pulled back more than -2% on a closing basis.
- The index is well overdue for some sort of pullback, consolidation, or correction, and history suggests it could begin this week.
- Using a 50-year seasonal composite of the S&P 500 (red), Dash points out that the index has historically hit a short-term peak in mid-February before bottoming in mid-March.
The next month has historically been weak, but strength tends to return in April-Julyโฆ Sell Valentineโs Day, Buy St. Pattyโs Day?
Quote of the Day
"Luck is a dividend of sweat. The more you sweat, the luckier you get."
โ Ray Kroc
Top Links
February Strategy Session: 3 Key Takeaways - All Star Charts
The team at All Star Charts highlights three things to watch in the coming weeks.
Equity Rally Should Last Through The End of The Quarter, Says Renaissance Macroโs DeGraaf - CNBC
Jeff deGraaf of Renaissance Macro Research shares his thoughts on the S&P 500, Regional Banks, and more.
Sell the Super Bowl? - The Weekly Trend Podcast
David Zarling and Ian McMillan discuss the relentless rally, Small-Caps breadth, and more.
Bitcoin Reclaiming $50,000 - Bespoke
Bespoke points out that Bitcoin is entering rare air, as it's only traded above $50k for 5.5% of its life.