Daily Chart Report π Tuesday, February 13, 2024
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Todayβs Summary
Tuesday, February 13, 2024
Indices: Dow -1.35% | S&P 500 -1.37% | Nasdaq -1.58% | Russell 2000 -3.96%
Sectors: All 11 sectors closed lower. Health Care led but still fell -0.93%. Consumer Discretionary lagged, falling -1.99%.
Commodities: Crude Oil futures closed higher for the seventh consecutive day, rising +1.24% to $77.87 per barrel. Gold futures dropped -1.27% $2,007 per oz.
Currencies: The US Dollar Index rose +0.70% to a three-month high of $104.86.
Crypto: Bitcoin fell -0.43% to $49,720. Ethereum fell -0.68% to $2,642.
Volatility: The Volatility Index jumped +13.63% to 15.84.
Interest Rates: The US 10-year Treasury yield rose to a two-month high of 4.318%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Mark Ungewitter (@mark_ungewitter).
- The S&P 500 dropped -1.37% today, marking the second-worst day of 2024. It felt much worse because volatility has been absent since October, and the selling was notably broad today.
- The NYSE had over 90% downside volume today. Mark points out that itβs rare to see such selling pressure shortly after an all-time high.
- All four prior instances occurred as the market was losing momentum after an advance. It continued to make all-time highs in three of the four cases, but not for very long.The takeaway: The sample size is small, but this has historically been an ominous sign.
Quote of the Day
βThe public is often right during the trends but wrong at both ends."
β Humphrey B. Neill
Top Links
The CPI Sell-Off - CappThesis
Frank Cappelleri breaks down the recent price action in the S&P 500.
February Weak Seasonality & Frothy Market Selloff Sets Up Next Bull Leg - Almanac Trader
Jeff Hirsch examines the seasonally weak period that lies ahead.
Rug Pull Season > Football Season - All Star Charts
JC Parets highlights some of the bearish developments for stocks.
Natural Gas β February 12, 2024 - Bart's Charts
James Barelloni looks for potential support levels in Nat Gas ($UNG).