Daily Chart Report 📈 Wednesday, February 14, 2024
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Today’s Summary
Wednesday, February 14, 2024
Indices: Russell 2000 +2.44% | Nasdaq +1.18% | S&P 500 +0.96% | Dow +0.40%
Sectors: 9 of the 11 sectors closed higher. Industrials led, gaining +1.67%. Consumer Staples lagged, falling -0.19%.
Commodities: Crude Oil futures fell –1.58% to $76.64 per barrel. Gold futures inched lower by -0.14% $2,004 per oz.
Currencies: The US Dollar Index fell -0.14% to $104.71.
Crypto: Bitcoin rose +4.27% to a two-year high of $51,844. Ethereum gained +5.15% to a new 52-week high of $2,778.
Volatility: The Volatility Index dropped -9.15% to 14.39.
Interest Rates: The US 10-year Treasury yield fell to 4.259%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by Ryan Detrick (@RyanDetrick).
- The S&P 500 is currently up +4.85% YTD. The next few weeks have historically been bearish. However, in the spirit of Valentine’s Day, Ryan gives the bulls a reason to love this market.
- When the S&P 500 has been up more than +4% by Valentine’s Day, the year has finished positive 93% of the time for an average gain of +13.3%. That’s almost 2x better than the average annual gain of +7.5%.
- “The Valentine’s Day Indicator,” as Ryan calls it, has been even stronger than usual recently. The past six times have all finished up more than +10%, for an impressive average gain of +17%.
The takeaway: The S&P 500 has historically been weak from now until St. Patty’s Day. However, the year has rarely ended lower after such a solid start.
Quote of the Day
“When you feel like bragging,
it’s probably time to sell.”
– John Neff
Top Links
S&P 500 Could Be in for a Disappointing Holiday Week – Schaeffer’s Investment Research
Rocky White examines how the S&P 500 and its components have historically fared around President’s Day.
Here’s When You Will Know the Stock Market Has Peaked, According to Fundstrat – Business Insider
Tom Lee shares his thoughts on market sentiment.
The One Level to Track for an Accelerating Dollar – All Star Charts
Ian Culley examines the outlook for the US Dollar after its recent bounce.
A Full Deck for Bitcoin – Bespoke
Bespoke looks at Bitcoin sentiment.
Treasury Bond Yields Reverse Higher Off Key Fibonacci Level! – Kimble Charting Solutions
Chris Kimble breaks down the recent rebound in Treasury yields.
Top Tweets
You’re all caught up now. Thanks for reading!