Daily Chart Report π Friday, February 16, 2024
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Todayβs Summary
Friday, February 16, 2024
Indices: Dow -0.37% | S&P 500 -0.48% | Nasdaq 100 -0.90% | Russell 2000 -1.39%
Sectors: 3 of the 11 sectors closed higher. Materials led, gaining +0.53%. Communications lagged, falling -1.56%.
Commodities: Crude Oil futures rose +1.12% to $78.46 per barrel. Gold futures gained +0.46% $2,024 per oz.
Currencies: The US Dollar Index was flat at $104.28.
Crypto: Bitcoin rose +0.42% to $52,161. Ethereum fell -0.78% to $2,804.
Volatility: The Volatility Index rose +1.79% to 14.25.
Interest Rates: The US 10-year Treasury yield rose to 4.283%.
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 Brian G (@alphacharts).
- The S&P 500 is beginning to stray from its long-term moving average. Itβs up more than +10% from its 10-month moving average β the most stretched since July β23.
- While the S&P 500 is slightly stretched, Brian points out that it can stretch even further before mean reversion inevitably occurs.
- Brian notes: βAn overstretched market can go sideways (with internal rotation) while the MA catches up. Like RSI, persistently overstretched markets are a sign of a strong bull market. The MA is being pulled higher.β
The takeaway: The S&P 500 is getting stretched from its long-term moving average, but thatβs typical bull market behavior. Mean reversion is inevitable, but the index could move higher and stretch even further before that happens.
Quote of the Day
βMy system in life is to figure out what's really stupid and then avoid it. It doesn't make me popular, but it prevents a lot of trouble.β
β Charlie Munger
Top Links
Asset Class and Stock Performance Since 10/27/23 - Bespoke
Bespoke breaks down the winners and losers since the October '23 low.
Stock Market Video Analysis for Week Ending February 16, 2024 - Alphatrends
Brian Shannon analyzes this week's price action and identifies some key levels to watch next week.
Up 7 of Last 12 After Presidents' Day but Still Weak Long Term - Almanac Trader
Jeff Hirsch examines how stocks have historically performed after Presidents' Day weekend.
Time to Short Apple? - All Star Charts
JC Parets highlights the recent weakness in $AAPL.
Natural Gas Crashes Into Historic 25-Year Price Support - Kimble Charting Solutions
Chris Kimble looks at the crash in Nat Gas prices.