Daily Chart Report 📈 Tuesday, February 20, 2024
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Today’s Summary
Tuesday, February 20, 2024
Indices: Dow -0.17% | S&P 500 -0.60% | Nasdaq 100 -0.79% | Russell 2000 -1.41%
Sectors: 1 of the 11 sectors closed higher. Consumer Staples led, gaining +1.05%. Technology lagged, falling -1.02%.
Commodities: Crude Oil futures fell -1.81% to $77.04 per barrel. Gold futures gained +0.78% $2,040 per oz.
Currencies: The US Dollar Index fell -0.22% at $104.05.
Crypto: Bitcoin rose +0.94% to a two-year high of $52,275. Ethereum gained +2.38% to a new 52-week high of $3,016.
Volatility: The Volatility Index gained +4.83% to 15.41.
Interest Rates: The US 10-year Treasury yield inched lower to 4.279%.
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 Jason Perz (@JasonP138).
- Bitcoin is currently trading at a two-year high of around $52k. It’s still down -23% from its peak, but there’s virtually no resistance preventing it from testing record highs.
- Jason points out that Bitcoin has been a solid leading indicator in recent years. It’s one of the most speculative assets out there, so its performance can tell us a lot about risk appetite and the broader market environment.
- This was especially true last year when it wasn’t as clear that we were in a new bull market. While many smart people warned of a recession, this speculative internet token steadily chugged higher, suggesting the economy was fine.
The takeaway: Bitcoin could realistically test record highs in the coming weeks after clearing every major resistance level. It has been a solid leading indicator and continues to scream “risk-on.”
Quote of the Day
“People often say there's lots of uncertainty, but when was there ever certainty in the markets, the economy, or the future? I'm just trying to understand the present.”
– Bill Miller
Top Links
Par for the Course After Presidents' Day - Bespoke
Bespoke points out that the Tuesday after Presidents' Day has historically been weak.
One Worry Right Now? The Calendar - Carson Group
Ryan Detrick highlights the seasonal headwinds that stocks are facing right now.
Equally-Weighted Indexes Back to 2021 Highs - All Star Charts
JC Parets shares his thoughts on the current market environment.
This Beaten-Down Magnificent Seven Stock is Poised to Regain Its Leadership Status - StockCharts.com
Mary Ellen McGonagle examines the outlook for Tesla ($TSLA)
Roses are Red - The Weekly Trend
David Zarling and Ian McMillan discuss some of the noteworthy technical developments across the markets.
Top Tweets
You’re all caught up now. Thanks for reading!