Daily Chart Report 📈 Thursday, February 22, 2024
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Today’s Summary
Thursday, February 22, 2024
Indices: Nasdaq 100 +3.01% | S&P 500 +2.11% | Dow +1.18% | Russell 2000 +0.96%
Sectors: 10 of the 11 sectors closed higher. Technology led, gaining +3.27%. Utilities lagged, falling -0.77%.
Commodities: Crude Oil futures rose +0.90% to $78.61 per barrel. Gold futures fell -0.18% to $2,031 per oz.
Currencies: The US Dollar Index inched lower by -0.05% at $103.95.
Crypto: Bitcoin fell -1.14% to $51,253. Ethereum was unchanged at $2,968.
Volatility: The Volatility Index dropped -5.34% to 14.53.
Interest Rates: The US 10-year Treasury yield inched higher to 4.327%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by Alfonso Depablos (@AlfCharts).
- Nvidia ($NVDA) carried the market on its back today, but it’s not the only stock that could sustain the current rally in the broader market.
- Advanced Micro Devices ($AMD) has become the 25th largest stock in the S&P 500 and the 10th largest in the Nasdaq 100. It’s no Magnificent 7 stock, but Alfonso points out it could bolster the indices.
- $AMD broke out to a record high today after spending the past month consolidating above its 2021 peak. It’s emerging from a 2-year base after recovering from a -65% drawdown. It’s resuming its long-term uptrend and the next Fibonacci extension is nearly +30% higher at $232.
The takeaway: Nvidia ($NVDA) is the market’s new messiah, but it’s not the only game in town. There are fresher breakouts in progress that offer better risk/reward.
Quote of the Day
“One short-term swing trader’s bear market is another long-term trend follower’s oversold uptrend.”
– David Lundgren
Top Links
The AI Boom Continues - Trading Adventures
Andy Moss looks at some of this week's top technical developments.
The Winner’s Circle - Investopedia
David Lundgren identifies three characteristics of long-term trends.
5 Factors That Would Cause a Market Decline - CappThesis
Frank Cappelleri examines the recent price action in the S&P 500 and what might spark a bearish reversal.
ETFs & Markets with Todd Sohn: Concentration Risk for Growth ETFs - Strategas Asset Management
Todd Sohn looks at the extreme outperformance from Growth relative to Value.
Bespoke's Morning Lineup - Bespoke
Bespoke compares the 34-year base in Japan's Nikkei 225 index to the 25-year base in the S&P 500 after the Great Depression.
Top Tweets
You’re all caught up now. Thanks for reading!