Daily Chart Report π Friday, February 23, 2024
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Todayβs Summary
Friday, February 23, 2024
Indices: Dow +0.16% | Russell 2000 +0.14% | S&P 500 +0.03% | Nasdaq 100 -0.37%
Sectors: 7 of the 11 sectors closed higher. Utilities led, gaining +0.68%. Energy lagged, falling -0.66%.
Commodities: Crude Oil futures dropped -2.70% to $76.49 per barrel. Gold futures rose +0.92% to $2,049 per oz.
Currencies: The US Dollar Index was flat at $103.96.
Crypto: Bitcoin fell -1.00% to $50,743. Ethereum fell -1.56% to $2,922.
Volatility: The Volatility Index dropped -5.44% to 13.74.
Interest Rates: The US 10-year Treasury yield dropped to 4.252%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
πTodayβs Chart of the Day was shared by Steve Deppe (@SJD10304).
- With only four trading days remaining in February, the S&P 500 is up +5.0%, putting it on track to achieve a four-month winning streak.
- Steve points out that when the index enters March with a four-month winning streak (or more), it has always continued higher in the remaining ten months of the year by an average of +14.6%.
- The lack of downside volatility is even more impressive. Pullbacks have generally been mild, with an average drawdown of -3.5% over the next 12 months.
The takeaway: This is just one of many data points to consider, and history doesnβt have to repeat itself. But, since the 1950s, this has consistently led to above-average gains with mild pullbacks in the remainder of the year.
Quote of the Day
"Sometimes failure is merely chasing you off the wrong road and onto the right one."
β Paul Tudor Jones
Top Links
Stock Market Video Analysis for Week Ending February 23, 2024 - AlphaTrends
Brian Shannon analyzes this week's price action and identifies some key levels for next week.
March: Historically Solid, but Plagued by Steep Losses in Election Years 1980 & 2020 - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in March.
S&P 500 & Nasdaq-100 Rally on Nvidia (NVDA) Earnings - Schwab Network
Jerry Parker offers his thoughts on the dominant trends in the market.
Is the Equal Weight S&P 500 About to Get Even? - LPL Financial Research
Adam Turnquist points out that the Equal Weight S&P 500 is flirting with all-time highs.
Lumber Futures Take Root - All Star Charts
Ian Cully points out that Lumber futures are attempting to break out.
Top Tweets
Couple these datapoints with the fact that the equal-weight version of the S&P 500 $RSP just hit the highest levels since January 14th and it's clear that stocks are participating in the upside.
If they weren't, $RSP wouldn't be bringing out.
In fact, it would be breaking down. pic.twitter.com/tDkWlEJWKS
β Caleb Franzen (@CalebFranzen) February 23, 2024
Youβre all caught up now. Thanks for reading!