Daily Chart Report π Monday, February 26, 2024
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Todayβs Summary
Monday, February 26, 2024
Indices: Russell 2000 +0.61% | Nasdaq -0.02% | Dow -0.16% | S&P 500 -0.38%
Sectors: 3 of the 11 sectors closed higher. Energy led, gaining +0.35%. Utilities lagged, dropping -1.97%.
Commodities: Crude Oil futures rose +1.43% to $77.58 per barrel. Gold futures fell -0.51% to $2,039 per oz.
Currencies: The US Dollar Index fell -0.17% to $103.78.
Crypto: Bitcoin rose +5.42% to a multi-year high of $54,524. Ethereum gained +2.11% to $3,178.
Volatility: The Volatility Index was flat at 13.73.
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 Grant Hawkridge (@granthawkridge).
- 'The Golden Cross' often fails as a timing tool or trading signal, but every longer-term rally starts with a golden cross. You can't have a sustainable uptrend without the 50-DMA crossing above the 200-DMA.
- Grant points out that 73% of S&P 500 stocks are currently on a Golden Cross signal - the most since October 2021.
- It would be a red flag if this indicator were diverging, but it's hitting multi-year highs, confirming the uptrend in the S&P 500.
The takeaway: The S&P 500 is improving internally, and that's not bearish.
Quote of the Day
"The novice soon learns that stocks are likely to maintain an upward or downward trend for long periods of time with minor interruptions of the major trend.β
β Philip Carret
Top Links
Strategas' Chris Verrone Says, Health Care Will Lead the Next Market Rally - CNBC
Chris Verrone offers his thoughts on the current market environment and sector rotation.
Crypto Digging Out - Bespoke
Bespoke looks at recent price action in Bitcoin and Ethereum.
Banks Keep Struggling - All Star Charts
JC Parets points out that Regional Banks still can't catch a bid.
Why the Stock Market Will Keep Rallying in 2024 | TCAF 131 - The Compound
Ryan Detrick, Josh Brown, and Michael Batnick discuss the bull market, $NVDA and more.
Tapping the Fishbowl - The Weekly Trend
David Zarling and Ian McMillan discuss some of the notable technical developments across the markets.
Top Tweets
Youβre all caught up now. Thanks for reading!