Daily Chart Report ๐ Tuesday, February 27, 2024
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Todayโs Summary
Monday, February 27, 2024
Indices: Russell 2000 +1.34% | Nasdaq +0.21% | S&P 500 +0.17% | Dow -0.16%
Sectors: 9 of the 11 sectors closed higher. Utilities led, gaining +1.89%. Energy lagged, dropping -0.43%.
Commodities: Crude Oil futures rose +1.66% to $78.87 per barrel. Gold futures rose +0.26% to $2,044 per oz.
Currencies: The US Dollar Index was flat (+0.02%) at $103.80.
Crypto: Bitcoin rose +4.67% to a multi-year high of $57,068. Ethereum gained +2.08% to $3,244.
Volatility: The Volatility Index fell -2.26% at 13.42.
Interest Rates: The US 10-year Treasury yield rose to 4.303%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Steve Strazza (@sstrazza).
- The SPDR Biotech ETF ($XBI) jumped +5.7% today, marking its best day since November 2022. More importantly, it closed at a fresh two-year high after shattering resistance at $94.
- Steve points out that $XBI broke out with โauthorityโ today, forming a Breakaway Gap. This occurs when price gaps above a well-defined resistance level. Theyโre the most bullish kind of breakout, representing a decisive resolution. Breakaway Gaps shouldnโt get filled. Theyโre often found at the start of a new uptrend or as price breaks out of a range.
- $XBI is also resolving higher relative to the S&P 500, suggesting Biotech is likely to outperform. This is a positive display of risk appetite for stocks, as Biotech is one of the more risk-on industry groups.
The takeaway: Biotech ($XBI) is up +8.6% this week, and itโs only Tuesday. This is what a momentum thrust looks like. It viciously broke out of a two-year trading range in the most bullish way possible today, and it looks poised to outperform the S&P 500.
Quote of the Day
"Markets are never wrong,
only opinions are."
โ Jesse Livermore
Top Links
Stock Market Momentum: Why it's Working and When it Will Stop - CappTheisis
Frank Cappelleri analyzes the recent patterns and price action in the S&P 500.
Making Money w/ Charles Payne - Fox Business - Fox Business
Jeff Hirsch discusses March seasonality and more.
Semiconductors ETF Rally Reaches Historic Dual Price Resistance/Breakout Level! - Kimble Charting Solutions
Chris Kimble points out that the Semiconductors are testing a potential inflection point after an incredible run.
The Case For and Against Dividend ETFs - Of Dollars and Data
Nick Maggiulli weighs the positives and negatives of dividend ETFs.
Democratic (NANC) Trading Trumps Republicans (KRUZ) - Bespoke
Bespoke compares two recently issued ETFs that track the investments of Democrat ($NANC) and Republican ($KRUZ) members of congress.
Top Tweets
Youโre all caught up now. Thanks for reading!