Daily Chart Report π Wednesday, February 28, 2024
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Todayβs Summary
Wednesday, February 28, 2024
Indices: Dow -0.06% | S&P 500 -0.17% | Nasdaq 100 -0.54% | Russell 2000 -0.77%
Sectors: 7 of the 11 sectors closed higher. Real Estate led, gaining +1.28%. Communications lagged, falling -0.68%.
Commodities: Crude Oil futures fell -0.42% to $78.54 per barrel. Gold futures were flat at $2,043 per oz.
Currencies: The US Dollar Index rose +0.11% to $103.92.
Crypto: Bitcoin jumped +9.54% to a two-year high of $62,512. Ethereum rose +4.40% to $3,387.
Volatility: The Volatility Index rose +3.06% to 13.83.
Interest Rates: The US 10-year Treasury yield fell to 4.266%.
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 Caleb Franzen (@CalebFranzen).
- Bitcoin surged +9.5% to $62,500 today, closing just -7% below record highs.
- Itβs completing a two-year base within a very strong uptrend. It peaked in November 2021, and lost three-quarters of its value over the next year, before bottoming shortly after the FTX scandal in December 2022.
- The party started over a year ago, but things could start to get loud now that hodlrs are whole again. As Caleb points out, Bitcoin has a habit of accelerating higher after emerging from these bases.
The takeaway: The strongest uptrend in the world is trying to resume. Bitcoin is completing a two-year base after a -75% drawdown. Breaking out of this base would open the door to $100,000 and beyond..
Quote of the Day
"I don't care,
just please stop talking about this shit (Bitcoin) β
β Jamie Dimon
Top Links
DJIA and S&P 500 Down 15 of Last 19 on February's Last Day - Almanac Trader
Jeff Hirsch points out that the last day of February has historically leaned bearish.
Beware of February 29th - Bespoke
Bespoke looks at how the market has performed on Leap Day (Feb. 29th)
Do or Die Time - All Star Charts
Alfonso Depablos highlights the recent bounce from some of the beaten-down areas of the market.
Large Caps Are Lapping Small Caps: What it Could Mean
Rocky White examines the large performance gap between Small-Caps and Large-Caps.