Daily Chart Report π Thursday, February 29, 2024
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Todayβs Summary
Thursday, February 29, 2024
Indices: Nasdaq +0.95% | Russell 2000 +0.71% | S&P 500 +0.52% | Dow +0.12%
Sectors: 8 of the 11 sectors closed higher. Technology led, gaining +1.11%. Healthcare lagged, falling -0.82%.
Commodities: Crude Oil futures fell -0.36% to $78.26 per barrel. Gold futures gained +0.59% at $2,055 per oz.
Currencies: The US Dollar Index rose +0.22% to $104.15.
Crypto: Bitcoin dropped -2.16% to $61,161. Ethereum fell -1.33% to $3,342.
Volatility: The Volatility Index dropped -3.18% to 13.39.
Interest Rates: The US 10-year Treasury yield fell to 4.252%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by David Settle (@davidsettle).
- The S&P 500 hasnβt had a -2% pullback (on a closing basis) since its October low, gaining +23.7% over 83 trading days.
- David points out that +23.7% is the largest gain for the S&P 500 without a -2% pullback in the past two decades.
- However, itβs not the longest. In a comment to The Chart Report, David explained β βThe S&P 500 went 110 days without a -2% pullback in 2017/2018, 115 days in 2016 after the election, and 149 days in 2006 when the Fed stopped hiking rates.β
The takeaway: The current rally is starting to defy history, but bulls should welcome a mild pullback, as it would be a healthy reset.
Quote of the Day
βWhen the train leaves the station, it doesn't back up to let latecomers on. If it does, there's something wrong with the train."
β Walter Deemer
A 5% February: What Worked and What Didn't - Bespoke
Bespoke breaks down February's performance.
2 Under-Performing Stock Market Indices Eye Fibonacci Breakouts - Kimble Charting Solutions
Chris Kimble highlights the breakout in the Russell 2000 and the Value Line Geometric Index.
Is Energy Due for a Rebound? - LPL Financial Research
Adam Turnquist explains why the Energy sector could perk up soon.
No One is Prepared for This - All Star Charts
JC Parets points out that Crude Oil is breaking out relative to the S&P 500.
S&P 500 Best on First Trading Day of March Last 24-Years - Almanac Trader
Jeff Hirsch examines how stocks have historically performed on the first trading day of March.