Daily Chart Report π Friday, March 1, 2024
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Todayβs Summary
Friday, March 01, 2024
Indices: Nasdaq +1.44% | Russell 2000 +1.05% | S&P 500 +0.80% | Dow +0.23%
Sectors: 9 of the 11 sectors closed higher. Technology led, gaining +1.83%. Utilities lagged, falling -0.61%.
Commodities: Crude Oil futures rose +2.19% to a three-month high of $79.97 per barrel. Gold futures gained +2.00% to an all-time high of $2,096 per oz.
Currencies: The US Dollar Index fell -0.25% to $103.89.
Crypto: Bitcoin gained +2.10% to $62,431. Ethereum rose +2.73% to $3,433.
Volatility: The Volatility Index fell -2.02% to 13.12.
Interest Rates: The US 10-year Treasury yield fell to 4.184%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Walter Deemer (@WalterDeemer).
- The Russell 2000 ($IWM) outperformed this week, closing at a 22-month high. It remains nearly -15% from its peak, but Walter points out it's trying its best to recover..
- $IWM initially broke out of a two-year range in mid-December after clearing resistance around $200, but it's been consolidating ever since.
- It's approaching potential resistance at $210, which served as support numerous times throughout 2021 before breaking down in 2022. Reclaiming $210 would open the door to record highs. The Russell 2000 outperformed this week, closing at a 22-month high. It's approaching potential resistance at $210, but clearing this near-term hurdle would open the door to the promised land (all-time highs).
The takeaway: The Russell 2000 outperformed this week, closing at a 22-month high. It's approaching potential resistance at $210, but clearing this near-term hurdle would open the door to the promised land (all-time highs).
Quote of the Day
"Bull markets are more fun than bear markets.β
β Bob Farrell
Why Stocks Up In Both January And February Is Quite Bullish - Carson Group
Ryan Detrick looks at how the rest of the year has historically fared after a positive start to the year.
Stock Market Analysis Latest - New cycle highs for DIA, SPY, IWM, NDX, BTC, and GLD - March 01, 2024 - Trade Risk
Evan Medeiros reviews this week's price action.
Crude Oil Up 2 Months in a Row For 2024 - All Star Charts
JC Parets points out that Crude oil is firming up.
Is It Time to Load Up on Small Caps?
Chris Ciovacco examines the outlook for Small Caps.
The Best and Worst Stocks of 2024 - Bespoke
Bespoke breaks down the winners and losers of the S&P 500 in February.