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Daily Chart Report 📈 Monday, March 4, 2024

March 4, 2024

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Today’s Summary
Monday, March 04, 2024

Indices: Russell 2000 -0.10% | S&P 500 -0.12% | Dow -0.25% | Nasdaq -0.42%

Sectors: 6 of the 11 sectors closed higher. Utilities led, gaining +1.69%. Consumer Discretionary lagged, falling -1.35%.

Commodities: Crude Oil futures fell -1.54% to $78.74 per barrel. Gold futures gained +1.46% to an all-time high of $2,126 per oz.

Currencies: The US Dollar Index ticked lower by just -0.05% to $103.84.

Crypto: Bitcoin rose +8.26% to an all-time high of $68,359. Ethereum rose +4.13% to a two-year high of $3,634.

Volatility: The Volatility Index rose +2.74% to 13.48.

Interest Rates: The US 10-year Treasury yield rose to 4.217%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

🏆 Today’s Chart of the Day was shared by Phil Pearlman (@ppearlman).

  • Bitcoin officially closed at an all-time high of $68,359 today after rising +8.3%. It’s completed a two-year base within a strong primary uptrend after recovering from a -75% drawdown. If this breakout holds, Bitcoin could easily reach six figures this cycle.
  • From Warren Buffett to Jamie Dimon, some of the smartest minds in finance have repeatedly dismissed Bitcoin as a bubble. But as Phil points out, this thing refuses to go away. It’s much easier to call it a bubble than it is to understand this new and complex market.
  • To be fair, it has gotten frothy in the past, and it’s hard to understand how an intangible digital asset of mysterious origin could be worth more than the average American’s salary. It’s lost over half its value five times in the past decade, but each subsequent recovery galvanizes the bulls.

The takeaway: Bitcoin broke out to an all-time high today for the first time in more than two years. It’s easy to call Bitcoin a bubble, but bubbles don’t persistently recover to all-time highs like this after they pop.

Quote of the Day

“A bubble is a bull market in which you don’t have a position.”

– Bob Farrell

March Madness – Trading Adventures
Andy Moss highlights some key developments to watch this week.

Bitcoin Elevates – Bespoke
Bespoke examines the breakout in Bitcoin.

Jeff deGraaf Says This High Momentum Market Hasn’t Become Dangerous…Yet – CNBC
Jeff deGraaf explains why he thinks the rally still has legs.

A Deep Dive on Industrials – All Star Charts
Alfonso Depablos looks into the Industrial sector ($XLI).

The Fear of Missing Out – The Irrelevant InvestorMichael Batnick shares his thoughts on the risk-on environment we’re currently in.

Top Tweets

You’re all caught up now. Thanks for reading!