Daily Chart Report ๐ Wednesday, March 6, 2024
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Todayโs Summary
Wednesday, March 6, 2024
Indices: Russell 2000 +0.70% | Nasdaq +0.67% | S&P 500 +0.51% | Dow +0.20%
Sectors: 10 of the 11 sectors closed higher. Utilities led, gaining +0.96%. Consumer Discretionary was the only negative sector, falling -0.36%.
Commodities: Crude Oil futures rose +1.25% to $79.13 per barrel. Gold futures rose for the fifth day, gaining +0.76% to an all-time high of $2,158 per oz.
Currencies: The US Dollar Index dropped -0.40% to $103.35.
Crypto: Bitcoin rose +3.64% to $66,120. Ethereum gained +7.37% to a two-year high of $3,822.
Volatility: The Volatility Index rose +0.43% to 14.51.
Interest Rates: The US 10-year Treasury yield dropped to 4.106%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Chris Verrone (@verrone_chris).
- Apple Inc. ($AAPL) is rotting away, closing at a four-month low today. Itโs fallen for six straight days, losing nearly -7% during that time. It hasnโt booked a seven-day losing streak since Jan. โ22, but it could tomorrow.
- Itโs making new 52-week lows relative to the S&P 500, as shown in the ratio chart above ($AAPL/$SPX). Frank points out that RSI hit an all-time low today, indicating extreme relative weakness.
- The S&P 500 has held up remarkably well despite $AAPL being its second-largest component. Itโs +7.3% YTD and barely off its peak, while $AAPL is -12% YTD and -14.6% from its peak.
The takeaway: $AAPL has been extremely weak in absolute and relative terms. While this juggernaut corrects, other areas of the S&P 500 have picked up the slack, including Industrials, Financials, and, of course, $NVDA. Bull markets thrive on rotation; perhaps that's what we're seeing.
Quote of the Day
โMillions saw the apple fall, but Newton was the only one who asked why.โ
โ Bernard Baruch
Top Links
Is a Steadying S&P 500 Uptrend Remarkable? - Schaeffer's Investment Research
Rocky White examines the four-month rally in the S&P 500.
After the Stock Market Declines 1% in a Single Day - CappThesis
Frank Cappelleri analyzes recent price action in the S&P 500.
Semis in Uncharted Territory - Bespoke
Bespoke highlights the continued strength of Semiconductor stocks.
I Used to Be a Gold Bug - All Star Charts
JC Parets shares his thoughts on Gold as it continues to print record highs.
Aggressive and Contrarian Moves + Semiconductor Influence - Strategas Asset Management
Todd Sohn discusses the growing influence of semiconductors in the major indices.