Daily Chart Report π Friday, March 8, 2024
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Todayβs Summary
|Friday, March 8, 2024
Indices: Russell 2000 β0.10% | Dow -0.18% | S&P 500 -0.65% | Nasdaq 100 -1.53%
Sectors: 4 of the 11 sectors closed higher. Real Estate led, gaining +1.18%. Technology lagged, falling -1.49%.
Commodities: Crude Oil futures fell -1.17% to $78.01 per barrel. Gold futures rose for the seventh day, gaining +0.94% to an all-time high of $2,186 per oz.
Currencies: The US Dollar Index inched lower by -0.06% to $102.74.
Crypto: Bitcoin rose +2.01% to $68,285. Ethereum gained +0.44% to a two-year high of $3,893.
Volatility: The Volatility Index rose +2.08% to 14.73.
Interest Rates: The US 10-year Treasury yield inched lower to 4.079%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by David Keller (@DKellerCMT).
- Investors feel much more optimistic now than at the end of October, thanks to a +24.4% rally in the S&P 500.
- According to the AAII Sentiment Survey, the percentage of bulls has doubled from 23.4% at the end of October to 51.7% this week.
- David points out that this is the 11th time bulls have exceeded 50% since the 2009 low. Three of them have occurred in the past year! Only 2 of the 11 were significant tops, while the other 9 occurred mid-cycle.
The takeaway: Sentiment matters at extremes, but itβs more of a condition than a signal. Humphrey B. Neill once said it best β βThe public is often right during the trends, but wrong at both ends.β
Quote of the Day
βBull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.β
β Sir John Templeton
Top Links
Semis Drop the Mic β Bespoke
Bespoke examines the unusually strong rally in Semiconductors ($SOX).
Gold & Bitcoin Shine While Large Cap Tech is Heavy β Trade Risk
Evan Medeiros breaks down this weekβs price action.
Historic Base Breakout Coming β All Star Charts
JC Parets points out that Bitcoin is resolving out of a multi-year base again.
Who Does the Market Want to Win the Election? β LPL Financial Research
Adam Turnquist looks at how elections impact the S&P 500 and vice versa.
Will it End Badly? β The Compound and Friends
Todd Sohn joins Josh Brown and Michael Batnick to discuss ETFs, $NVDA, Small Caps, and more.
Top Tweets
Youβre all caught up now. Thanks for reading!