Daily Chart Report 📈 Monday, March 11 2024
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Today’s Summary
Monday, March 11, 2024
Indices: Dow +0.12% | S&P 500 -0.11% | Nasdaq 100 -0.37% | Russell 2000 -0.81%
Sectors: 4 of the 11 sectors closed higher. Real Estate led, gaining +1.18%. Technology lagged, falling -1.49%.
Commodities: Crude Oil futures inched lower by -0.10% to $77.93 per barrel. Gold futures rose for the eighth day, inching higher by +0.14% to an all-time high of $2,189 per oz.
Currencies: The US Dollar Index rose +0.11% to $102.85.
Crypto: Bitcoin rose for the sixth day, gaining +4.48% to an all-time high of $72,118. Ethereum rose +4.75% to a two-year high of $4,067.
Volatility: The Volatility Index rose +3.26% to 15.21.
Interest Rates: The US 10-year Treasury yield rose to 4.100%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by Brian Bond (@BrianBond).
- The S&P 500 was virtually unchanged today (-0.11%), but Brian points out that one popular breadth metric broke out to multi-year highs.
- As of today's close, 82.2% of S&P 500 stocks are above their 200-day moving averages — the highest since September 2021. The index peaked at 96.8% in April 2021 and deteriorated for eight months into the 2022 peak.
- Breadth usually deteriorates or diverges into a major market top, as seen in 2020 and 2022. However, breadth is currently expanding and confirming the recent strength.
The takeaway: The internals of the S&P 500 have meaningfully improved. Breadth is expanding and confirming the uptrend.
Quote of the Day
“Although there are good and bad companies, there is no such thing as a good stock; there are only good stock prices, which come and go.”
– Benjamin Graham
Top Links
Strategas' Chris Verrone Names These Sectors as Being on the Verge of a Breakout - CNBC
Chris Verrone discusses sector rotation within the market.
It's a Bull Market for Gold - All Star Charts
JC Parets looks at the relationship between Bitcoin and Gold.
Is the U.S. Dollar Quietly Forming a Bearish Topping Pattern? - Kimble Charting Solutions
Chris Kimble examines the outlook for the US Dollar Index ($DXY).
Room for Nvidia’s stock to consolidate and absorb momentum, says Renaissance Macro’s deGraaf - CNBC
Jeff deGraaf offers his thoughts on Nvidia ($NVDA).
And One More Thing About Nvidia - The Irrelevant Investor
Michael Batnick highlights some of the wild things going on with Nvidia ($NVDA).