Daily Chart Report π Wednesday, March 13, 2024
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Todayβs Summary
Wednesday, March 13, 2024
Indices: Russell 2000 +0.30% | Dow +0.10% | S&P 500 -0.19% | Nasdaq 100 -0.83%
Sectors: 7 of the 11 sectors closed higher. Energy led, gaining +1.60%. Technology lagged, falling -1.08%.
Commodities: Crude Oil futures rose +2.78% to $79.72 per barrel. Gold futures gained +0.68% to $2,181 per oz.
Currencies: The US Dollar Index fell -0.13% to $102.79.
Crypto: Bitcoin rose +2.31% to an all-time high of $73,121. Ethereum rose +0.69% to $4,008.
Volatility: The Volatility Index fell -0.65% to 13.74.
Interest Rates: The US 10-year Treasury yield rose to 4.192%
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Louis Spector (@EastCoastCharts).
- The S&P 500 hasnβt had a -2% down day in over a year. 266 trading days, to be more exact.
- That might sound unsustainable, but Louis points out that this streak could last 2x or 3x longer before breaking any records.
- This has happened 15 times since 1950 (over 250 trading days without a -2% down day). Seven made it past 500 trading days, and four made it past 700 trading days. The index was almost always higher one year later (14 of 15 times), with one notable exception.
The takeaway: Itβs been over a year since the S&P 500 fell -2% in a day. That might sound unsustainable, but history shows this can continue much longer.
Quote of the Day
βPeople should like something less when its price rises, but in investing, they often like it more.β
β Howard Marks
Top Links
Tech Sector Outlook - Grindstone Intelligence
Austin Harrison looks inside the Technology sector.
Consumer Discretionary Stocks XLY Near Buy Point 3/13/24 - Alphatrends
Brian Shannon breaks down the Consumer Discretionary sector in four timeframes.
Nvidia Stock Price Reverses Lower From Important Fibonacci Level! - Kimble Charting Solutions
Chris Kimble points out that $NVDA is stalling at a key Fibonacci level.
Get Used to a Range-Bound Dollar - All Star Charts
Ian Culley examines the outlook for the US Dollar ($DXY).