Daily Chart Report 📈 Thursday, March 14, 2024

March 14, 2024

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Today’s Summary
Thursday, March 14, 2024

Indices: S&P 500 -0.29% | Nasdaq 100 -0.30% | Dow -0.35% | Russell 2000 -1.96%

Sectors: 2 of the 11 sectors closed higher. Energy led, gaining +1.03%. Real Estate lagged, falling -1.41%.

Commodities: Crude Oil futures rose +1.93% to a four-month high of $81.26 per barrel. Gold futures fell -0.61% to $2,168 per oz.

Currencies: The US Dollar Index rose +0.55% to $103.36.

Crypto: Bitcoin fell -2.39% to $71,371. Ethereum dropped -3.16% to $3,881.

Volatility: The Volatility Index rose +4.73% to 14.39.

Interest Rates: The US 10-year Treasury yield rose to 4.292%.

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

Chart of the Day

Changing of the guard. $MSFT $AAPL pic.twitter.com/OnTyVAAFGP
— Sam Gatlin (@sam_gatlin) March 14, 2024

🏆 Today’s Chart of the Day was shared by Sam Gatlin (@sam_gatlin).

$MSFT broke out to an all-time high today, while $AAPL remains in a corrective phase -12.7% from its December peak..

$AAPL dominated $MSFT after the dot-com bubble for over a decade, but its relative performance peaked in 2012, and it’s been a fair fight ever since. Sam points out that $MSFT is slowly emerging as the winner.

The ratio ($MSFT/$AAPL) closed at a four-year high today after carving out a potential multi-year bottom.

The takeaway: $MSFT has already surpassed $AAPL as the largest stock in the S&P 500, but its leadership could become even more pronounced if this ratio clears its 2019 peak.

Quote of the Day

“Once a boom is well started, it cannot be arrested. It can only be collapsed.”

– John Kenneth Galbraith

Top Tweets

There have only been three other years since 1953 that there were more record-closing highs in the first 50 trading days of the year. pic.twitter.com/zKQP1tsvAc
— Bespoke (@bespokeinvest) March 14, 2024

Active managers had less than 25% exposure to equities in late October when the S&P 500 was at 4,100.

Today their equity exposure has jumped to 104% (leveraged long) with the S&P 500 above 5,100. This is their highest exposure since Nov 2021. pic.twitter.com/HZGa9LFg3z
— Charlie Bilello (@charliebilello) March 14, 2024

$IWM struggling with the intermediate-term 205 area... pic.twitter.com/f7FltaB4Ia
— Ian McMillan, CMT (@the_chart_life) March 14, 2024

$IWM ugly bearish RSI divergence. Watch that $198 level. pic.twitter.com/B1P5RG5kiF
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) March 14, 2024

A key for the $SMH's continued strength has been seeing bearish patterns fail.

The latest test on the 2-hr chart: pic.twitter.com/6DMv5TeFQf
— Frank Cappelleri (@FrankCappelleri) March 14, 2024

October seems so long ago pic.twitter.com/ScW2gLZ9tl
— Austin Harrison, CFA, CMT (@meanstoatrend) March 14, 2024

Holy moly, someone loves the semiconductor ETF $SMH, just took in $1.6b about double its old record, which is saying a lot bc this thing is like 12yrs old. Smells like model spirit. Buying in big at basically ATHs. Let's go. pic.twitter.com/iCPEfqBGEZ
— Eric Balchunas (@EricBalchunas) March 14, 2024

Five S&P 500 sectors have set record highs in 2024. Seven sectors now trade within 5% of their all-time highs, the most since January 2022. Energy has by far gone the longest without setting a new high but is now just 7.2% below its June 2014 record. pic.twitter.com/DEz8jW1t6Y
— Rob Anderson (@_rob_anderson) March 14, 2024

If you really want to know the leader in this inflationary & rate-hiking cycle, take a look at S&P sector performance since 2020 lows

There lies the last 4 years of performance data

It may surprise you, it may not pic.twitter.com/QacI8gDMDs
— Dash, CMT, CFP (@Dash_charts) March 14, 2024

I’ve been seeing a few charts of the Invesco agriculture fund $DBA floating around recently, but none have highlighted how important this long-term breakout is. I guess food inflation isn’t going anywhere but up. pic.twitter.com/6M6T8fVWyh
— Ross J Brown (@RJB_Financial) March 14, 2024

#bonds

Well Mr "BOND"...still working on it? pic.twitter.com/hfUAeas3fi
— conradseric, CMT, CAIA, CEFA (@conradseric) March 14, 2024

Breakout in $MSFT pic.twitter.com/WkL8SHCtfK
— Peter Brandt (@PeterLBrandt) March 14, 2024

$MSFT range breakout to new all-time highs. A good look for tech and AI stocks. A top 3 AI mega cap. <holding this long from lower> pic.twitter.com/FLpvd8QJi2
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) March 14, 2024

The $TSLA bear market rally from 100 to 300 was/is devastating for both sides of the market. Bears were killed on the 3x move that served to convince bulls the long-term trend was still up.
That the 1st half of 2023 was a only bear market rally will become more obvious below 152 pic.twitter.com/QGqHz8qX88
— Chris Carolan $=1/∞ (@spiralcal) March 14, 2024

Shorts got roasted on the way up.

Not too many still around for the party.$TSLA pic.twitter.com/ad3tWEtZyw
— David Rath, CMT, CFA (@DJwrath) March 14, 2024

Tesla is now down over -30% since the stock was added to the S&P 500 back in December of 2020. 🔻 $TSLA pic.twitter.com/0Bz1PXhrPp
— TrendSpider (@TrendSpider) March 14, 2024

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

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Daily Chart Report 📈 Thursday, March 14, 2024

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