Daily Chart Report π Friday, March 15, 2024
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Todayβs Summary
Friday, March 15, 2024
Indices: Russell 2000 +0.40% | Dow -0.49% | S&P 500 -0.65% | Nasdaq 100 -1.15%
Sectors: 4 of the 11 sectors closed higher. Energy led for the third consecutive day, gaining +0.30%. Technology lagged, falling -1.51%.
Commodities: Crude Oil futures inched lower by -0.27% to $81.04 per barrel. Gold futures fell -0.28% to $2,162 per oz.
Currencies: The US Dollar Index inched higher by +0.08% to $103.45.
Crypto: Bitcoin fell -2.69% to $69,449. Ethereum dropped -3.57% to $3,743.
Volatility: The Volatility Index inched higher by +0.21% to 14.42.
Interest Rates: The US 10-year Treasury yield rose for the fifth consecutive day, ending the week at 4.310%.
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 Mike Zaccardi (@MikeZaccardi).
- The S&P 500 logged its first back-to-back weekly loss since October, but both weeks have been virtually unchanged (-0.26% and -0.13%), leaving the index just -0.39% below record highs.
- Mike points out that the index printed a Doji candle for the second week. Doji candles feature an open and close that are essentially the same. They represent a brief moment of equilibrium between buyers and sellers, signifying a state of indecision.
- Doji candles are often found at inflection points where the trend pauses before continuing higher or reversing lower.
The takeaway: Buyers and sellers have reached a stalemate over the past two weeks after one of the strongest rallies in recent history. Neither side has been able to take control of the near-term trend, but this pause is setting the stage for a meaningful inflection, higher or lower.
Quote of the Day
"Without deviation from the norm, progress is not possible.β
β Frank Zappa
Top Links
Party Like its 1995 - LPL Financial Research
Adam Turnquist compares the current market environment to 1995.
Time to See if Bears Can Break This Market Down - Trade Risk
Evan Medeiros breaks down this week's price action.
Rotation - Bespoke
Bespoke highlights the evidence of sector rotation within the S&P 500.
Typical Ides of March Low - Almanac Trader
Jeff Hirsch checks in on March seasonality.
Copper and Gold and Palladium, Oh My! - All Star Charts
Ian Culley looks at the recent rally in Precious Metals.