Daily Chart Report π Tuesday, March 19, 2024
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Todayβs Summary
Tuesday, March 19, 2024
Indices: Dow +0.83% | S&P 500 +0.56% | Russell 2000 +0.54% | Nasdaq 100 +0.26%
Sectors: 9 of the 11 sectors closed higher. Energy led, gaining +1.14%. Communications lagged, inching lower by -0.04%.
Commodities: Crude Oil futures rose +0.69% to a four-month high of $82.73 per barrel. Gold futures fell -0.21% to $2,160 per oz.
Currencies: The US Dollar Index rose +0.23% to $103.82.
Crypto: Bitcoin tumbled -8.45% to $61,897. Ethereum slid -10.32% to $3,157.
Volatility: The Volatility Index dropped -3.56% to 13.83.
Interest Rates: The US 10-year Treasury yield snapped a six-day winning streak, falling to 4.293%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Trend Spider (@TrendSpider)..
- Semiconductor stocks have led throughout the bull market, however, they've begun to stumble over the past week.
- The Semiconductor ETF ($SOXX) has corrected -8.8% from Thursday record high, after falling in 7 of the past 8 sessions. It's testing its uptrend line for the 4th time since the October low, and momentum indicators are rolling over from overbought conditions.
- TrendSpider also noted that April has historically been the 2nd weakest month for $SOXX since inception, with a win rate of 31% and an average return of -0.97%. Bucking this seasonal trend would be bullish.
The takeaway: The leader of the bull market is at a fork in the road. $SOXX is testing a four-month uptrend line while momentum has deteriorated. Seasonality is also bearish, but if Semis don't fall apart here, it will be very bullish..
Quote of the Day
"New highs are almost always good news; it's just the last one that is not."
β Greg Morris
Top Links
Day Hagan Tech Talk: S&P 500 (Big Cap) Hesitation and Smart Sector Update - Day Hagan Asset Management
Art Huprich examines the current market environment.
Hold Until Oversold - CappThesis
Frank Cappelleri breaks down recent price action in the S&P 500, Bitcoin and more.
Momentum Mo Problems? -CNBC
Jeff deGraff discusses the recent weakness in momentum stocks.
Silently Waiting - Murphy Charts
Shane Murphy highlights the Energy sector's recent strength.
Inflation is Back Baby! - All Star Charts
JC Parets points out that inflation could be on the verge of a second wave.
Top Tweets
While the Mag 7 still dominates, the tape has broadened. This chart shows that 79% of the market is above its 200-day moving average, which is a sign that more stocks are participating in this bull market, even if theyβre not outperforming. /END pic.twitter.com/4txwuFDZcf
β Jurrien Timmer (@TimmerFidelity) March 19, 2024