Daily Chart Report ๐ Thursday, March 21, 2024
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Todayโs Summary
Thursday, March 21, 2024
Indices: Russell 2000 +1.14% | Dow +0.68% | Nasdaq 100 +0.44% | S&P 500 +0.32%
Sectors: 10 of the 11 sectors closed higher. Industrials led, gaining +0.99%. Utilities lagged, falling -0.16%.
Commodities: Crude Oil futures fell -0.25% to $81.07 per barrel. Gold futures fell -0.22% to $2,185 per oz.
Currencies: The US Dollar Index rose +0.60% to $104.00.
Crypto: Bitcoin dropped -3.52% to $65,485. Ethereum fell -0.65% to $3,492.
Volatility: The Volatility Index fell -0.92% to 12.91.
Interest Rates: The US 10-year Treasury yield inched lower to 4.271%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Ian McMillan (@the_chart_life).
- The S&P 500 ($SPX) closed at a record high for the third day in a row, and it's on track for its best week since December.
- Ian points out that the index is up nearly +28% since the October low, marking one of the strongest 21-week rallies since 1950.
- Similar thrusts have led to further gains. You could argue that 1999 was a lousy signal, but $SPX still rose +19% before peaking 15 months later.
The takeaway: The market has momentum at its back right now. It might feel like stocks have gone too far too fast, but history shows us that strength often leads to more strength.
Quote of the Day
"We are in the business of making mistakes. Winners make small mistakes; losers make big mistakes."
โ Ned Davis
Top Links
BREAKOUT - Trading Adventures
Andy Moss highlights some key takeaways from recent price action.
Ides Schmides - March Drawdowns < 2% - Almanac Trader
Jeff Hirsch looks at how the rest of the year has historically performed when March's drawdown is less than 2%.
Lots of New Highs. No New Lows. - All Star Charts
JC Parets examines the recent breadth expansion.
IPO Activity Slow to Recover - Bespoke
Bespoke checks in on the IPO market as it slowly thaws.
Hawkish Macro Trends Could Stall the Market Growth, says Marco Riskโs John Kolovos - CNBC
John Kolovos shares his thoughts on the current market environment.