Daily Chart Report π Friday, March 22, 2024
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Todayβs Summary
Friday, March 22, 2024
Indices: Nasdaq 100 +0.10% | S&P 500 -0.14% | Dow -0.77% | Russell 2000 -1.27%
Sectors: 3 of the 11 sectors closed higher. Communication led, gaining +0.21%. Real Estate lagged, dropping -1.13%.
Commodities: Crude Oil futures fell -0.54% to $80.63 per barrel. Gold futures dropped -1.13% to $2,160 per oz.
Currencies: The US Dollar Index rose +0.44% to $104.43.
Crypto: Bitcoin fell -2.56% to $63,807. Ethereum dropped -4.44% to $3,350.
Volatility: The Volatility Index rose +1.08% to 13.05.
Interest Rates: The US 10-year Treasury yield dropped to 4.202%.
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 Matt Weller (@MWellerFX).
- Bitcoin has pulled back -13% over the past 10 days from a record high of $73k to $63k.
- Matt points out that Bitcoin has spent the entire month forming a potential Head & Shoulders top. Breaking the neckline at $61k would open the door to -18% downside to $50k in the coming days/weeks.
- On a more optimistic note, it will be very bullish if this bearish pattern fails. For example, the ongoing rally in $NVDA began as a failed Head & Shoulders top in October.
The takeaway: Bitcoin has formed a potential Head & Shoulders top over the past three weeks. Breaking the neckline at $61k would imply a downside target near $50k. On the other hand, if this pattern fails, it could spark a sharp reaction higher.
Quote of the Day
"Don't follow the crowd,
let the crowd follow you."
β Margaret Thatcher
Top Links
Stock Market Analysis March 22, 2024 - Alphatrends
Brian Shannon breaks down this week's price action and highlights key levels to watch next week.
Consumer Discretionary: Sector Outlook - Grindstone Intelligence
Austin Harrison highlights the Consumer discretionary sector.
Shanghai Stock Exchange Composite At Long-Term Crossroads! - Kimble Charting Solutions
Chris Kimble examines a long-term chart of Chinese stocks.
Best Six Months Ends in April - Almanac Trader
Jeff Hirsch points out that April is the final month of the "Best Six Months" for the S&P 500 and Dow.