Daily Chart Report ๐ Monday, March 25, 2024
Powered By:
Todayโs Summary
Monday, March 25, 2024
Indices: Russell 2000 +0.10% | S&P 500 -0.31% | Nasdaq 100 -0.34% | Dow -0.41%
Sectors: 3 of the 11 sectors closed higher. Energy led, gaining +0.93%. Tech lagged, falling -0.66%.
Commodities: Crude Oil futures rose +1.64% to $81.95 per barrel. Gold futures gained +0.76% to $2,176 per oz.
Currencies: The US Dollar Index fell -0.20% to $104.22.
Crypto: Bitcoin rose +4.03% to $69,898. Ethereum gained +3.99% to $3,592.
Volatility: The Volatility Index rose +1.15% to 13.20.
Interest Rates: The US 10-year Treasury yield rose to 4.247%.
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 Jason Goepfert (@jasongoepfert).
- The S&P 500 hasn't pulled back -2% on a closing basis since the Oct. 27th low.
- This has been the longest streak without a -2% decline in over five years, with Friday marking the 100th trading day.
- While this has only happened seven other times since 1950, Jason points out that the index has never been lower six months later, with a median gain of +6.8%.
The takeaway: The S&P 500 rarely goes 100 trading days without a -2% decline. This is a symptom of a strong underlying trend rather than a "calm before the storm." History shows us that strength has often persisted even after the streak ends.
Quote of the Day
โThe market cycle will once more prove to be the human-nature cycle; its economic background will have changed, but not its basic character nor the consequences of its character.โ
โ Benjamin Graham
Top Links
5-Month Streak Looks Like a Secular Bull Market - Almanac Trader
Jeff Hirsch looks at how the S&P 500 has historically performed after a five-month winning streak.
Stocks Are Going UP "With or Without You" - StockCharts
Tom Bowley highlights some of the positive developments within the stock market.
$100,000 Bitcoin Next - All Star Charts
JC Parets makes the case for Bitcoin $100k.
A New Wave of Optimism Reawakens the Bulls - Investopedia
In this podcast, Caleb Silver and Ryan Detrick discuss the current market environment.
Top Tweets