Daily Chart Report π Tuesday, March 26, 2024
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Todayβs Summary
Tuesday, March 26, 2024
Indices: Dow -0.08% | Russell 2000 -0.19% | S&P 500 -0.28% | Nasdaq 100 -0.36%
Sectors: 4 of the 11 sectors closed higher. Health Care led, gaining +0.36%. Utilities lagged, falling -1.14%.
Commodities: Crude Oil futures fell -0.40% to $81.62 per barrel. Gold futures were unchanged at $2,177 per oz.
Currencies: The US Dollar Index inched higher by +0.07% to $104.30.
Crypto: Bitcoin was flat at $69,997. Ethereum was also flat at $3,587.
Volatility: The Volatility Index inched up +0.23% to 13.23.
Interest Rates: The US 10-year Treasury yield fell to 4.234%..
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 Brian G. (@alphacharts).
- Cocoa has gone parabolic recently. Futures are up +228% in the past 12 months, shattering the previous record of +111% in 2022.
- Fighting a parabolic uptrend is akin to stepping in front of a freight train. However, stepping aboard this train would also be dangerous.
- Brain reminds us that several other commodities, including wheat, corn, natural gas, and lumber, have gone parabolic since 2020. All four round-tripped it, giving back triple-digit gains.
The takeaway: Legendary technician Bob Farrell said it best ββParabolic advances usually go further than you think, but they do not correct by going sideways.β
Quote of the Day
βSometimes common sense tells us what statistics cannot.β
β Jack Bogle
Top Links
Why a Strong Start to 2024 is Bullish for the Rest of the Year - Carson Group
Ryan Detrick looks at how the S&P 500 has historically performed after a strong start to the year.
Consumer Staples: Sector Outlook - Grindstone Intelligence
Austin Harrison highlights the Consumer Staples sector
Market Historically Strong Ahead of Good Friday - Almanac Trader
Jeff Hirsch looks at how stocks typically fare before and after Easter.
Russell 1000 MoMo - Nautilus Research
Nautilus Research examines how the Russell 1000 has historically performed after rising more than +20% in six months.
The Most Bullish Stock Market Trait - CappThesis
Frank Cappelleri analyzes recent price action in the S&P 500.
Top Tweets
Just because it says "Treasuries", doesn't mean it's safe. pic.twitter.com/pYpl3LAWEN
β Todd Sohn (@Todd_Sohn) March 26, 2024