Daily Chart Report 📈 Wednesday, March 27, 2024
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Today’s Summary
Wednesday, March 27, 2024
Indices: Russell 2000 +2.13% | Dow +1.22% | S&P 500 +0.86% | Nasdaq 100 +0.39%
Sectors: All 11 sectors closed higher. Utilities led, gaining +2.79%. Tech lagged, but still rose +0.51%.
Commodities: Crude Oil futures fell -0.33% to $81.35 per barrel. Gold futures rose +1.63% to an all-time high of $2,213 per oz.
Currencies: The US Dollar Index was unchanged at $104.30.
Crypto: Bitcoin fell -0.82% t0 $69,421. Ethereum dropped -2.47% to $3,499.
Volatility: The Volatility Index fell -3.48% to 12.77.
Interest Rates: The US 10-year Treasury yield fell to 4.192%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher).
- The S&P 500 is gaining momentum, with weekly RSI at a four-year high of 78.8.
- Andrew points out that RSI has been “overbought” (above 70) for ten consecutive weeks — the longest streak in six years. The market rarely stays overbought this long, but previous extremes have lasted significantly longer.
- Overbought sounds bearish because it implies excessive or unsustainable buying. However, it just means that price is stronger than usual.
The takeaway: Legendary Technician Alan Shaw said it best — “The most bullish thing a market can do is get overbought and stay that way.”
Quote of the Day
“Trends are not endless. In fact, the greater the consensus belief in the persistence of a trend, the less likely it is to persist.”
– Arthur Zeikel
Top Links
S&P 500 Has Only Done This 14 Times Since 1950 - Schaeffer's Investment Research
Rocky White examines how the S&P 500 has historically performed after being less than 3% below record highs for 70 consecutive days.
When These Levels Break, The S&P 500 Is Going To Explode Higher - StockCharts
Julius de Kempenaer analyzes recent sector rotation within the S&P 500.
S&P 500 Can Pull Back 7-8% and Still Keep the 6,100 Breakout Target: CappThesis’ Frank Cappelleri - CNBC
Frank Cappelleri discusses recent price action in the S&P 500, Bitcoin, and more.
3 Divergences To Watch - All Star Charts
JC Parets highlights three potentially bearish divergences.
Good Friday Boosts End Q1 But Weakness Q2 Start - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed on the last trading day of Q1.