Daily Chart Report 📈 Tuesday, March 19, 2024
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Today’s Summary
Tuesday, March 19, 2024
Indices: Dow +0.83% | S&P 500 +0.56% | Russell 2000 +0.54% | Nasdaq 100 +0.26%
Sectors: 9 of the 11 sectors closed higher. Energy led, gaining +1.14%. Communications lagged, inching lower by -0.04%.
Commodities: Crude Oil futures rose +0.69% to a four-month high of $82.73 per barrel. Gold futures fell -0.21% to $2,160 per oz.
Currencies: The US Dollar Index rose +0.23% to $103.82.
Crypto: Bitcoin tumbled -8.45% to $61,897. Ethereum slid -10.32% to $3,157.
Volatility: The Volatility Index dropped -3.56% to 13.83.
Interest Rates: The US 10-year Treasury yield snapped a six-day winning streak, falling to 4.293%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$SOXX Over 4 months of trendline support is at stake for semiconductors.
Top holdings: $NVDA, $AMD, $AVGO, $QCOM, $INTC pic.twitter.com/I0bHzkZqup
— TrendSpider (@TrendSpider) March 19, 2024
Today’s Chart of the Day was shared by Trend Spider (@TrendSpider)..
- Semiconductor stocks have led throughout the bull market, however, they’ve begun to stumble over the past week.
- The Semiconductor ETF ($SOXX) has corrected -8.8% from Thursday record high, after falling in 7 of the past 8 sessions. It’s testing its uptrend line for the 4th time since the October low, and momentum indicators are rolling over from overbought conditions.
- TrendSpider also noted that April has historically been the 2nd weakest month for $SOXX since inception, with a win rate of 31% and an average return of -0.97%. Bucking this seasonal trend would be bullish.
The takeaway: The leader of the bull market is at a fork in the road. $SOXX is testing a four-month uptrend line while momentum has deteriorated. Seasonality is also bearish, but if Semis don’t fall apart here, it will be very bullish..
Quote of the Day
“New highs are almost always good news; it’s just the last one that is not.”
– Greg Morris
Top Links
Day Hagan Tech Talk: S&P 500 (Big Cap) Hesitation and Smart Sector Update – Day Hagan Asset Management
Art Huprich examines the current market environment.
Hold Until Oversold – CappThesis
Frank Cappelleri breaks down recent price action in the S&P 500, Bitcoin and more.
Momentum Mo Problems? -CNBC
Jeff deGraff discusses the recent weakness in momentum stocks.
Silently Waiting – Murphy Charts
Shane Murphy highlights the Energy sector’s recent strength.
Inflation is Back Baby! – All Star Charts
JC Parets points out that inflation could be on the verge of a second wave.
Top Tweets
The S&P 500 closed at another all-time high today, its 18th of the year. $SPX pic.twitter.com/CM9KSXtVHt
— Charlie Bilello (@charliebilello) March 19, 2024
While the Mag 7 still dominates, the tape has broadened. This chart shows that 79% of the market is above its 200-day moving average, which is a sign that more stocks are participating in this bull market, even if they’re not outperforming. /END pic.twitter.com/4txwuFDZcf
— Jurrien Timmer (@TimmerFidelity) March 19, 2024
And we are back to an interesting spot in this relationship…$DIA $QQQ $DJI $NDX pic.twitter.com/nM8YqHmr6P
— Ian McMillan, CMT (@the_chart_life) March 19, 2024
Semis have lost momentum and relative strength, leading to the first overbought downturn (and DeMARK ‘9’) for $SMH since Aug ’23, supporting a 4+ week consolidation phase #fairleadstrategies pic.twitter.com/7ZppBWglou
— Katie Stockton, CMT (@StocktonKatie) March 19, 2024
Remember when we are all posting those biotech charts? $XBI dropped 10% pic.twitter.com/Xomx7f8kuh
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) March 19, 2024
Biotech gettin’ bouncy right off the breakout level and the rising 50-day MA simultaneously
$XBI +1.36% pic.twitter.com/1M18Dz3Jry
— Grayson Roze (@GraysonRoze) March 19, 2024
The Energy sector’s cumulative A/D line has recently broken out to new highs even though its price has yet to do so: pic.twitter.com/GldxRuIZN2
— Bespoke (@bespokeinvest) March 19, 2024
$TSLA forming a bullish RSI divergence.
The last RSI divergence correctly called the top.
Is this the sign that the bottom is in? pic.twitter.com/JRBmX6s3dx
— Alex Fatio (@Alex_Fatio) March 19, 2024
The state of the Crypto markets is that Bitcoin is below overhead supply. This is all that demand you guys are talking about trying to absorb the supply coming in from sellers. It’s a process. This is that process. pic.twitter.com/Lq5tApHRTK
— J.C. Parets (@allstarcharts) March 19, 2024
Seems like a classic failed breakout to me.$BTC pic.twitter.com/6A03loR1dK
— Louis Sykes (@haumicharts) March 19, 2024
March has historically been a weak month for Bitcoin $BTC. However, April is the second-best month of the year for the asset. #HODL pic.twitter.com/7mHy6vtgNN
— Sam Gatlin (@sam_gatlin) March 20, 2024
Bitcoin pic.twitter.com/C5Rq2Ek4si
— Crypto Tea (@CryptoTea_) March 19, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Tuesday, March 19, 2024 appeared first on The Chart Report.
