Daily Chart Report 📈 Tuesday, March 26, 2024

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Today’s 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 

The Great Commodity Super-Round-Trip of the 2020s. pic.twitter.com/S7eUlRVbCz

— Brian G (@alphacharts) March 26, 2024

 Today’s 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 —“Parabolic advances usually go further than you think, but they do not correct by going sideways.”

Top Tweets

The $SPX‘s 3-day ATR has dropped even further. Now at the lowest level of ‘actualized’ volatility on the index since August 2021.

It’s a holiday-shortened week, but this is statistically extreme even when we account for that… pic.twitter.com/8mxa1BC2ID

— John Kicklighter (@JohnKicklighter) March 26, 2024

It’s been 102 days since the October low in $SPX and a gain of 28.2% to the high. This has been the longest period without a 5% pullback since Mar – Sep 2021 (22% gain), and the highest gain without a pullback since Nov 2016 – Jan 2018 (38% gain over 307 days). pic.twitter.com/Go7U2VPwr1

— Optuma (@Optuma) March 26, 2024

More than 77% of S&P 500 $SPX stocks are trading above their 200 Day moving average, near the highest level since October 2021 pic.twitter.com/clGyo0l7fM

— Barchart (@Barchart) March 27, 2024

$SPX is on track to notch five straight months of gains from November through March — a feat that’s only been accomplished one other time this century in 2013, from my Taking Stock column today via @TheTerminal. pic.twitter.com/beUhPDVZDz

— Jessica Menton (@JessicaMenton) March 26, 2024

The S&P 500 is about to be up 5 months in a row.

Strong future returns after these streaks are actually quite normal.

Higher a year later 26 out of 28 times (92.9%) and up 12.5% on avg. pic.twitter.com/WwOgRUAYWd

— Ryan Detrick, CMT (@RyanDetrick) March 26, 2024

Just because it says “Treasuries”, doesn’t mean it’s safe. pic.twitter.com/pYpl3LAWEN

— Todd Sohn (@Todd_Sohn) March 26, 2024

#Bitcoin

After $BTC reached it’s ATH in 2017, the correction lasted 21 days. After that, we saw a parabolic rally.

After $BTC reached it’s ATH in 2020, the correction lasted 21 days. After that, we saw a parabolic rally.

Same scenario in 2024?

1 week left… ticktock. pic.twitter.com/qNQNNlb8r1

— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 (@el_crypto_prof) March 26, 2024

Just as Powell gets dovish, the CRB index is within 1% of its highest close since August 2022. pic.twitter.com/xqYwUYZrmV

— Peter Boockvar (@pboockvar) March 26, 2024

The chocolate market is trading like a crypto coin$CC_F $LCC_F #Cocoa pic.twitter.com/mFxf5ctHlu

— Peter Brandt (@PeterLBrandt) March 26, 2024

Just when you finally need it pic.twitter.com/y9NW4Mx3bh

— J.C. Parets (@allstarcharts) March 26, 2024

You’re all caught up now. Thanks for reading!