Daily Chart Report 📈 Wednesday, March 20, 2024
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Today’s Summary
Wednesday, March 20, 2024
Indices: Russell 2000 +1.92% | Nasdaq +1.15% | Dow +1.03% | S&P 500 +0.89%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.49%. Health Care lagged, falling -0.23%.
Commodities: Crude Oil futures fell -1.76% to a four-month high of $81.27 per barrel. Gold futures rose +1.38% to $2,190 per oz.
Currencies: The US Dollar Index dropped -0.43% to $103.38.
Crypto: Bitcoin jumped +9.65% to $67,872. Ethereum surged +11.33%to $3,515.
Volatility: The Volatility Index dropped -5.78% to 13.03.
Interest Rates: The US 10-year Treasury yield fell to 4.277%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
The equal-weight S&P 500 $RSP just had the highest daily close of all-time, gaining +0.84% today.
Looks like a classic “breakout, retest, rebound” setup on the former ATH’s. pic.twitter.com/HviHpPq0Dl
— Caleb Franzen (@CalebFranzen) March 20, 2024
Today’s Chart of the Day was shared by Caleb Franzen (@CalebFranzen).
- The S&P 500 closed at a record high for the second day in a row after digesting the latest from the Fed. Breadth was strong today with +80% upside volume on the NYSE.
- Caleb points out that the Equal-Weight S&P 500 ETF ($RSP) also closed at record highs today after successfully retesting the breakout level.
- This validates the recent strength in the S&P 500 as it shows broad participation beneath its surface. The star players (Mega-Caps) continue to lead, but the rest of the team is finally participating.
The takeaway: The S&P 500 is printing record highs as participation improves beneath its surface.
Quote of the Day
“It’s a bull market, you know.”
– Mr. Partridge
Top Links
Energy Sector Outlook – Grindstone Intelligence
Austin Harrison highlights the Energy sector’s renewed strength.
All-Time Highs for Basic Materials – All Star Charts
JC Parets looks at the breakout in the Materials sector.
Are Investment Newsletters Too Bullish? – Schaeffer’s Investment Research
Rocky White looks at the signs of extreme optimism from the latest Investors Intelligence sentiment survey.
Go With the (Fund) Flow? – Strategas Asset Management
Todd Sohn shares some insights on recent ETF flows.
Yen Weakness Continues – Bespoke
Bespoke examines the weakness in the Japanese Yen.
Top Tweets
19th closing ATH for $SPX this year, and 123rd since Jan 2020. 21st this year for $XLI, 2nd for $XLB, and the 1st for $XLF since Jan 2022. Index & sectors stats: pic.twitter.com/P9Gr6lpPjU
— Optuma (@Optuma) March 20, 2024
Good day for Rusty $IWM pic.twitter.com/MK53C18KTg
— Mike Zaccardi, CFA, CMT
(@MikeZaccardi) March 20, 2024
Fantastic internals today. Approx 80% up-volume too. If we are to see breadth improve and rotation regain its healthy status, today’s “dovish” macro moves will need to see follow-through. $SPY $IWM $QQQ #FederalReserve #StockMarketNews #investing pic.twitter.com/yFKoGgk4ya
— John Kolovos, CMT, CFA (@John_Kolovos) March 20, 2024
Today marked the 11th 80%+ UpVol day since the 10/30/23 lows, but the first since Feb 15th… pic.twitter.com/hrfTTZ8EV1
— Ian McMillan, CMT (@the_chart_life) March 20, 2024
New ALL-TIME highs today include $SPY $DIA $XLI $IWD $IWF and $NYSE. I still can’t buy the “weak breadth” narrative when Russell 1000 Value $IWD, Russell 1000 Growth $IWF and $NYSE are all making new ATH on the same day… pic.twitter.com/5ZufCD6EQr
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) March 20, 2024
$SPY $SPX $ES_F The election year breakout pattern continues to play out. pic.twitter.com/5T9fRpn9VV
— Jake Wujastyk (@Jake__Wujastyk) March 20, 2024
We’re working on the 20th week in a row where the $SPX does not go below the 8EMA on an INTRAWEEK basis.
Show me the last time that happened. pic.twitter.com/FIALgfYSr9
— Brian Lund (@bclund) March 20, 2024
Fund managers are the most bulled up in 2 1/2 years, according to BofA.
This is not a good reason to sell. pic.twitter.com/w1s9dW8roK
— Jason Goepfert (@jasongoepfert) March 20, 2024
Waiting for a pullback? That’s what the last 3 years was. $XRT pic.twitter.com/2NN7HC5RjY
— Brian G (@alphacharts) March 20, 2024
$JPM weekly chart
wow. pic.twitter.com/WXL6TDLchL
— Christian Fromhertz
(@cfromhertz) March 20, 2024
Would not be surprised to see the Energy Sector ETF making new all-time highs soon.
$XLE
Top Holdings: $XOM, $CVX, $COP, $SLB, $EOG, $MRO pic.twitter.com/qpT1Mn7UaA
— TrendSpider (@TrendSpider) March 20, 2024
April tends to be a pretty good month for Energy stocks. Since 1990, they’ve outperformed the S&P 500 by an average of almost 2% during the month pic.twitter.com/intgckxiXX
— Austin Harrison, CFA, CMT (@meanstoatrend) March 20, 2024
What a candle on $GLD today. pic.twitter.com/dWnSF9t1nL
— Michael Nauss, CMT, CAIA (@MichaelNaussCMT) March 20, 2024
Attention all traders
Time to stand at attention and salute#Gold $GC_F pic.twitter.com/Y36r857RaE— Peter Brandt (@PeterLBrandt) March 20, 2024
look at that base in Silver pic.twitter.com/L4QCwRpA5y
— J.C. Parets (@allstarcharts) March 20, 2024
The next day, Bitcoin closed up +9.7% to record its second-best day since the bear market low.$BTC https://t.co/UaWpeDIVaR pic.twitter.com/swRa6ZpX2o
— Louis Sykes (@haumicharts) March 21, 2024
At 5,215, the S&P 500 is already 7.3% above the average 2024 year-end price target from Wall Street strategists (4,861). $SPX pic.twitter.com/D7gpmrcYna
— Charlie Bilello (@charliebilello) March 20, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Wednesday, March 20, 2024 appeared first on The Chart Report.
