Daily Chart Report 📈 Friday, March 22, 2024
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Today’s Summary
Friday, March 22, 2024
Indices: Nasdaq 100 +0.10% | S&P 500 -0.14% | Dow -0.77% | Russell 2000 -1.27%
Sectors: 3 of the 11 sectors closed higher. Communication led, gaining +0.21%. Real Estate lagged, dropping -1.13%.
Commodities: Crude Oil futures fell -0.54% to $80.63 per barrel. Gold futures dropped -1.13% to $2,160 per oz.
Currencies: The US Dollar Index rose +0.44% to $104.43.
Crypto: Bitcoin fell -2.56% to $63,807. Ethereum dropped -4.44% to $3,350.
Volatility: The Volatility Index rose +1.08% to 13.05.
Interest Rates: The US 10-year Treasury yield dropped to 4.202%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
#Bitcoin is carving out a potential head-and-shoulders pattern month to date.
A break of the neckline at $61K projects a measured move target down toward $50K.
pic.twitter.com/BnQfwV0rBe
— Matt Weller CFA, CMT (@MWellerFX) March 22, 2024
Today’s Chart of the Day was shared by Matt Weller (@MWellerFX).
- Bitcoin has pulled back -13% over the past 10 days from a record high of $73k to $63k.
- Matt points out that Bitcoin has spent the entire month forming a potential Head & Shoulders top. Breaking the neckline at $61k would open the door to -18% downside to $50k in the coming days/weeks.
- On a more optimistic note, it will be very bullish if this bearish pattern fails. For example, the ongoing rally in $NVDA began as a failed Head & Shoulders top in October.
The takeaway: Bitcoin has formed a potential Head & Shoulders top over the past three weeks. Breaking the neckline at $61k would imply a downside target near $50k. On the other hand, if this pattern fails, it could spark a sharp reaction higher.
Quote of the Day
“Don’t follow the crowd,
let the crowd follow you.”
– Margaret Thatcher
Top Links
Stock Market Analysis March 22, 2024 – Alphatrends
Brian Shannon breaks down this week’s price action and highlights key levels to watch next week.
Consumer Discretionary: Sector Outlook – Grindstone Intelligence
Austin Harrison highlights the Consumer discretionary sector.
Shanghai Stock Exchange Composite At Long-Term Crossroads! – Kimble Charting Solutions
Chris Kimble examines a long-term chart of Chinese stocks.
Best Six Months Ends in April – Almanac Trader
Jeff Hirsch points out that April is the final month of the “Best Six Months” for the S&P 500 and Dow.
Top Tweets
S&P 500 Stocks Weekly Performance
$MU +18.2%
$LULU -13.2%
pic.twitter.com/OMSLFqJclP
— Jesse Cohen (@JesseCohenInv) March 22, 2024
52wk highs on SPX hit 23% yesterday, the highest in 3-years. Rarely do we see internal highs peak with prices, they usually lead $SPX. pic.twitter.com/gSv4BFyqCW
— RenMac: Renaissance Macro Research (@RenMacLLC) March 22, 2024
Thursday saw 118 new 52-wk highs for S&P 500, the most new highs in nearly 3 yrs.
Going back 15 yrs, I found 13 other times with that many new highs (using first signal in 6 mos).
So looking for initial breadth thrust.
A yr later? Higher 13 of 13 times and up 12.0% on avg. pic.twitter.com/gVyNo9yrcT
— Ryan Detrick, CMT (@RyanDetrick) March 22, 2024
$SPX Today marks trading day number 100 since the 10/27/23 market low.
The SPX hit a low of 4,103.78 back then. Its intra-day high yesterday was 5,261.10.
That’s a 28.2% gain.
If we extrapolate that over 250 trading days (a year’s worth of trading), that would be a +70%… pic.twitter.com/J8SSZqyL43
— Frank Cappelleri (@FrankCappelleri) March 22, 2024
Energy stocks $XLE are on the verge of making new multi-year highs. pic.twitter.com/KMkfWIOr5X
— Caleb Franzen (@CalebFranzen) March 22, 2024
There’s been a whiff of strength for the Energy sector recently, and from our perch flows are supportive for a contrarian play… one for 2Q perhaps. pic.twitter.com/rWRPojixg9
— Todd Sohn (@Todd_Sohn) March 22, 2024
April also just-so-happens to be a KILLER month for $XLE over the last 20 years:
70% win rate and average return of +4.38%
pic.twitter.com/puyLA86QfS
— TrendSpider (@TrendSpider) March 22, 2024
Returns over last 5 years…
Homebuilders $XHB: +203%
S&P 500 $SPY: +99% pic.twitter.com/qQQYyjlyvw— Charlie Bilello (@charliebilello) March 22, 2024
Nvidia Makes History
$NVDA closes green for the 11th consecutive week, the longest winning streak in its history pic.twitter.com/SYrkKGFDa9
— Barchart (@Barchart) March 22, 2024
Bitcoin Miners vs Bitcoin pic.twitter.com/JDz4Are7Lf
— J.C. Parets (@allstarcharts) March 22, 2024
This is remarkable.
Cocoa’s correlation to cross-asset bubbles is now over 95% for the first time in its history. For the first time in almost *any* asset history.
It usually stopped when it reached 80% correlation, but this time it melted higher. pic.twitter.com/VlDLPxYGEw
— Jason Goepfert (@jasongoepfert) March 22, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Friday, March 22, 2024 appeared first on The Chart Report.
