Daily Chart Report 📈 Monday, March 25, 2024
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Today’s Summary
Monday, March 25, 2024
Indices: Russell 2000 +0.10% | S&P 500 -0.31% | Nasdaq 100 -0.34% | Dow -0.41%
Sectors: 3 of the 11 sectors closed higher. Energy led, gaining +0.93%. Tech lagged, falling -0.66%.
Commodities: Crude Oil futures rose +1.64% to $81.95 per barrel. Gold futures gained +0.76% to $2,176 per oz.
Currencies: The US Dollar Index fell -0.20% to $104.22.
Crypto: Bitcoin rose +4.03% to $69,898. Ethereum gained +3.99% to $3,592.
Volatility: The Volatility Index rose +1.15% to 13.20.
Interest Rates: The US 10-year Treasury yield rose to 4.247%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
100% win rate over the next six months, +6.8% median return. https://t.co/bIrDp8EvBj pic.twitter.com/yKbsplyilV
— Jason Goepfert (@jasongoepfert) March 25, 2024
Today’s Chart of the Day was shared by Jason Goepfert (@jasongoepfert).
- The S&P 500 hasn’t pulled back -2% on a closing basis since the Oct. 27th low.
- This has been the longest streak without a -2% decline in over five years, with Friday marking the 100th trading day.
- While this has only happened seven other times since 1950, Jason points out that the index has never been lower six months later, with a median gain of +6.8%.
The takeaway: The S&P 500 rarely goes 100 trading days without a -2% decline. This is a symptom of a strong underlying trend rather than a “calm before the storm.” History shows us that strength has often persisted even after the streak ends.
Quote of the Day
“The market cycle will once more prove to be the human-nature cycle; its economic background will have changed, but not its basic character nor the consequences of its character.”
– Benjamin Graham
Top Links
5-Month Streak Looks Like a Secular Bull Market – Almanac Trader
Jeff Hirsch looks at how the S&P 500 has historically performed after a five-month winning streak.
Stocks Are Going UP “With or Without You” – StockCharts
Tom Bowley highlights some of the positive developments within the stock market.
$100,000 Bitcoin Next – All Star Charts
JC Parets makes the case for Bitcoin $100k.
A New Wave of Optimism Reawakens the Bulls – Investopedia
In this podcast, Caleb Silver and Ryan Detrick discuss the current market environment.
Top Tweets
3 trading days away from the S&P 500 recording its 4th consecutive all-time high monthly close.
Here’s the precedent – no comment necessary. $SPX pic.twitter.com/E4uuFIbFVP
— Steve Deppe, CMT (@SJD10304) March 25, 2024
Would you believe that the historically bullish month of April does even better when stocks are up in Nov, Dec, Jan, Feb, and March? It is true.
Incredibly, the rest of the year (final 9 months) have never been lower either, higher 11 for 11 with an avg return of 11.9%. pic.twitter.com/zC2HVQg1M0
— Ryan Detrick, CMT (@RyanDetrick) March 25, 2024
Since market’s recent low last October, cap-weighted S&P 500 (blue) is up by 27% while equal-weighted (orange) is up by nearly 25%
[Past performance is no guarantee of future results] pic.twitter.com/plo9MeGc3c— Liz Ann Sonders (@LizAnnSonders) March 25, 2024
While SPX seems due for a breather, breadth momentum suggests further upside ahead. H/t @SentimenTrader. Red annotations are mine. pic.twitter.com/eR6u2Mjfp9
— Mark Ungewitter (@mark_ungewitter) March 25, 2024
$SPY $SPX $ES_F If the 2013 breakout mimics the 1980 breakout (which it has so far), some big-time generation wealth is coming by the early 2030’s. pic.twitter.com/tYPcugRcnA
— Jake Wujastyk (@Jake__Wujastyk) March 26, 2024
Still sleeping on the Energy sector?
Today $XLE formed its first Golden Cross since September 2023 with price testing multi-year highs. pic.twitter.com/yioxXDHtfc
— TrendSpider (@TrendSpider) March 26, 2024
Crude Oil Futures – Looks like former resistance is turning into support pic.twitter.com/eTLu6tqoNb
— J.C. Parets (@allstarcharts) March 25, 2024
MSCI World ex-USA.
On the verge of a 17-year breakout!
— Brian G (@alphacharts) March 25, 2024
$MXWDU World index (all country ex. U.S.) getting interesting… pic.twitter.com/APXlsJBayl
— Nautilus Research (@NautilusCap) March 25, 2024
The Frontier Markets Index $FM gives us a look at how the riskiest stocks in the world are performing
Fresh 21-month highs and a primary trend reversal is definitely one for the bulls
Also speaks to the broadening participation from international equity markets pic.twitter.com/Q8UIb5uuva
— Steven Strazza (@sstrazza) March 25, 2024
Cocoa futures have surged nearly 60% this month. That’s the biggest $CC_F monthly charge on record – by a wide margin.
If you aren’t getting your speed fix from NVDA or BTC… pic.twitter.com/gtC8GnbUav
— John Kicklighter (@JohnKicklighter) March 25, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Monday, March 25, 2024 appeared first on The Chart Report.
