Daily Chart Report 📈 Thursday, March 21, 2024
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Today’s Summary
Thursday, March 21, 2024
Indices: Russell 2000 +1.14% | Dow +0.68% | Nasdaq 100 +0.44% | S&P 500 +0.32%
Sectors: 10 of the 11 sectors closed higher. Industrials led, gaining +0.99%. Utilities lagged, falling -0.16%.
Commodities: Crude Oil futures fell -0.25% to $81.07 per barrel. Gold futures fell -0.22% to $2,185 per oz.
Currencies: The US Dollar Index rose +0.60% to $104.00.
Crypto: Bitcoin dropped -3.52% to $65,485. Ethereum fell -0.65% to $3,492.
Volatility: The Volatility Index fell -0.92% to 12.91.
Interest Rates: The US 10-year Treasury yield inched lower to 4.271%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$SPX now approaching the 6th strongest 21-week move in its history, up ~28% in that time period… pic.twitter.com/0a0T6udCmg
— Ian McMillan, CMT (@the_chart_life) March 21, 2024
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life).
- The S&P 500 ($SPX) closed at a record high for the third day in a row, and it’s on track for its best week since December.
- Ian points out that the index is up nearly +28% since the October low, marking one of the strongest 21-week rallies since 1950.
- Similar thrusts have led to further gains. You could argue that 1999 was a lousy signal, but $SPX still rose +19% before peaking 15 months later.
The takeaway: The market has momentum at its back right now. It might feel like stocks have gone too far too fast, but history shows us that strength often leads to more strength.
Quote of the Day
“We are in the business of making mistakes. Winners make small mistakes; losers make big mistakes.”
– Ned Davis
Top Links
BREAKOUT – Trading Adventures
Andy Moss highlights some key takeaways from recent price action.
Ides Schmides – March Drawdowns < 2% – Almanac Trader
Jeff Hirsch looks at how the rest of the year has historically performed when March’s drawdown is less than 2%.
Lots of New Highs. No New Lows. – All Star Charts
JC Parets examines the recent breadth expansion.
IPO Activity Slow to Recover – Bespoke
Bespoke checks in on the IPO market as it slowly thaws.
Hawkish Macro Trends Could Stall the Market Growth, says Marco Risk’s John Kolovos – CNBC
John Kolovos shares his thoughts on the current market environment.
Top Tweets
The last time Apple was down 4%+ and the S&P 500 and Nasdaq were both up on the day was over 10 years ago on 1/28/14 and before than 6/12/08. $AAPL
— Bespoke (@bespokeinvest) March 21, 2024
Final heat map of the S&P 500’s $SPY performance from today pic.twitter.com/ZL6yeLPNHz
— Evan (@StockMKTNewz) March 21, 2024
New Highs popped today across the board. Highest reading in over three years! Possible blowoff? Maybe but at this point consolidation could solve the problem without a decline. pic.twitter.com/i24NUtBLqM
— Erin Swenlin (@_DecisionPoint) March 21, 2024
$SPX percent of stocks above 50-day and 200-day MA are both above 80%, which actually doesn’t happen too often. But when it does, it’s usually not a top. pic.twitter.com/57ApNKJ5cd
— David Keller, CMT (@DKellerCMT) March 21, 2024
Internal dynamics in the S&P 500 are incredibly strong, based on the percentage of stocks trading above their:
• 20-day MA
• 50-day MA
• 100-day MA
• 200-day MAThe 20-day & 50-day trends are making higher lows & reaccelerating, indicating that breadth is strong & expanding. pic.twitter.com/VlBxx1DxDq
— Caleb Franzen (@CalebFranzen) March 21, 2024
i admit that it’s far from all the perspective i use in generating investment decision making, but the utter simplicity of, in this case, a 20/50-day crossover to keep an investor on the right side of the market seems a tool worthy of consideration, no? $QQQ pic.twitter.com/nMzUuTR9ez
— David Cox, CMT, CFA (@DavidCoxRJ) March 21, 2024
Funny how the big $MU earnings beat comes with $SOXX testing key trendline support…
The semis live to see another day!
pic.twitter.com/J4P7UzZuHv
— TrendSpider (@TrendSpider) March 21, 2024
Materials $XLB pic.twitter.com/qK9Hfh88GF
— Ian Culley, CMT (@IanCulley) March 21, 2024
Yo, Charts – pic.twitter.com/9QwSfWOdyb
— da Chart Life (@daChartLife) March 21, 2024
$ARKW Weekly.
Bigger the erase
longer the base
— Brian G (@alphacharts) March 21, 2024
We found 20 times the Fed cut rates when the S&P 500 was within 2% of an all-time high.
Stocks were higher a year later 20 times. pic.twitter.com/hqJKymRW1x
— Ryan Detrick, CMT (@RyanDetrick) March 21, 2024
Absolutely WILD intraday reversal afoot in #Gold after breaking out of a bullish flag pattern.
This will be one to watch closely heading into the weekend. pic.twitter.com/KhI6uwQC4X
— Matt Weller CFA, CMT (@MWellerFX) March 21, 2024
Cocoa doing its best NVDA impression for the Ag space pic.twitter.com/k1FcMDQmsw
— Todd Sohn (@Todd_Sohn) March 21, 2024
Boeing vs Airbus is quite a chart pic.twitter.com/Mgo7HfzlQ2
— Katie Greifeld (@kgreifeld) March 21, 2024
You’re all caught up now. Thanks for reading!
The post Daily Chart Report 📈 Thursday, March 21, 2024 appeared first on The Chart Report.
