Daily Chart Report ๐ Tuesday, March 12 2024
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Todayโs Summary
Tuesday, March 12, 2024
Indices: Nasdaq 100 +1.49% | S&P 500 +1.12% | Dow +0.61% | Russell 2000 -0.02%
Sectors: 7 of the 11 sectors closed higher. Technology led, gaining +2.05%. Utilities lagged, falling -0.97%.
Commodities: Crude Oil futures fell -0.47% to $77.56 per barrel. Gold futures dropped -1.03% to $2,166 per oz.
Currencies: The US Dollar Index inched higher by +0.07% to $102.93.
Crypto: Bitcoin fell -0.89% to $71,473. Ethereum rose -2.11% to $3,981.
Volatility: The Volatility Index slid -9.07% to 15.21.
Interest Rates: The US 10-year Treasury yield rose to 4.153%
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Austin Harrison (@meanstoatrend).
- Austin points out that growth vs. value ($IWF/$IWD) is retesting its former highs after breaking out in January. The outcome of this test will give us an idea of which sectors will outperform in the coming months.
- The top growth stocks in $IWF are $MSFT, $AAPL, $NVDA, $AMZN, and $META, while the top value stocks in $IWD are $BRKB, $JPM, $XOM, $JNJ, and $PG.
- A breakdown would imply new leadership from value-oriented sectors (Financials, Industrials, Health Care), while a bounce would imply renewed leadership from the Magnificent 7 and growth-oriented sectors (Tech, Discretionary, Communications).
The takeaway: Growth vs. Value ($IWF/$IWD) is at an inflection point. Itโs rebounding so far, suggesting renewed leadership from the Magnificent 7 and growth-oriented sectors. However, a breakdown would imply new leadership from value-oriented sectors.
Quote of the Day
โI always laugh at people who say โIโve never met a rich technicianโ I love that! Itโs such an arrogant, nonsensical response. I used fundamentals for 9 years and got rich as a technician.โ
โ Marty Schwartz
Top Links
Remembering the Worst Bear Market Since the Great Depression โ Carson Group
Ryan Detrick looks back at the Great Financial Crisis on the 15-year anniversary of the low.
The S&P 500 vs. Inflation Data โ CappThesis
Frank Cappelleri examines how the S&P 500 has recently behaved around CPI day.
A Risk Appetite Assessment โ Grindstone Intelligence
Austin Harrison highlights some signs of risk appetite.
Technical Tuesdays with The Chart Report
Hereโs the recording of our spaces from earlier today. We discussed Nvidia, Crypto, Chinese stocks, and more.
John Roque on Technical Analysis โ The HX Podcast with Enrique Abeyta
Hereโs a great podcast with John Roque and Enrique Abeyta on the philosophy behind Technical Analysis.
Top Tweets
Youโre all caught up now. Thanks for reading!
