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Todayโs Summary
Friday, February 9, 2024
Indices: Russell 2000 +1.53% | Nasdaq +1.01% | S&P 500 +0.57% | Dow -0.14%
Sectors: 8 of the 11 sectors closed higher. Technology led, gaining +1.35%. Energy lagged, falling -1.54%.
Commodities: Crude Oil futures rose +0.81% to $76.84 per barrel. Gold futures fell -0.45% $2,039 per oz.
Currencies: The US Dollar Index inched higher by +0.08% to $104.08.
Crypto: Bitcoin rose +4.11% to a new 52-week high of $47,161. Ethereum gained +2.78% to $2,487
Volatility: The Volatility Index rose +0.94% to 12.92.
Interest Rates: The US 10-year Treasury yield rose to 4.177%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐Todayโs Chart of the Day was shared by Willie Delwiche (@WillieDelwiche)
- The S&P 500 closed at a fresh record high this week, gaining +1.37%. Itโs only had one negative week since the October lows, rising +22% in that time.
- This was the fifth straight weekly gain of +1% or more. Since 1950, Willie points out there have only been 11 other five-week streaks of +1% or more.
- The S&P 500 generally continued higher over the next few months, although 1956 and 1987 were notable exceptions.
The takeaway: The current rally is beginning to challenge historical extremes, but as the legendary technician Paul Montgomery once said, โThe most bullish thing the market can do is go up.โ
Quote of the Day
โDonโt play whatโs there, play whatโs not there.โ
โ Miles Davis
Top Links
S&P 500 Hitting 5,000 Isnโt a Big Threshold Except Psychologically, Says Katie Stockton โ CNBC
Katie Stockton shares her thoughts on the significance of SPX 5,000.
Stock Market & Bitcoin Analysis February 9 2024 โ Alphatrends
Brian Shannon breaks down this weekโs price action and highlights some key levels to watch next week.
How to Trade Energyโs Seasonal Tailwind
Ian Culley points out that the next four months have historically been bullish for Crude Oil.
February Monthly Options Expiration: Bullish Weekly Tendency Fading
Jeff Hirsch looks at how stocks have historically performed around February options expiration (next week).
Beware the Hindenburg Omen! โ StockCharts
David Keller examines a bearish indicator known as the Hindenburg Omen.
Top Tweets
Youโre all caught up now. Thanks for reading!
