Daily Chart Report ๐ Tuesday, March 5, 2024
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Todayโs Summary
Tuesday, March 5, 2024
Indices: Russell 2000 -0.99% | S&P 500 -1.02% | Dow -1.04% | Nasdaq -1.80%
Sectors: 3 of the 11 sectors closed higher. Energy led, gaining +0.74%. Technology lagged, falling -2.46%.
Commodities: Crude Oil futures fell -0.75% to $78.15 per barrel. Gold futures rose +0.73% to an all-time high of $2,142 per oz.
Currencies: The US Dollar Index ticked lower by -0.06% to $103.77.
Crypto: Bitcoin dropped -6.68% to $63,796. Ethereum fell -2.04% to $3,560.
Volatility: The Volatility Index rose +7.20% to 14.45.
Interest Rates: The US 10-year Treasury yield fell to 4.154%.
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 Chris Verrone (@verrone_chris).
- Gold is trading at a record high of $2,142/oz, after surging nearly +5% in the past four days. Itโs received far less attention than Bitcoin despite the Gold market being several times larger than the entire Crypto market.
- RSI printed its most โoverboughtโ reading in two years today. but, Chris maintains a price target of $2,400-$2,600/oz., noting โ โvery overboughtโ is usually a signature of a solid/developing trend, as seen in 2019/2020.
- Many have given up on the yellow metal after fumbling four breakouts in the past four years and notably underperforming other risk assets. However, the lack of enthusiasm for Gold could work in its favor this time.
The takeaway: Gold is very โoverboughtโ after thrusting to record highs recently. As legendary technician Alan Shaw once said โ โThe most bullish thing a market can do is get overbought and stay that way.โ
Quote of the Day
โGold, much more so than any other commodity, is about sentiment and psychology.โ
โ Peter Lynch
Top Links
Typical March Performance: Second Half Better โ Almanac Trader
Jeff Hirsch looks at how the major indices have historically performed in March.
March Market Outlook โ Grindstone Intelligence
Austin Harrison highlights some key developments to watch in March.
Gold Hits All-Time Highs โ All Star ChartsJC Parets examines the breakout in Gold.
Technical Tuesdays ๐ with The Chart ReportHereโs the recording of our Twitter spaces from earlier today, in case you missed it.
Top Tweets
Youโre all caught up now. Thanks for reading!
