The Bottom Line:
- CH gorri analysis of the market action on March 20, 2024
- New all-time highs in ES and NASDAQ
- Russell 2000 and Dow showing strength with potential breakouts
- Bitcoin bulls resilient with miners like Mara and Riot standing out
- Stocks like Apple and snow making significant moves in today’s market
CH Gorri Analysis on Market Action
Market Indices and Crypto Analysis
Starting with the ES (S&P 500), there was a bullish breakout to a new all-time high. NASDAQ also saw a bullish breakout, reaching a new daily higher high. RTY (Russell 2000) bounced 2% from the daily 50 MA, aiming to overcome key resistances. The Dow had a significant squeeze, eyeing the 40,000 psychological resistance. VIX experienced a sharp decrease, signaling a decrease in fear.
Cryptocurrency and Mining Stocks Performance
Bitcoin displayed strength, with miners like Mara and Riot outshining the performance. The market saw a short squeeze in these stocks, leading to notable gains. Other cryptocurrencies like Coin also benefited from the overall bounce in Bitcoin prices.
Stocks Analysis and Market Performers
Tech giants like Apple and Tesla had strong days, with Apple being a standout leader. Microsoft fell just short of achieving a new all-time high. Snowflake showed great momentum, with a clear daily oversold bounce in play. Semiconductor companies like Simis and Nvidia had mixed performances, with Nvidia facing resistance at the prior day high. Cannabis stock CGC showed significant volume and broke above the daily 50 MA, while MSOS formed a potential daily bull flag.
New All-Time Highs in ES and NASDAQ
ES and NASDAQ Achieve New Highs
ES (S&P 500) experienced a bullish breakout, reaching a new all-time high. NASDAQ also saw a positive move, hitting a new daily higher high.
Cryptocurrency and Mining Stocks Stand Out
Bitcoin displayed strength, with miners such as Mara and Riot performing exceptionally well, benefiting from a short squeeze. Other cryptocurrencies like Coin also saw gains alongside Bitcoin’s bounce.
Stocks Analysis and Leading Performers
Tech giants like Apple and Tesla had strong performances, with Apple leading the pack. Microsoft came close to setting a new all-time high. Snowflake showed robust momentum, while semiconductor companies like Simis and Nvidia had varied performances. Cannabis stock CGC had significant volume and broke above the daily 50 MA, while MSOS formed a potential daily bull flag.
Strength in Russell 2000 and Dow with Potential Breakouts
ES and NASDAQ Achieve New Highs
ES (S&P 500) experienced a bullish breakout, reaching a new all-time high. NASDAQ also saw a positive move, hitting a new daily higher high.
Cryptocurrency and Mining Stocks Stand Out
Bitcoin displayed strength, with miners such as Mara and Riot performing exceptionally well, benefiting from a short squeeze. Other cryptocurrencies like Coin also saw gains alongside Bitcoin’s bounce.
Stocks Analysis and Leading Performers
Tech giants like Apple and Tesla had strong performances, with Apple leading the pack. Microsoft came close to setting a new all-time high. Snowflake showed robust momentum, while semiconductor companies like Simis and Nvidia had varied performances. Cannabis stock CGC had significant volume and broke above the daily 50 MA, while MSOS formed a potential daily bull flag.
Resilient Bitcoin Bulls and Standout Miners like Mara and Riot
New All-Time Highs in ES and NASDAQ
ES (S&P 500) experienced a bullish breakout, reaching a new all-time high. NASDAQ also saw a positive move, hitting a new daily higher high.
Cryptocurrency and Mining Stocks Stand Out
Bitcoin displayed strength, with miners such as Mara and Riot performing exceptionally well, benefiting from a short squeeze. Other cryptocurrencies like Coin also saw gains alongside Bitcoin’s bounce.
Stocks Analysis and Leading Performers
Tech giants like Apple and Tesla had strong performances, with Apple leading the pack. Microsoft came close to setting a new all-time high. Snowflake showed robust momentum, while semiconductor companies like Simis and Nvidia had varied performances. Cannabis stock CGC had significant volume and broke above the daily 50 MA, while MSOS formed a potential daily bull flag.
Significant Moves: Apple and Snow Stocks
Market Highlights: Apple and Snow Stocks
Apple showcased remarkable strength in the market, particularly after surpassing the prior day’s high, coinciding with significant market events. Additionally, Snow stocks demonstrated impressive momentum, with clear signs of a bounce from being oversold, signaling potential opportunities for traders.
Tech Giants and Cryptocurrency Trends
Tech giants like Apple and Tesla experienced positive market movements, while the cryptocurrency sector, particularly Bitcoin and associated miners like Mara and Riot, delivered exceptional performances. Market participants also observed a strong rally in Coin, further adding to the focus on the cryptocurrency market.
Analyzing Semiconductor and Cannabis Stocks
Semiconductor companies such as Nvidia navigated mixed performance trends, facing resistance levels post-market hours. On the other hand, cannabis stock CGC displayed notable volume and managed to break above crucial daily moving averages, hinting at bullish sentiments among investors.
