Daily Chart Report π Friday, January 3, 2025
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Todayβs Summary
Friday, January 3, 2025
Indices: Nasdaq +1.67% | Russell 2000 +1.65% | S&P 500 +1.26% | Dow +0.80%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining +2.02%. Consumer Staples lagged, inching lower by -0.05%.
Commodities: Crude Oil futures closed higher for the fifth consecutive day, rising +1.13% to $73.96 per barrel. Gold fell -0.54% to $2,655 per oz.
Currencies: The US Dollar Index ticked higher by +0.06% to $108.08.
Crypto: Bitcoin rose +1.27% to $98,133. Ethereum gained +4.50% to $3,608.
Volatility: The Volatility Index dropped -9.93% to 16.14.
Interest Rates: The US 10-year Treasury yield rose to 4.602%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Justin Spittler (@JSpitTrades).
- Bitcoin rose for the 4th consecutive day on Friday after refusing to break the neckline of a potential Head & Shoulders Top earlier this week. If this bearish pattern continues to fail, it will likely be very bullish for the entire Crypto market.
- While Bitcoin has stalled since reaching $100k last month, Justin reminds us that it's still breaking out relative to the S&P 500. The ratio ($BTC/$SPY) emerged from a 3-year base in November before successfully retesting in December.
- Bitcoin will likely dominate the S&P 500 in 2025 if this ratio remains above its 2021 peak. However, both assets are trending higher on an absolute basis.
The Takeaway: Bitcoin could dominate Stocks again this year, considering it's emerging from a 3-year base relative to the S&P 500.
Top Links
Stock Market Topping Pattern, Oil, Bitcoin, & Mag 7 - Trade Risk
Evan Medeiros breaks down this week's price action.
The Best Five Sectors, #1 - StockCharts.com
Julius de Kempenaer looks at the recent sector rotations under the hood of the S&P 500.
Santa Claus Rally in Jeopardy - LPL Financial Research
Adam Turnquist examines this year's lackluster Santa Claus Rally.
Heavenly Crown - The Weekly Trend Podcast
David Zarling and Ian McMillan discuss the market's performance in 2024 and what could be next.
Quote of the Day
βIf you get on the wrong train, get off at the nearest station. The longer it takes you to get off, the more expensive the return trip will be.β
- Japanese Proverb