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Today’s Summary
Thursday, January 5th, 2023
Indices: Dow -1.02% | Russell 2000 -1.09% | S&P 500 -1.17% | Nasdaq 100 -1.59%
Sectors: 2 of the 11 Sectors closed higher. Energy led, gaining +1.82%. Real Estate lagged, dropping -2.93%.
Commodities: Crude Oil futures rose +1.14% to $73.67 per barrel. Gold futures dropped -0.99% to $1,841 per ounce.
Currencies: The US Dollar Index rose +0.85% to $105.15.
Crypto: Bitcoin was flat and continues to trade around $16,826. Ethereum fell -0.47% to $1,251.
Interest Rates: The US 10-year Treasury yield rose to 3.720%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$KWEB back to the VWAP off its 2021 high. pic.twitter.com/ucA47O5g6M
— Andrew Thrasher, CMT (@AndrewThrasher) January 5, 2023
Today’s Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher). Chinese Internet stocks have been a surprising area of relative strength lately. $KWEB has surged 100% in less than three months, while the S&P 500 has gone virtually nowhere. Despite the recent bounce, it’s still down 66% from its highs. Andrew points out that it’s currently testing the VWAP from its 2021 peak. It would be constructive to see price reclaim this VWAP. However, this would be a logical place to see some profit-taking after the face-ripping rally that it’s had recently.
Quote of the Day
“Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.”
– Warren Buffett
Top Links
Santa Showed Up. So Now What? – All Star Charts
JC Parets shares his perspective on the Santa Claus Rally, which ended yesterday.
Nasdaq on the Brink of a Larger Collapse? Watch This Support! – Kimble Charting Solutions
Chris Kimble points out that the Nasdaq is flirting with the lower bounds of a 13-year rising channel.
Bulls and Bears Back Off – Bespoke
Bespoke breaks down the results of the most recent AAII Sentiment Survey.
Random Thoughts Heading into 2023 – Joe Fahmy
Joe Fahmy shares some food for thought as we reset the year.
Top Tweets
Daily Mkt Mood: Mixed/Risk-Off
1. Stocks down >1%
2. Commodities down
3. ‘Good news is bad news’
4. Dollar, yields higher
5. Tech gets slammedVery choppy sideways range developing, its importance is in what direction it breaks, a little more support for a break up and out.
— Abigail Doolittle (@TheChartress) January 5, 2023
Final heat map of the S&P 500's $SPY performance from today.
Tech dominos fall again. Same sh*t, different day.https://t.co/tNknlutbnz
— Blake B. Millard, CFA (@BlakeMillardCFA) January 5, 2023
I think Wall Street traders are still on holiday vacation. Look at this range haha$SPY pic.twitter.com/FQ9XFokuEC
— Justin Spittler (@JSpitTrades) January 5, 2023
#ES_F, 4h
It is all about the 3800 level now. pic.twitter.com/SqEYWvQ1kV
— Yuriy Matso (@yuriymatso) January 5, 2023
3800 level is big…my recent bull thesis is shot on a weekly close below 3780 and any lower print next week…. pic.twitter.com/gJjtRvXGtC
— jim iuorio (@jimiuorio) January 5, 2023
$SPX: 20-DMA crossing below the 50-DMA hasn't provided the best outcome lately. pic.twitter.com/75EQrHo3xq
— Frank Cappelleri (@FrankCappelleri) January 5, 2023
Going thru charts, these 5 stood out. Today's topic: Growth vs Value
1. 2022 was the worst year for the R1G vs R1V since 2000. One may think Growth would rebound. Possible but once secular regimes flip they tend to persist. Value beat Growth every year 2001-2006 @NDR_Research 1/5 pic.twitter.com/F7zeCuhvGC— Ed Clissold (@edclissold) January 5, 2023
Foreign stocks outperforming again today. Nearing an 18-month relative high. $VEU $VTI pic.twitter.com/XSJdiXmz2s
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) January 5, 2023
The US dollar is getting a technical bounce, keeping a lid on equities for the time being.$UUP $DXY #USD pic.twitter.com/43HpBUHgKR
— Greg Rieben (@gregrieben) January 5, 2023
Yet another exercise in Mt. 7:6
Inflation … what inflation?
Dow Jones Commodity ETF $DJP has completed a bearish descending triangle. Should now decline by >15%
Close > $35 negates interpretation pic.twitter.com/v4VuKvBZF7— Peter Brandt (@PeterLBrandt) January 5, 2023
Just looked at all 30 stocks currently in $ARKK. Only one above its 21, 50 and 200-day moving average. Only two above 21 and 50 day.. $SHOP, $TXG$EXAS https://t.co/X8A4aX3f71
— Jay Woods (@JayWoods3) January 5, 2023
I'm guessing that Silvergate isn't a precious metals stock. pic.twitter.com/TZ3A5OfpMq
— Walter Deemer (@WalterDeemer) January 5, 2023
You’re all caught up now. Thanks for reading!