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Today’s Summary
Wednesday, January 10, 2024
Indices: Nasdaq 100 +0.69% | S&P500 +0.57% | Dow +0.45% | Russell 2000 +0.11%
Sectors: 7 of the 11 sectors closed higher. Communications led, rising +0.93%. Energy lagged, falling -0.98%.
Commodities: Crude Oil futures fell -1.20% to $71.37 per barrel. Gold futures fell -0.26% $2,028 per oz.
Currencies: The US Dollar Index fell -0.16% to $102.36.
Crypto: Bitcoin rose +1.21% to $46,681. Ethereum jumped +10.22% to a 20-month high of $2,584.
Volatility: The Volatility Index fell -0.70% to 12.68.
Interest Rates: The US 10-year Treasury yield inched higher to 4.030%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
$nky #nikkei225 – Gotta love fractals. Especially when objective evidence supports the validity of a potentially sustainable breakout. pic.twitter.com/GC5ACMkA3h
— Nautilus Research (@NautilusCap) January 10, 2024
🏆 Today’s Chart of the Day was shared by Nautilus Research (@NautilusCap).
- Japan went through one of the biggest asset bubbles in history between 1985-1990. It still hasn’t fully recovered, but it’s getting very close, with the Nikkei 225 closing at a 34-year high yesterday.
- Nautilus points out that the Nikkei is remarkably fractal right now, meaning parts of the pattern resemble the whole pattern.
- Japan is emerging from the same bullish pattern in three different time frames: a 6-month base (daily), a 2-year base (weekly), and a 3-decade base (monthly).
The takeaway: Japan is recovering from one of the biggest asset bubbles in history and breaking out across multiple time frames.
Quote of the Day
“Think not of what you see, but what it took to produce what you see.”
–Benoit Mandelbrot
Top Links
It’s All About the Tech Sector – Grindstone Intelligence
Austin Harrison examines the Technology sector and its components.
Stock Market Analysis January 10 2024 – Alphatrends
Brian Shannon analyzes recent price action and highlights some key levels to watch in the near term.
Nvidia’s Stock Has a Leg to Go Much Higher, Says Freedom Capital’s Jay Woods
Jay Woods discusses the breakout in Nvidia ($NVDA), JPMorgan ($JPM), and UnitedHealth ($UNH).
Clues from JPMorgan – All Star Charts
Alphonso Depablos points out that JPMorgan is breaking out to record highs ahead of its earnings report this Friday.
15 Stocks With Overdue Upgrade Potential – Schaeffer’s Investment Research
Rocky White looks for stocks that are moving against analyst expectations.
Top Tweet
$SPY If CPI comes in tame tomorrow, new all-time highs could be in the cards. 👀 pic.twitter.com/T28Me6Lwsh
— TrendSpider (@TrendSpider) January 10, 2024
$SPY has recouped all of the 2024 drawdown and is set up well ahead of CPI tomorrow. https://t.co/zZCql9jsMX pic.twitter.com/0A76R4vaVQ
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) January 10, 2024
the CPI report is tomorrow
Here is what happened in '23:
– 12 CPI reports, the $SPX returned a net +5.6% in '23
– those 12 days accounted for roughly 21% of the year's returns pic.twitter.com/NMQGFpyQrX— Christian Fromhertz 🇺🇸 (@cfromhertz) January 10, 2024
24 new ATH closing highs for $SPX members today, incl 4 of the top 10 largest companies $MSFT, $NVDA, $LLY, & $V: pic.twitter.com/x4JJAdm88I
— Optuma (@Optuma) January 11, 2024
It is perfectly normal for stocks to chop around early in an election year.
This isn't a bad thing though, as the second half of the year tends to be quite strong. pic.twitter.com/fChAGTuLSq
— Ryan Detrick, CMT (@RyanDetrick) January 10, 2024
An inverted yield curve predicts that current long-term rates will exceed future short-term rates. It doesn’t directly imply recession, which is why I’ve sided with stock-market internals. The message of the yield curve, however, remains a formidable headwind. Never easy, is it? pic.twitter.com/TRJJpeNHcQ
— Mark Ungewitter (@mark_ungewitter) January 10, 2024
$BTCUSD channel resistance up here and I'm wondering if the ETF approval marks some sort of a pivot pic.twitter.com/zMylSoTD84
— Jamie Saettele, CMT (@JamieSaettele) January 10, 2024
$BTC Good chart, but in anticipation of SEC ruling. Operators are likely selling the news. #Cryptocurency pic.twitter.com/xEQMkVjxkM
— RenMac: Renaissance Macro Research (@RenMacLLC) January 10, 2024
Is Ethereum about to outperform Bitcoin? This would be a logical place for it to start.$ETH / $BTC pic.twitter.com/bpWe9ISQHT
— Alfonso Depablos (@AlfCharts) January 10, 2024
"I got next" pic.twitter.com/aNUeTXkGkZ
— J.C. Parets (@allstarcharts) January 10, 2024
The 11 spot bitcoin ETFs approved by SEC:
ARK 21Shares Bitcoin ETF
Bitwise Bitcoin ETP Trust
BlackRock iShares Bitcoin Trust
Fidelity Wise Origin Bitcoin Fund
Franklin Bitcoin ETF
Grayscale Bitcoin Trust
Hashdex Bitcoin ETF
Invesco Galaxy Bitcoin ETF
WisdomTree Bitcoin Fund…— Jon Erlichman (@JonErlichman) January 10, 2024