Sponsored By:
Today’s Summary
Thursday, January 12th, 2023
Indices: Russell 2000 +1.74% | Dow +0.64% | Nasdaq 100 +0.50% | S&P 500 +0.34%
Sectors: 8 of the 11 Sectors closed higher. Energy led, gaining +1.91%. Consumer Staples lagged falling -0.79%.
Commodities: Crude Oil futures rose +1.27% to $78.39 per barrel. Gold futures gained +1.06% to an eight-month high of $1,899 per ounce.
Currencies: The US Dollar Index dropped -0.98% to a seven-month low of $102.24.
Crypto: Bitcoin rose +5.39% to a two-month high of $18,897. Ethereum gained +2.19% to a two-month high of $1,421.
Interest Rates: The US 10-year Treasury yield fell to 3.445%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$DXY staying below 104 would be another tailwind for bulls… pic.twitter.com/wHS0UEevsM
— Ian McMillan, CMT (@the_chart_life) January 12, 2023
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). The US Dollar Index ($DXY) dropped 1% to a fresh 7-month low today. More importantly, it closed firmly below $104, which represents the former highs from 2016 & 2020. As you probably know, the strong Dollar was one of the biggest headwinds for stocks and risk assets last year. Now that it’s breaking down, it’s no surprise that we’re seeing stocks, gold, and crypto catch a bid. As Ian points out, it would be a major tailwind for the bulls if the Dollar Index continues to stay below $104.
Quote of the Day
“The first rule is to keep an untroubled spirit. The second is to look things in the face and know them for what they are.”
– Marcus Aurelius
Top Links
Bears Back Down – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Are Silver Prices About to Rocket Higher? Hi Yo Silver Time? – Kimble Charting Solutions?
Chris Kimble points out that Silver is attempting to breakout from an 11-year bull flag.
Credit Spreads Contract – All Star Charts
Ian Culley examines what Credit Spreads are suggesting about the broader market.
Ain’t Superstitious! Friday 13th in January Not Too Scary – Almanac Trader
Jeff Hirsch takes a look at how stocks have historically fared on Friday the 13th (tomrrow).
Top Tweets
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/omv4bOxyZO
— StockMKTNewz – Evan (@StockMKTNewz) January 12, 2023
#ES_F, 1d
Key observations:
1. ES has potentially formed an inverse H&S pattern
2. ES is now hitting its 200d MA
3. ES is now hitting its downward slopping resistance lineIf ES can move another 100 units… pic.twitter.com/JJBJ6vqXIM
— Yuriy Matso (@yuriymatso) January 12, 2023
CBOE Volatility Index $VIX closes at 18.83, its lowest level since April 4 ?
Calm before the storm or time for the bulls to party? pic.twitter.com/eVI3b5If1k
— Barchart (@Barchart) January 12, 2023
Nasdaq 100 Index, % of stocks > 200 DMA
Highest reading since Jan 2022.$NDX $NDQ $SPX $IXIC pic.twitter.com/4Tqbja9vgf
— Shane C. Murphy (@murphycharts) January 12, 2023
Equal Weight Consumer Discretionary vs Equal Weight Consumer Staples
Falls in the bullish bucket pic.twitter.com/AudlVYIWAL
— Pratty ★ (@PrattyCharts) January 12, 2023
$JETS pic.twitter.com/CtKbKsfqxB
— David Nicoski CMT (@davevermilion) January 12, 2023
$OIH making new highs. pic.twitter.com/uZDUr6LNua
— Against All Odds (@JasonP138) January 12, 2023
Foreign stocks fresh 7-month highs $VEU pic.twitter.com/7acO55t6yv
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) January 12, 2023
Hard to imagine a durable advance in non-U.S. equities without a cyclical bottom in SPX. pic.twitter.com/RMTwYcmV11
— Mark Ungewitter (@mark_ungewitter) January 12, 2023
Today has possibility to capture some short-term "macro" inflections, noting signs of downside exhaustion in $usd, for one, per the DeMARK Indicators (note the "13s" on the chart often mark inflections) #fairleadstrategies pic.twitter.com/aKZj4MdYD7
— Katie Stockton, CMT (@StocktonKatie) January 12, 2023
Bitcoin…so far just another breakdown backtest $BTC.X $BTC pic.twitter.com/IFmD61BbRW
— ATMcharts (@ATMcharts) January 12, 2023
Since inflation-adjusted 10-Yr Treasury yields peaked on Nov 3, gold is up over 16%. As the OG store of value, gold became more attractive to US and non-US investors during a wobbly time for markets. pic.twitter.com/xnV7b4B2rx
— Liz Young (@LizYoungStrat) January 12, 2023
$BBBY up 200% this week pic.twitter.com/xkD46545rI
— Katie Greifeld (@kgreifeld) January 12, 2023
You’re all caught up now. Thanks for reading!