Daily Chart Report π Tuesday, January 14, 2025
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Todayβs Summary
Tuesday, January 14, 2025
Indices: Russell 2000 +1.13% | Dow +0.52% | S&P 500 +0.11% | Nasdaq -0.13%
Sectors: 8 of the 11 sectors closed higher. Utilities led, gaining +1.31%. Health Care lagged, falling -1.03%.
Commodities: Crude Oil futures fell -1.67% to $77.50 per barrel. Gold inched higher by +0.14% to $2,682 per oz.
Currencies: The US Dollar Index dropped -0.29% to $109.19.
Crypto: Bitcoin rose +2.14% at $96,523. Ethereum rose +2.80% to $3,224.
Volatility: The Volatility Index fell -2.50% to 18.70.
Interest Rates: The US 10-year Treasury yield was unchanged, at a 52-week high of 4.794%.
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 Larry Thompson (@HostileCharts).
- The big banks kick off earnings season tomorrow with $JPM, $GS, $BLK, $WFC, and $C expected to report on Wednesday morning.
- The Financial Sector ETF ($XLF) has found support this week after correcting -7.8% over the past month. Today marked its first back-to-back gain of the new year, and it's up +2% in a messy tape this week.
- Larry points out that $XLF is primed for a meaningful rebound. It formed a Failed Breakdown yesterday by reclaiming its December low. RSI has refused to reach oversold conditions, forming a Bullish Momentum Divergence, while 80% of its members are trading above their 200-DMAs.
The Takeaway: On the eve of big bank earnings, the Financial Sector ($XLF) has set the stage for a potential rebound.
Top Links
False Starts, Fails, and Shakeouts - The Strazza Letter
Steve Strazza analyzes the choppy market environment.
Homebuilders & Regional Banks All Rally 3% while Biotechs Drop 3% - Trading Trends
Jon Salama breaks down the recent price action in the markets.
30-Year Treasury Bond Yields Targeting 6.5% or Higher? - Kimble Charting Solutions
Chris Kimble highlights the ongoing breakout in Bond yields.
More Mega Cap Dominance - Alfonso's Daily Note
Alfonso De Pablos examines the relative performance of the Equal-Weight S&P 500.
Martin Luther King Jr. Day: Market Generally Better Before - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed around Martin Luther King Jr. Day.
Quote of the Day
"Think for yourselves and let others enjoy the privilege to do so too."
- Voltaire