Daily Chart Report π Thursday, January 16, 2025
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Todayβs Summary
Thursday, January 16, 2025
Indices: Russell 2000 +0.15% | Dow -0.16% | S&P 500 -0.21% | Nasdaq -0.69%
Sectors: 8 of the 11 sectors closed higher. Utilities led, gaining +2.53%. Technology lagged, falling -0.77%.
Commodities: Crude Oil futures fell -2.74% to $77.85 per barrel. Gold gained +1.22% to $2,751 per oz.
Currencies: The US Dollar Index fell -0.11% to $108.96.
Crypto: Bitcoin fell -0.53% to $99,975. Ethereum dropped -4.17% to $3,308.
Volatility: The Volatility Index rose +3.04% to 16.60.
Interest Rates: The US 10-year Treasury yield dropped to 4.613%
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Michael Nauss (@MichaelNaussCMT).
- All seven components of the Magnificent 7 closed lower today, while the majority of S&P 500 stocks closed higher.
- The Equal-Weight S&P 500 ($RSP) outperformed by the widest margin in six months today, rising +0.8%, while the S&P 500 fell -0.2%.
- Breadth has been abysmal since the beginning of December. However, Michael points out we're seeing a healthy rotation out of the Mega Cap leaders.
The Takeaway: While the S&P 500 closed slightly lower today, the Equal Weight S&P 500 ($RSP) outperformed by a wide margin, indicating healthy rotation into the broader market.
Top Links
Today's Number is... 1 - The Daily Number π―
Grant Hawkridge checks on market internals.
Correlation Comparison: Years That Resemble 2024 - LPL Financial Research
Adam Turnquist analyzes which years looked most similar to 2024.
Defensive Players Benched - Alfonso's Daily Note
Alfonso De Pablos looks at the weakness in defensive areas of the market.
Homebuilder Sentiment Improves and a Death Cross Nears - Bespoke
Bespoke examines the fundamental and technical outlook for Homebuilding stocks.
Quote of the Day
"I don't call it technical analysis anymore, I call it data visualization"
- Ralph Acampora