Daily Chart Report π Friday, January 17, 2025
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Todayβs Summary
Friday, January 17, 2025
Indices: Nasdaq +1.66% | S&P 500 +1.00% | Dow +0.78% | Russell 2000 +0.40%
Sectors: 9 of the 11 sectors closed higher. Technology led, gaining +1.57%. Health Care lagged, falling -0.67%.
Commodities: Crude Oil futures fell -0.59% to $77.39 per barrel. Gold inched lower by -0.08% to $2,749 per oz.
Currencies: The US Dollar Index gained +0.41% to $109.41.
Crypto: Bitcoin rose +4.15% to $104,119. Ethereum rose +5.07% to $3,475.
Volatility: The Volatility Index dropped -3.86% to 15.96.
Interest Rates: The US 10-year Treasury yield rose to 4.623%
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 Arun Chopra (@FusionptCapital).
- Bitcoin is up more than +10% this week. It's flirting with all-time highs again, notching its fourth-highest close in history today at $104,119.
- After a solid post-election breakout, it rolled over into a potential Head & Shoulders Top. On Monday, the bears were trapped as Bitcoin shook out the weak hands below the neckline at $90k.
- This textbook topping pattern has failed. Remember, it's often bullish when bearish patterns fail like this. If Bitcoin clears $105k over the weekend, the next major Fibonacci extension is around $150k.
The Takeaway: Bitcoin is flirting with all-time highs after invalidating a two-month Head & Shoulders Top. It's often bullish when bearish patterns fail.
Top Links
Interest Rate Relief Fuels the Best Week for Stocks Since November - Trade Risk
Evan Medeiros reviews this week's price action and some key areas to watch next week.
Market Bounce After December Low Breach Encouraging - Almanac Trader
Jeff Hirsch looks at how the Dow has historically performed after reclaiming its December low.
JC's Revenge - The Compound and Friends
JC Parets joins Josh Brown and Michael Batnick to discuss markets and more.
Gauging Market Anxiety - Strategas Asset Management
Todd Sohn shares several noteworthy insights about the current market environment.
Bitcoin to $155k - Alfonso's Daily Note
Alphonso De Pablos lays out the next potential resistance levels for Bitcoin.
Quote of the Day
"Life is a school of probability."
- Walter Bagehot