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Today’s Summary
Thursday, January 18, 2024
Indices: Nasdaq 100 +1.47% | S&P500 +0.88%| Russell 2000 +0.55% | Dow +0.54%
Sectors: 6 of the 11 sectors closed higher. Technology led, gaining +2.03%. Utilities lagged, falling -1.07%.
Commodities: Crude Oil futures rose +1.92% to $73.95 per barrel. Gold futures rose +0.75%to $2,022 per oz.
Currencies: The US Dollar Index ticked higher by just +0.05% to $103.43.
Crypto: Bitcoin dropped -3.40% to $41,283. Ethereum dropped -2.39% to $2,468.
Volatility: The Volatility Index dropped -4.59% to 14.12.
Interest Rates: The US 10-year Treasury yield rose to 4.146%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
It's rare that we see such clean cup-and-handle formations as in $MSFT and subsequently $SPX; they tend to have bullish long-term implications #fairleadstrategies pic.twitter.com/1tUdN19kwF
— Katie Stockton, CMT (@StocktonKatie) January 18, 2024
🏆 Today’s Chart of the Day was shared by Katie Stockton (@StocktonKatie).
- The S&P 500 is trolling the bulls at this point. It’s been within 3% of a record high for over a month but refuses to make it official.
- Katie reminds us that the S&P 500 and its largest component ($MSFT) have formed multi-year Cup and Handle patterns despite the short-term pause. These long-term accumulation patterns only appear once or twice a decade in a major index like the S&P 500.
- Microsoft ($MSFT) recently surpassed Apple ($AAPL) as the largest stock in the S&P 500. It represents 7.27% of the index, more than the bottom three sectors combined (Utilities + Real Estate + Materials).
The takeaway: The most important index ($SPX) and the most important stock ($MSFT) have formed multi-year accumulation patterns. $MSFT gives us a potential roadmap for the S&P 500 in the coming weeks.
Quote of the Day
“It’s not the answers that make you good in this business; it’s the questions you ask. If you ask the right questions, you will always find out more than the next guy.”
– Michael Price
Top Links
Chart Advisor – Investopedia
John Kolovos highlights six noteworthy charts.
Where Have the Bulls Gone? – Bespoke
Bespoke breaks down the latest AAII Sentiment Survey.
European Banks and REITs are Stronger Than the U.S., Says Renaissance Macro’s Jeff Degraaf – CNBC
Jeff deGraaf shares his thoughts on the current market environment.
Bitcoin has a lot of opportunities, ETFs will be a tailwind, says Piper Sandler’s Craig Johnson -CNBC
Craig Johnson offers his technical perspective on Chinese equities and Bitcoin.
Top Tweets
$QQQ all-time high pic.twitter.com/m7z13q0DSf
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) January 18, 2024
$QQQ Tough look for the bears. 🫣 pic.twitter.com/9rKvVONVyV
— TrendSpider (@TrendSpider) January 18, 2024
Dow to 48k? Why not? pic.twitter.com/W0eqPHqEsZ
— Austin Harrison, CFA, CMT (@meanstoatrend) January 18, 2024
Are pre-covid themes getting ready to go again?
US $SPY > The rest of the world $ACWX
Large-cap $SPX > Small-cap $IWM
Growth $IWF > Value $IWD pic.twitter.com/vU8xOAlkOv— Grant Hawkridge (@granthawkridge) January 19, 2024
$XLK working on new highs, even with $TNX +19-bps this week. pic.twitter.com/pp5oi2B9sb
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) January 19, 2024
Nice chart showing how NVIDIA is a hair away from having a bigger weight in the S&P 500 than the entire energy sector, will be the fifth stock to join this elite club via @Todd_Sohn pic.twitter.com/X53iKROxL3
— Eric Balchunas (@EricBalchunas) January 18, 2024
What’s that? Ah – Broadening? Don’t talk about – broadening? You kidding me? Broadening?
11 trading days into the year, the market cap weighted S&P 500 is outperforming the equal weighted index by a record margin. pic.twitter.com/xKaYYZTiJA
— Bespoke (@bespokeinvest) January 18, 2024
new all-time lows today for Utilities relative to S&Ps pic.twitter.com/htHYSYDrJg
— J.C. Parets (@allstarcharts) January 18, 2024
MSCI ACWI (ex US) now oversold after bullish trend confirmation at beginning of year. $ACWI pic.twitter.com/6fQrbRGNhF
— RenMac: Renaissance Macro Research (@RenMacLLC) January 18, 2024
$BTCUSD pic.twitter.com/1njT989EDr
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) January 18, 2024
$BTCUSD 16% drawdown since the ETF bonanza pic.twitter.com/LNDDt4wY06
— Jamie Saettele, CMT (@JamieSaettele) January 18, 2024