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Today’s Summary
Friday, January 19, 2024
Indices: Nasdaq 100 +1.95% | S&P500 +1.23% | Russell 2000 +1.08% | Dow +1.05%
Sectors: 9 of the 11 sectors closed higher. Technology led, gaining +2.31%. Consumer Staples lagged, falling -0.29%.
Commodities: Crude Oil futures fell -0.95% to $73.25 per barrel. Gold futures rose +0.38% to $2,029 per oz.
Currencies: The US Dollar Index fell -0.18% to $103.24.
Crypto: Bitcoin rose +0.84% to $41,628. Ethereum gained +0.90% to $2,490.
Volatility: The Volatility Index dropped -5.74% to 13.31.
Interest Rates: The US 10-year Treasury yield fell to 4.126%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🚨It took 511 days for the S&P 500 $SPX to reach new all-time highs.
This is the sixth longest streak since 1950. pic.twitter.com/zhBIt84rFn
— Alfonso Depablos (@AlfCharts) January 19, 2024
🏆 Today’s Chart of the Day was shared by Alfonso Depablos (@AlfCharts).
- It’s official!… The S&P 500 printed its first all-time high in two years today.
- Why do we care about all-time highs? Once price enters uncharted territory, there’s virtually no price memory or overhead supply to prevent it from trending higher.
- The drawdown lasted 511 trading days, falling as much as -25%. This was the longest drawdown since the Great Financial Crisis and the 6th longest since 1950. It’s often said that trends correct through either time or price, but this was a healthy dose of both.
The takeaway: The S&P 500 broke out to record highs for the first time in two years today. The long-term uptrend is ready to resume after correcting through both time (511 days), and price (-25%). It’s emerging from a two-year base, but bulls must defend the prior highs at 4,800 to avoid a failed breakout.
Quote of the Day
“Headlines, in a way, are what mislead you because bad news is a headline, and gradual improvement is not.”
– Bill Gates
Top Links
Anticipating the Implications of a New All-Time High – Nautilus Research
Nautilus Research looks at how the S&P 500 has historically performed after reaching all-time highs for the first time following a bear market.
Years When Stocks Tracked 2023 Best and What Came Next – LPL Financial Research
Adam Turnquist examines what has historically happened after a year like 2023.
Chart Advisor – Investopedia
John Kolovos highlights six key points about the current market environment.
Stock Market Video Analysis for Week Ending January 19, 2024 – Alphatrends
Brian Shannon analyzes this week’s price action and highlights some key levels to watch in the near term.
Don’t Miss the Move in Marine Shipping Stocks – All Star Charts
Ian Culley looks at the breakout in shipping stocks.
Top Tweets
$SPX S&P 500 Index, new all-time highs. pic.twitter.com/XO9RsofTKI
— Shane C. Murphy (@murphycharts) January 19, 2024
New all-time high on the S&P 500 price index 🙌
First since Jan 3rd, 2022. A lot's happened since then 😱
Fed Funds rate was 0-0.25%; now 5.25-5.50%
10-year yield was 1.63%; now 4.13%
Real 10-year yield was -0.97%; now 1.80%UE rate was 4.1%; now 3.7%
Prime-age employment… pic.twitter.com/v6UDCOPMwV— Sonu Varghese (@sonusvarghese) January 19, 2024
The S&P 500 closed at an all-time high.
The Russell 2000 is still in a bear market*, down more than 20% from its high.
That's never happened before. pic.twitter.com/ZB5vUAhHMe
— Jason Goepfert (@jasongoepfert) January 19, 2024
meanwhile, you got folks out there completely ignoring this stair-step higher, trying to pretend it’s not happening, and hoping it randomly goes away. But that’s just not how trends work. pic.twitter.com/DcrpQ5LBpT
— J.C. Parets (@allstarcharts) January 19, 2024
$TNX at 50-dma resistance$ARKW at 50-dma & 2yr base support$XLK $XLC $SMH $QQQ new 52-week highs
Let's see what next week brings! pic.twitter.com/vH6WTKMMMu
— Brian G (@alphacharts) January 19, 2024
TOY is a "Turn Of the Year" Barometer based on the S&Ps Nov19-Jan19 performance. The 2024 TOY is 7.22%. Since 1950 if TOY was > 3%, the next year (Jan19-Jan19) was 35-2 for an avg 16.5% gain with 2 single digit losses. Feb-April is 32-5 for an avg 3 mt gain of 4.23% pic.twitter.com/Ju5Rzs359K
— Wayne Whaley (@WayneWhaley1136) January 19, 2024
Nvidia $NVDA has surged to another all-time high and is now up more than 20% to start the new year. pic.twitter.com/fRUtnO1xiv
— Barchart (@Barchart) January 19, 2024
Tick, Tick, BOOM. 🧨 $SMCI pic.twitter.com/G549CqMPRV
— TrendSpider (@TrendSpider) January 19, 2024
$SMCI vs $NVDA since AI became a hot investing theme. pic.twitter.com/FYKpsOXzoj
— ivanhoff.com (@ivanhoff2) January 19, 2024
$AMD closed this week at its highest price EVER! Historically, this stock has had some HUGE bull markets (1975-1985: up over 35,000%, 1985 – 2016 ~ unchanged). Time for another run higher? $AMD $SMH pic.twitter.com/Mnyeg9vIRw
— Sam Gatlin (@sam_gatlin) January 20, 2024
Gut check: Public #bitcoin miners -50% from local highs in the last 15 trading days. pic.twitter.com/MqNEp5PmBz
— Dylan LeClair 🟠 (@DylanLeClair_) January 19, 2024
Where is all the #Bitcoin?
Between ETFs, funds, private and public companies, governments and even DeFi🤮, it only comes out to 2,170,327 BTC or ~10.33% of total supply.
The remaining BTC is in the hands of individuals or lost for good. Stay strong, hodlers.💪 pic.twitter.com/brtjwESN4J
— Swan Media (@Swan) January 19, 2024