Daily Chart Report ? Friday, January 22nd, 2021
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Today’s Summary
Friday, January 22nd, 2021
Indices: US Stocks were mixed in today’s session. The Dow Jones Industrial Average fell 179 points or 0.57%. The S&P 500 slipped 0.30%, while the Nasdaq inched higher by just 0.09%. The Russell 2000 outperformed, rising 1.28%.
Sectors: 3 of the 11 sectors closed higher. Real Estate led, inching up 0.25%. Financials lagged, falling 0.72%.
Commodities: Crude Oil futures dropped 2.16% to $51.98 per barrel. Gold futures fell 0.56% to $1,856 per ounce.
Currencies: The US Dollar Index inched higher by 0.09%.
Interest Rates: The 10-year US Treasury yield slipped to 1.099%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared on Twitter by Shane Murphy (@murphycharts). It’s a ratio chart of the Momentum ETF, $MTUM vs. $SPY. The top holdings in $MTUM include Mega-Cap growth stocks like Tesla, Apple, Microsoft, Amazon, and Nvidia. Shane points out that this ETF broke out to an all-time high today, on both an absolute and relative basis. The rotation back into Mega-Caps stocks was perhaps the most noteworthy aspect of this week’s tape. As we discussed a couple of days ago, these juggernauts have been moving sideways for nearly five months now and are just starting to resolve higher. In a comment to The Chart Report, Shane said, “seeing these Mega-Cap growth stocks catch a bid for the first time in months definitely bodes well for the indices. But also, this pokes holes in the narrative that Value is making a meaningful comeback relative to Growth. It would be tough for Value to outperform Growth in an environment where these particular names are resolving higher.”
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Quote of the Day
“I hate weekends because there’s no stock market.”
– Rene Rivkin
Top Links
Worldwide Stock Markets Ease Out off Corrections – SentimenTrader
Jason Goepfert weighs-in on the breakout in international equity markets.
February Almanac: Worst S&P 500 Month of Post Election Years – Almanac Trader
Seasonality expert, Jeff Hirsch delivers some bad news to the bulls.
Where Do We (Investors) Stand – David Cox
In this quick video, David Cox highlights some noteworthy technical developments.
While Grains Take a Deep Breath – Culley Charts
Ian Culley offers an analysis of the grain markets.
Tesla’s Too High To Buy Now; Beyond Meat Perking Up; GameStop Shorts Feeling Pain: Veteran Trader – Yahoo Finance
In this clip, Brian Shannon shares his technical perspective on some popular stocks.
Top Tweets
You’re all caught up now. Thanks for reading!