Daily Chart Report ? Friday, January 29th, 2021
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Today’s Summary
Friday, January 29th, 2021
Indices: US Stocks ended the week/month on a sour note in today's session, with the Dow Jones Industrial Average dropping 621 points or 2.03%. The S&P 500 and Nasdaq fell 1.93% and 2.00%, respectively. The Russell 2000 outperformed but closed lower by 1.57%.
Sectors: All 11 sectors closed lower. Utilities led, but still fell 0.54%. Energy lagged dropping 3.32%.
Commodities: Crude Oil futures slipped 0.38% to $52.14 per barrel. Gold futures rose 0.49% to $1,850 per ounce.
Currencies: The US Dollar Index inched higher by 0.09%.
Interest Rates: The 10-year US Treasury yield rose to 1.069%.
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 JC Parets (@allstarcharts). January is officially in the books! Unfortunately for the bulls, both the S&P 500 and Dow closed negative on the month by 1.22% and 2.10%, respectively. The January Barometer that JC brings up is a seasonality indicator popularized by Yale Hirsch of the Stock Traders Almanac in 1972. The indicator is pretty straight forward. It states that as the S&P 500 goes in January, so goes the rest of the year. This may seem overly simplistic, but it has an impressive track record. Since 1950, there have only been 11 errors, giving the January Barometer an 84% accuracy ratio.
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Quote of the Day
“Live as if you were to die tomorrow.
Learn as if you were to live forever.”
– Mahatma Gandhi
Top Links
Weekly Market Performance - Markets Pullback This Week - LPL Financial Research
The team at LPL Financial Research recaps this week's price action.
Stocks Could See a Near-Term Pullback on Loss of Momentum, Strategist Says - CNBC
In this clip, Katie Stockton of Fairlead Strategies shares her technical outlook on stocks.
Where Do We (Investors) Stand - David Cox
David Cox highlights some noteworthy technical developments.
Most Heavily Shorted Stocks at the End of 2020 and Now - Bespoke
Bespoke takes a look at short interest in Russell 3000 stocks.
Stock Market Video Analysis - AlphaTrends.Net
Brian Shannon reviews this week's price action and lays out some levels of interest to keep an eye on next week.
Top Tweets
