Daily Chart Report ? Monday, January 10th, 2022
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Today’s Summary
Monday, January 10th, 2022
Indices: Dow -0.45% | S&P 500 -0.14% | Nasdaq +0.05% | Russell 2000 -0.40%
Sectors: 2 of the 11 sectors closed higher. Health Care led, gaining 1.03%. Industrials lagged, falling 1.13%.
Commodities: Crude Oil futures fell 0.85% to $78.23 per barrel. Gold futures inched higher by 0.08% to $1,799 per ounce.
Currencies: The US Dollar Index rose 0.22%.
Interest Rates: The US 10-year Treasury yield snapped a six-day winning streak, falling to 1.755%.
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 by Brian G (@alphacharts). It’s a weekly bar chart of the ARK innovation ETF, $ARKK, over the past two years. The top holdings in this ETF include $TSLA, $ZM, $TDOC, $ROKU, and $COIN. In a lot of ways, $ARKK is the poster child for the growth/tech trade. As you might know, it surged nearly 350% in less than a year coming out of the pandemic. However, it’s currently in its worst drawdown since inception, down more than 45% from its highs. As ugly as it has been, Brian points out that $ARKK is currently testing a key Fibonacci level around $81, which represents the 61.8% retracement of the entire post-pandemic rally. The trend is still lower on both an absolute and relative basis, but this would be a logical level for $ARKK to stop going down in the near term. Not to mention, sentiment is getting extremely negative with short-interest near all-time highs.
Quote of the Day
“Great investors are not unemotional, but are inversely emotional –
they get worried when the market is up and feel good when everyone is worried.”
– Bill Miller
Top Links
10 Charts I’ll Be Watching in 2022 – Means to a Trend
Austin Harrison highlights some of the most important charts going into the new year.
Epic Breakout in These Stocks – All Star Charts
JC Parets weighs in on some of the bullish developments from last week.
Is NYSE Index Trading at Major Inflection Point? – Kimble Charting Solutions
Chris Kimble points out that the NYSE Index is testing a long-term resistance level.
Levels – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the most important technical developments across the markets.
Travel Abroad in 2022? – Potomac Fund Management
Dan Russo shares some key takeaways from the current market environment.
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Top Tweets
You’re all caught up now. Thanks for reading!
