Daily Chart Report ? Tuesday, January 18th, 2022
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Today’s Summary
Tuesday, January 18th, 2022
Indices: Dow -1.51% | S&P 500 -1.84% | Nasdaq -2.60% | Russell 2000 -3.06%
Sectors: Energy was the only sector that closed positive, gaining 0.40%. Technology lagged, dropping 2.40%.
Commodities: Crude Oil futures rose 2.07% to a two-month high of $84.83 per barrel. Gold futures slipped 0.23% to $1,812 per ounce.
Currencies: The US Dollar Index gained 0.50%.
Interest Rates: The US 10-year Treasury yield rose to a fresh two-year high of 1.875%
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 Ian Cully (@IanCulley). It’s a chart of Crude Oil futures over the past three years. Crude Oil broke out to its highest level since 2014 today, at around $85 per barrel. Ian points out that the next major resistance level is around $100 per barrel, which is about 17% higher from here. While $100 may seem like an arbitrary round number, it also coincides with the 161.8% Fibonacci extension of the 2020 decline. These key Fibonacci levels tend to act as price magnets, so it wouldn’t be surprising to see Crude test triple digits at some point in the next few months. This is bad news for consumers at the gas pump, but good news for Energy stocks.
Quote of the Day
“Mistakes are the portals of discovery.”
– James Joyce
Top Links
Energy and Emerging Markets – Means to a Trend
Austin Harrison takes a look at the recent strength in Energy Stocks and Emerging Markets.
Energy Exploding (Relatively Speaking) – Bespoke
Bespoke examines the recent outperformance from the Energy sector.
The Strongest O&G Stocks | Pardon the Price Action – All Star Charts
In this quick video, JC Parets and Steve Strazza discuss the implications of higher interest rates and more.
Another Bullish Pattern for the Agriculture ETF – StockCharts.com
Arthur Hill points out that Agricultural Commodities look ready to move higher.
NRGU Oil ETN Up 63% In The Past 2 Weeks – Seeking Alpha
Here’s a breakdown of the MicroSectors U.S. Big Oil Index 3X Leveraged ETN, $NRGU.
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Top Tweets
You’re all caught up now. Thanks for reading!
