Daily Chart Report ? Wednesday, January 19th, 2022

Patrick Dunuwila
January 19, 2022

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Today’s Summary
Wednesday, January 19th, 2022

Indices: Dow -0.96% | S&P 500 -0.97% | Nasdaq -1.15% | Russell 2000 -1.60%

Sectors: 2 of the 11 sectors closed higher. Consumer Staples led, gaining 0.63%. Consumer Discretionary lagged, dropping 1.80%.

Commodities: Crude Oil futures rose 1.14% to a seven-year high of $85.80 per barrel. Gold futures jumped 1.70% to a two-month high of $1,843 per ounce.

Currencies: The US Dollar Index slipped 0.11%.

Interest Rates: The US 10-year Treasury yield fell to 1.866%

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 in a note by John Roque of 22V Research. It's a monthly chart of Gold over the past two decades. Gold struggled in 2021 while just about every other Commodity rallied. However, it's off to a great start so far this year, settling at a 2-month high today of $1,843 per/oz. John's view is that Gold was actually the first to tip-off the bull cycle in Commodities when it broke out back in Summer 2020. It fell asleep last year, but it's waking up once again and looks poised to continue working higher. John explained "Not only is Gold now showing some chutzpah on an absolute basis, but it is on a 3-month winning streak relative to Bitcoin and at a 7-month high versus NASDAQ. Gold is above its upward-sloping 50-, 100-, and 200-day moving averages and, since it is only rubbing the sleep out of its eyes, is not remotely close to being overbought on our daily or weekly momentum work." 

Quote of the Day

"Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market."
- Rob Chernow

Top Links

Negative Bets on the Energy Rally are Reversing - SentimenTrader
Jason Goepfert explains that options activity is suggesting further upside for the Energy sector over th next couple of months.

Financials are All Over the Place - StockCharts.com
Julius de Kempenaer examines the strongest/weakest areas of the Financial sector.

Fairlead's Stockton Sees Signs of 'Downside Exhastion' For Russell 2000 - Bloomberg
Katie Stockton shares her outlook on the major indices and Treasury yields.

Stock Market Analysis January 19th, 2022 - AlphaTrends
Brian Shannon lays out some key levels to focus on in the remainder of the week.

Gold Miners Win Whenever They're Down Here - All Star Charts
JC Parets takes a look at Gold Miners and the US Dollar Index.

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You’re all caught up now. Thanks for reading!

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