Daily Chart Report ? Monday, January 24th, 2022
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Today’s Summary
Monday, January 24th, 2022
Indices: Dow +0.29% | S&P 500 +0.28% | Nasdaq +0.63% | Russell 2000 +2.29%
Sectors: 8 of the 11 sectors closed higher. Consumer Discretionary led, gaining 1.20%. Utilities lagged, falling 0.96%.
Commodities: Crude Oil futures dropped 2.15% $83.31 per barrel. Gold futures rose 0.54% to $1,842 per ounce.
Currencies: The US Dollar Index rose 0.24%.
Interest Rates: The US 10-year Treasury yield rose to 1.774%
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 Grayson Roze (@GraysonRoze). It's a daily candlestick chart of the S&P 500 over the past year. What a day! The S&P 500 was down nearly 4% at one point, briefly dipping into correction territory. However, buyers stepped in, and we actually managed to close positive by 0.28%. This was the largest intraday reversal that we've seen in nearly two years. As you can see, today's price action formed a bullish hammer candle with a long lower wick. Hammer candles are often found at the end of sharp declines, and typically mark some sort of short-term bullish reversal. It's often said that hammer candles help to "nail in" a market bottom. The low of today's wick, around 4230, now offers a clear risk level to trade against. Watch for continued upside follow-through tomorrow to confirm today's bullish hammer candle.
Quote of the Day
Top Links
Do Less or Do More - The Irrelevant Investor
Michael Batnick shares some thoughts on today's intraday reversal.
There's Always a Bull Market Somewhere - Means to a Trend
Austin Harrison takes a look at the recent weakness in Stocks and the strength in Commodities.
The Nasdaq is Poised for an Oversold Bounce After 15% Decline, But Investors Shouldn't Buy it, Fairlead's Stockton Says - Business Insider
Katie Stockton lays out her near-term outlook for the Nasdaq.
Major Stock Market Indices Reach Critical Impasse! - Kimble Charting Solutions
Chris Kimble points out that the Dow Industrials, Dow Transports, Dow Utilities, and NYSE Composite are all testing long-term resistance.
What are the Worst Ones Doing? 2022 Edition - All Star Charts
JC Parets examines some of the weakest areas of the market including Biotech, Chinese Internet, $ARKK, and IPO Stocks.
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You’re all caught up now. Thanks for reading!
