Daily Chart Report ? Wednesday, January 26th, 2022
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Today’s Summary
Wednesday, January 26th, 2022
Indices: Dow -0.38% | S&P 500 -0.15% | Nasdaq +0.02% | Russell 2000 -1.38%
Sectors: 2 of the 11 sectors closed higher. Technology led, gaining 0.59%. Real Estate lagged, falling 1.66%.
Commodities: Crude Oil futures rose 2.04% to a seven-year high of $87.35 per barrel. Gold futures dropped 1.23% to $1,830 per ounce.
Currencies: The US Dollar Index gained 0.54%.
Interest Rates: The US 10-year Treasury yield moved higher to 1.867%
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 Caleb Franzen (@CalebFranzen). It's a daily candlestick chart of the S&P 500 over the past two years. Do you know where the terms bull & bear markets come from? They refer to the way in which the two animals fight. Bulls fight with their horns plowing upwards, while bears fight with their claws slashing downwards. The media defines a bear market as a 20% decline, however, as technicians, we care more about the trend. Is it in an uptrend or a downtrend? An uptrend is defined as a series of higher highs & higher lows, while a downtrend is a series of lower highs & lower lows. We've been in a clear uptrend for nearly two years now making a series of higher highs and higher lows. However, Caleb points out that the uptrend is currently in jeopardy as we test the October lows around 4300. We haven't cracked that level just yet, but a close below there would confirm that we're no longer in an uptrend.
Quote of the Day
"I’m a trend follower, not a trend fighter. I’m smart enough to realize that a slap is easier to recover from than a beating."
- Martin Zweig
Top Links
All You Wanted to Know About Stock Market Corrections - LPL Financial Research
The team at LPL Financial Research shares some helpful stats on market corrections.
Monday's Low Provides Key Reference Point for the Bulls to Shoot Against - Potomac Fund Management
Dan Russo highlights some key takeaways from the current market.
Are Energy Stocks Suggesting Long-Term Strength? - Kimble Charting Solutions
Chris Kimble explains why the Energy sector could continue outperforming the S&P 500 over the next few months.
Stock Market Analysis January 26, 2022 - AlphaTrends
In this quick video, Brian Shanon analyzes this week's wild price action and highlights some key levels to watch in the remainder of the week.
Brazil and Russia Go in Opposite Directions - Bespoke
Bespoke examines the trends in international markets.
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Top Tweets
You’re all caught up now. Thanks for reading!
