Daily Chart Report ? Friday, January 6th, 2023
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Today’s Summary
Friday, January 6th, 2023
Indices: Nasdaq 100 +2.78% | S&P 500 +2.28% | Russell 2000 +2.26% | Dow +2.13%
Sectors: All 11 Sectors closed higher. Materials led, gaining +3.44%. Health Care lagged, but still rose +0.92%.
Commodities: Crude Oil futures inched up +0.14% to $73.77 per barrel. Gold futures rose +1.58% to a seven-month high of $1,870 per ounce.
Currencies: The US Dollar Index dropped -1.18% to $103.91.
Crypto: Bitcoin rose +0.77% to $16,956. Ethereum gained +1.55% to $1,270.
Interest Rates: The US 10-year Treasury yield dropped to 3.56%.
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 Jay Kaeppel (@jaykaeppel). The Nasdaq 100 kicked off the 2023 on a positive note this week, gaining 0.92%. It’s still the weakest major index, down more than 33% from its peak. Jay points out that 10,700 is the line in the sand for the Nasdaq. This support level dates back to September 2020 and it’s been tested several times in the past six months. It’s constructive to see us continuing to hold above it for now. But as Jay would say, “if the line doesn’t hold, it’s time to fold.”
Quote of the Day
“Keep in mind that progress is not always linear. It takes constant course correcting and often a lot of zigzagging.
– Buzz Aldrin
Top Links
Respecting the Rangebound S&P 500 – StockCharts.com
David Keller examines the technical outlook for the S&P 500.
Crude Oil Price Decline Breaks Below Key Trend Line Support – Kimble Charting Solutions
Chris Kimble points out that Crude Oil may be double-topping at the 2011 highs.
Looking for Years that Look Most like 2022 – LPL Financial Research
Adam Turnquist takes a look at which years in history were most similar to 2022.
Stock Market Analysis Latest – Bulls Get a Strong Start to 2023 After All – January 06, 2023 – The Trade Risk
In this video, Evan Medeiros reviews some of the biggest technical developments from this week.
Its GLD, b*tch – The Compound and Friends
In this video, Josh Brown, Michael Batnick, JC Parets, and Steve Strazza sit down to discuss Precious Metals, Crypto, Stocks, and more.
Top Tweets
You’re all caught up now. Thanks for reading!