Daily Chart Report ? Monday, January 9th, 2023
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Today’s Summary
Monday, January 9th, 2023
Indices: Nasdaq 100 +0.62% | Russell 2000 +0.17% | S&P 500 -0.08% | Dow -0.34%
Sectors: 5 of the 11 Sectors closed higher. Technology led, gaining +1.16%. Health Care lagged, falling -1.67%.
Commodities: Crude Oil futures rose +1.17% to $74.63 per barrel. Gold futures gained +0.43% to an eight-month high of $1,878 per ounce.
Currencies: The US Dollar Index dropped -0.71% to $103.18.
Crypto: Bitcoin rose +0.33% to $17,176. Ethereum gained +2.37% to $1,320.
Interest Rates: The US 10-year Treasury yield fell to 3.538%.
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 Doug Busch (@chartsmarter). The Tech-heavy Nasdaq has underperformed the S&P 500 for more than a year now (lower panel). However, Doug points out that it looks primed for some mean reversion. We’ve had Doji candles for two consecutive weeks now. Both closed near the highs of their weekly ranges, and above crucial support. Doug adds that momentum has been diverging positively for more than 7-months now, with RSI making a series of higher lows since June (upper panel). The index gapped higher this morning, but was quickly rejected near its 50-day moving average, so that continues to be an important hurdle for the bulls to clear this week.
Quote of the Day
“Tomorrow belongs to those who can hear it coming.”
– David Bowie
Top Links
The Week Ahead: Starting 1/9/23 – ChartSmarter
Doug Busch highlights some noteworthy charts to watch this week.
Recent Weekly Candles On Major US Equity Indices Likely To Help Bulls – Hedgopia
Hedgopia examines some of the bullish candlestick patterns that the major indices have formed in recent weeks.
5 Trade Ideas for Monday: FedEx, Meta, Schlumberger, Visa and Walmart – Dragonfly Capital
Greg Harmon highlights five stocks to keep an eye on in the near term – $FDX, $META, $SLB, $V, and $WMT.
Gold Rush: Miners Join the Party – All Star Charts
Ian Culley points out that Gold Mining stocks are shaping up for a move higher.
European Markets Stage Comeback – Bespoke
Bespoke takes a look at the recent strength in European stocks.
Top Tweets
You’re all caught up now. Thanks for reading!