Daily Chart Report ? Tuesday, January 10th, 2023
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Today’s Summary
Tuesday, January 10th, 2023
Indices: Russell 2000 +1.49% | Nasdaq 100 +0.88% | S&P 500 +0.70% | Dow +0.56%
Sectors: 10 of the 11 Sectors closed higher. Communications led, gaining +1.51%. Consumer Staples was the only sector that closed lower, slipping just -0.13%.
Commodities: Crude Oil futures rose +0.66% to $75.12 per barrel. Gold futures were little changed (-0.07%) and continue to trade at $1,877 per ounce.
Currencies: The US Dollar Index inched higher by +0.10% to $103.27.
Crypto: Bitcoin rose +1.44% to $17,426. Ethereum gained +1.11% to $1,335.
Interest Rates: The US 10-year Treasury yield rose to 3.623%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Brian G (@alphacharts). The chart shows Copper Futures & Emerging Markets ($EEM) over the past 25 years. These two have been exhibiting relative strength so far in the new year. Copper closed at a six-month high today while Emerging Markets closed at a four-month high. Brian points out they have a history of moving together. One reason that this correlation exists is that both assets are heavily influenced by China’s economic health. China is the largest buyer of Copper and it’s also the largest country within Emerging Markets, representing more than 30% of $EEM. The recent weakness in the US Dollar has also helped propel these two higher. Both are perceived as risk-on assets, so you could also interpret this as a sign of risk appetite returning to markets.
Quote of the Day
“Trader: A crazy person that risks their own money for freedom, rather than exchanging their freedom for money”
– Anonymous
Top Links
Stocks Start 2023 Very Strong – All Star Charts
JC Parets shows that stocks are off to a solid start so far this year.
First Five Days Up, Our January Indicator Trifecta is Now 2-0 – Almanac Trader
Jeff Hirsch points out that the First Five Days indicator and the Santa Claus Rally were both positive this year.
It’s a Big Week for the Stock Market – CappThesis
Frank Cappelleri breaks down a weekly chart of the S&P 500 as it attempts to notch its first higher low in more than a year.
Buy Trends & Be Ready to Take Small Losses – TD Ameritrade Network
In this clip, Jerry Parker of Chesapeake Capital shares his perspective on some of the trends across the markets.
Top Tweets
You’re all caught up now. Thanks for reading!