Daily Chart Report ? Thursday, January 12th, 2023
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Today’s Summary
Thursday, January 12th, 2023
Indices: Russell 2000 +1.74% | Dow +0.64% | Nasdaq 100 +0.50% | S&P 500 +0.34%
Sectors: 8 of the 11 Sectors closed higher. Energy led, gaining +1.91%. Consumer Staples lagged falling -0.79%.
Commodities: Crude Oil futures rose +1.27% to $78.39 per barrel. Gold futures gained +1.06% to an eight-month high of $1,899 per ounce.
Currencies: The US Dollar Index dropped -0.98% to a seven-month low of $102.24.
Crypto: Bitcoin rose +5.39% to a two-month high of $18,897. Ethereum gained +2.19% to a two-month high of $1,421.
Interest Rates: The US 10-year Treasury yield fell to 3.445%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). The US Dollar Index ($DXY) dropped 1% to a fresh 7-month low today. More importantly, it closed firmly below $104, which represents the former highs from 2016 & 2020. As you probably know, the strong Dollar was one of the biggest headwinds for stocks and risk assets last year. Now that it’s breaking down, it’s no surprise that we’re seeing stocks, gold, and crypto catch a bid. As Ian points out, it would be a major tailwind for the bulls if the Dollar Index continues to stay below $104.
Quote of the Day
“The first rule is to keep an untroubled spirit. The second is to look things in the face and know them for what they are.”
– Marcus Aurelius
Top Links
Bears Back Down – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Are Silver Prices About to Rocket Higher? Hi Yo Silver Time? – Kimble Charting Solutions?
Chris Kimble points out that Silver is attempting to breakout from an 11-year bull flag.
Credit Spreads Contract – All Star Charts
Ian Culley examines what Credit Spreads are suggesting about the broader market.
Ain’t Superstitious! Friday 13th in January Not Too Scary – Almanac Trader
Jeff Hirsch takes a look at how stocks have historically fared on Friday the 13th (tomrrow).
Top Tweets
You’re all caught up now. Thanks for reading!