Daily Chart Report ? Friday, January 13th, 2023
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Today’s Summary
Friday, January 13th, 2023
Indices: Nasdaq 100 +0.71% | Russell 2000 +0.58% | S&P 500 +0.40% | Dow +0.33%
Sectors: 8 of the 11 Sectors closed higher. Consumer Discretionary led, gaining +0.94%. Real Estate lagged falling -0.58%.
Commodities: Crude Oil futures rose +1.88% to $79.86 per barrel. Gold futures gained +1.21% to an eight-month high of $1,922 per ounce.
Currencies: The US Dollar Index inched lower by -0.06% to $102.18.
Crypto: Bitcoin rose +5.72% to a two-month high of $19,931. Ethereum gained +2.43% to a two-month high of $1,451.
Interest Rates: The US 10-year Treasury yield rose to 3.507%.
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 Steve Strazza (@sstrazza). Bitcoin is up more than 16% this week, putting it on track for its best week in nearly two years. More importantly, it reclaimed the prior cycle highs, around $19k today. This is beginning to look like a failed breakdown for Bitcoin. As we know, failed breakdowns often lead to sharp moves higher. The 2022 decline did a lot to wash out the frothy sentiment that had developed in this market. After a >75% drawdown in recent months and all the FTX drama, one could argue that Bitcoin sentiment has never been this bearish. As Steve points out, the conditions are ripe for a rebound to $30k in the coming weeks.
Quote of the Day
“Music always sounds better on Friday.”
- Lou Brutus
Top Links
Stocks Just Flashed A Key Bull Market Signal - The Street
Here's a look at a rare bullish signal that triggered yesterday.
Is the Bull Back? - Trading Adventures
Andrew Moss highlights some noteworthy technical developments from the past week.
Stocks Go Up Regularly in Bull Markets - All Star Charts
JC Parets points out that more and more sectors are beginning to participate in the current rally.
Technical Analysis Stock Market Trends Jan 13, 2023 - AlphaTrends
In this quick video, Brian Shanon recaps this week's price action and he lays out a few key levels to focus on next week.
Return of the REITs? - StockCharts.com
Julius de Kempenaer takes a look at rotation into the beaten-down Real Estate sector.
Top Tweets
You’re all caught up now. Thanks for reading!