Daily Chart Report ? Tuesday, January 17th, 2023
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Today’s Summary
Tuesday, January 17th, 2023
Indices: Nasdaq 100 +0.14% | Russell 2000 -0.15% | S&P 500 -0.20% | Dow -1.14%
Sectors: 8 of the 11 Sectors closed higher. Technology led, gaining +0.45%. Materials lagged, falling -1.00%.
Commodities: Crude Oil futures rose +0.40% to $80.18 per barrel. Gold futures fell -0.61% to $1,910 per ounce.
Currencies: The US Dollar Index fell -0.17% to $102.38.
Crypto: Bitcoin inched higher by +0.28% to a four-month high of $21,250. Ethereum was unchanged and continues to trade at a two-month high of $1,578.
Interest Rates: The US 10-year Treasury yield rose to 3.553%.
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 David Cox (@DavidCoxRJ). It’s a weekly candlestick chart of the Micro-Cap ETF, $IWC, over the past five years. $IWC rose +6.7% last week, marking the best week for Micro-Caps since they peaked nearly two years ago. David points out that Micro-Caps have decisively broken above their downtrend line. Meanwhile, Large-Caps continue to battle with their respective downtrend line. We often say Small-Caps tend to lead the broader market higher or lower, and that’s even more true of Micro-Cap stocks. These are companies with less than $300m in market cap, so they tend to be risker and higher beta. After dropping as much as 35% last year, Micro-Caps are still down about 26%. However, this is an encouraging development for the bulls. Will the S&P 500 follow suit?
Quote of the Day
“Race cars are neither beautiful nor ugly.
They become beautiful when they win.”
– Enzo Ferrari
Top Links
An Unprecedented Breadth Trifecta has Triggered – Quantifiable Edges
Rob Hanna points out that three different breadth thrust signals were triggered last week.
The Four Scenarios for the S&P 500 – StockCharts.com
David Keller outlines potential paths for the S&P 500 to take in the coming months.
New Bull Market?…Close But No Cigar Yet – Trend Friend
Victor Riesco highlights a few things that would confirm the start of a new bull market.
A Dead-Stick Dollar is Good News for Stocks – All Star Charts
Ian Culley examines how the S&P 500 has historically performed after a death cross in the US Dollar Index.
Better Beneath the Surface – Grindstone Intelligence
Austin Harrison takes a look at the outperformance from equally-weighted sectors and indices.
Top Tweets
You’re all caught up now. Thanks for reading!