Daily Chart Report ? Wednesday, January 18th, 2023
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Today’s Summary
Wednesday, January 18th, 2023
Indices: Nasdaq 100 -1.27% | S&P 500 -1.56% | Russell 2000 -1.59% | Dow -1.81%
Sectors: All 11 sectors closed lower by more than -1%. Communications led but still fell -1.21%. Consumer Staples lagged, dropping -2.73%.
Commodities: Crude Oil futures fell -0.47% to $79.80 per barrel. Gold futures inched lower by -0.15% to $1,907 per ounce.
Currencies: The US Dollar Index was flat (+0.03%) and continues to trade at $102.40.
Crypto: Bitcoin fell -1.58% to $20,803. Ethereum dropped -2.27% to $1,530.
Interest Rates: The US 10-year Treasury yield dropped to 3.372%.
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 Nick Reece (@nicholastreece). The S&P 500 fell back below its 200-day moving average today, after being rejected at its downtrend line yet again. This infamous trendline has been tested several times in the past year, only to be rejected each time. The more times a trendline is touched, the more valid it becomes. In other words, each touch raises the significance of a potential breakout. Nick points out that price is currently at a crossroads, pinched between a declining 200-day moving average and a rising 50-day moving average. Buyers and sellers have battled their way to an important inflection point, so watch for a decisive resolution higher or lower in the near term.
Quote of the Day
“Think not of what you see, but what it took to produce what you see.”
– Benoit Mandelbrot
Top Links
After Bear Market January Indicator Trifecta Amazing – Almanac Trader
Jeff Hirsch shows that when the January Indicator Trifecta is 3-for-3 after a bear market, the rest of the year has historically been strong.
Why Stocks Bottomed Last June – All Star Charts
JC Parets makes the argument that stocks actually bottomed eight months ago.
The Whole World is Watching – Trading Adventures
Andrew Moss points out that everyone is watching the same lines on the major indices.
Don’t Ignore These Bullish Signs – Who Charted? – Research by Potomac
In this quick video, Dan Russo and Drew Wells highlight six noteworthy charts in six minutes.
Top Tweets
You’re all caught up now. Thanks for reading!