Daily Chart Report ? Thursday, January 19th, 2023
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Today’s Summary
Thursday, January 19th, 2023
Indices: S&P 500 -0.76% | Dow -0.76% | Russell 2000 -0.97% | Nasdaq 100 -1.00%
Sectors: 3 of the11 sectors closed higher. Energy led, gaining +1.24%. Industrials lagged, dropping -2.06%.
Commodities: Crude Oil futures rose +1.02% to $80.61 per barrel. Gold futures moved higher by +0.89% to $1,924 per ounce.
Currencies: The US Dollar Index fell -0.35% to a seven-month low of $102.05.
Crypto: Bitcoin rose +1.91% to $21,064. Ethereum gained +2.51% to $1,550.
Interest Rates: The US 10-year Treasury yield inched higher to 3.393%.
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 Jay Ligon (@TheeDisruptor). This one is dedicated to all the Fibonacci skeptics out there. Jay points out that each major rally throughout this bear market has reversed at the 61.8% retracement of the preceding decline. The most recent rally was nearly 6%, but like the others, it rolled over after retracing 61.8% of the November-December decline. Nobody really knows why Fibonacci extensions and retracements often act as support or resistance, but this is clearly a pattern. It would be a bullish change of character to see the S&P 500 break this pattern, by reclaiming the 61.8% retracement of the November-December decline, around 4000.
Quote of the Day
“I enjoy the hunt much more than the ‘good life’ after the victory.”
– Carl Icahn
Top Links
Staying Classy: Market Breadth, Buying Thrust, and Brian Fantana – Carson Group
Ryan Detrick takes a look at the recent improvements in market breadth.
Bulls and Bears Almost Evenly Split – Bespoke
Bespoke breaks down the most recent AAII Sentiment Survey.
Netflix (NFLX) & Oil (OIH) Technical Trends – TD Ameritrade Network
In this clip, Frank Cappelleri shares his technical perspective on Netflix and the Oil Services ETF, $OIH.
Bond Investors Embrace Risk – All Star Charts
Ian Culley examines the outperformance in Emerging Market Bonds vs. US Bonds and what it could signal for the S&P 500.
Odds Favor Lower Bond Yields in Months Ahead! – Kimble Charting Solutions
Chris Kimble points out that the US 10-year yield ($TNX) is being rejected at a key Fibonacci retracement of the 1980-2020 decline.
Top Tweets
You’re all caught up now. Thanks for reading!