Daily Chart Report ? Friday, January 20th, 2023
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Today’s Summary
Friday, January 20th, 2023
Indices: Nasdaq 100 +2.86% | S&P 500 +1.89% | Russell 2000 +1.69% | Dow +1.00%
Sectors: All 11 sectors closed higher. Communications led, gaining +3.13%. Health Care lagged but still rose +0.50%.
Commodities: Crude Oil futures moved higher by +1.28% to $81.64 per barrel. Gold futures rose +0.22% to an eight-month high of $1,928 per ounce.
Currencies: The US Dollar Index inched lower by -0.06% to a seven-month low of $101.99.
Crypto: Bitcoin jumped +7.51% to a five-month high of $22,674. Ethereum rose +6.86% to a four-month high of $1,660.
Interest Rates: The US 10-year Treasury yield rose to 3.484%.
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 Yuriy Matso (@yuriymatso). The S&P 500 fell -0.66% this week, marking its first down week of the new year. It spent the majority of the week chopping between its rising 50-day moving average, and its falling 200-day moving average. Yuriy points out that the index has coiled into a tight triangle pattern, with rising support and falling resistance. This consolidation pattern suggests the S&P 500 is gearing up for a strong move in either direction. As we approach the apex of this triangle, the potential is building for a strong resolution out of this pattern. A close above 4100 would confirm a breakout to the upside, while a close below 3800 would confirm a breakout to the downside. Keep an eye on how this pattern resolves in the coming days/weeks.
Quote of the Day
“The world is changed by your example, not by your opinion.”
– Paul Coelho
Trendlines > Headlines
Your favorite technical analysis show is back!
In this week's episode of Trendlines over Headlines, Jay Woods joins us from the NYSE to help us make sense of the current market environment. Jay is a former Executive Floor Governor at the NYSE, and he currently serves on the board of the CMT Association. We discuss recent price action, the slowdown in the IPO market, next week's earnings, and more. Enjoy!
You can also listen to the podcast version here.
Top Links
Not So Fast... - Trading Adventures
Andrew Moss breaks down some of the key technical developments from this past week.
The Prior Cycle's High's - All Star Charts
JC Parets points out that a lot of key assets have continued to respect their prior cycle's highs.
The Big Picture - Riverbend Investment Management
In this video, John Roethe highlights some of the noteworthy trends across the markets.
TSLA – January 20, 2023 - Bart's Charts
James Bartelloni explains why he thinks Tesla has bottomed.
Short-Term Government Bonds Suggesting Fed Funds Peak, Says Joe Friday - Kimble Charting Solutions
Chris Kimble looks at a long-term chart of the 2-year yield vs. the Fed Funds rate.
Top Tweets
You’re all caught up now. Thanks for reading!