Daily Chart Report ? Monday, January 23rd, 2023
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Today’s Summary
Monday, January 23rd, 2023
Indices: Nasdaq 100 +2.18% | Russell 2000 +1.25% | S&P 500 +1.19% | Dow +0.76%
Sectors: All 11 sectors closed higher for the second session in a row. Technology led, gaining +2.28%. Utilities lagged but still managed to close positive by +0.03%.
Commodities: Crude Oil futures were flat and continue to trade around $81.62 per barrel. Gold futures were also flat and continue to trade around $1,929 per ounce.
Currencies: The US Dollar Index inched higher by just +0.02% to $102.01.
Crypto: Bitcoin rose +0.97% to a five-month high of $22,939. Ethereum was flat and continues to trade around $1,630.
Interest Rates: The US 10-year Treasury yield rose to 3.517%.
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 in a note by John Roque (@daChartLife). It’s a ratio chart of the S&P 500 vs. the rest of the world since 1970. One of the most noteworthy themes so far in 2023 has been the underperformance of US Stocks vs. International Stocks. US Stocks have dominated for more than a decade, however, John points out that they could continue to lag in the coming months. For starters, this ratio just broke a rising 25-month moving average. Also, momentum is at a 13-year low with the 12-month rate of change in negative territory. US investors have been rewarded for their home country bias over the past decade, but perhaps it’s time to start looking for opportunities outside of the US.
Quote of the Day
“Data is the sword of the 21st century,
those who wield it well, the Samurai.”
– Jonathan Rosenberg
Top Links
Nasdaq Up 3-Weeks In a Row – All Star Charts
JC Parets takes a look at the Nasdaq’s recent strength and what it could mean for the rest of the year.
Debt Ceiling with Stealey – Bloomberg Servaillice Podcast
About 10 minutes into this podcast, the Godfather of Technical Analysis, Ralph Acampora, shares his thoughts on the current market environment.
How Can the Stock Market Improve Breadth? – Fox Business News
In this clip, Willie Delwiche offers his perspective on the S&P 500, market breadth, and more.
A Changing of the Gaurd? Growth vs. Value – Grindstone Intelligence
Austin Harrison examines the outlook for Growth vs. Value.
Trendlines over Headlines with Special Guest, Jay Woods – The Chart Report
In the latest episode of Trendlines over Headlines, Jay Woods joins us from the NYSE to make sense of the current market. We discuss recent price action, the slowdown in the IPO market, this week’s earnings, and more.
Top Tweets
After dropping below 20%, 66% of $SPX components are back above their 200-dma. Since 2000, that has confirmed the low was in. Very unlikely to be smooth sailing (circles) pic.twitter.com/B7j9vMx9Ey
— Urban Carmel (@ukarlewitz) January 23, 2023
You’re all caught up now. Thanks for reading!