Daily Chart Report ? Tuesday, January 24th, 2023
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Today’s Summary
Tuesday, January 24th, 2023
Indices: Dow +0.31% | S&P 500 -0.07% | Nasdaq 100 -0.22% | Russell 2000 -0.27%
Sectors: 6 of the 11 sectors closed higher. Industrials led, gaining +0.66%. Health Care lagged, falling -0.66%.
Commodities: Crude Oil futures fell -1.83% to $80.13 per barrel. Gold futures rose +0.35% to a 9-month high of $1,935 per ounce.
Currencies: The US Dollar Index inched lower by -0.09% to a 7-month low of $101.92.
Crypto: Bitcoin fell -1.44% to $22,604. Ethereum dropped -4.75% to $1,550.
Interest Rates: The US 10-year Treasury yield fell to 3.455%.
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 Larry Tentarelli (@LMT978). Get ready to hear the term ‘Golden Cross’ all over the financial media pretty soon. As Larry points out, it’s just a matter of days before the 50-day moving average (red) crosses above the 200-day moving average (green). The last time the S&P 500 flashed this signal was in July 2020, and it was followed by a 32% gain until the Death Cross in March 2022. The Dow already registered a Golden Cross back in December, and the Russell 2000 will likely do so tomorrow. The Golden Cross is probably the most well-known technical signal out there. So much so, that many technicians argue that it’s no longer useful in today’s markets. We prefer to use the Golden Cross as trend confirmation, rather than as a trading signal. It’s not the best timing tool, but we can all agree that this is not a bearish development.
Quote of the Day
“Have an opinion on what the market should do
but don’t decide what the market will do.”
– Bernard Baruch
Top Links
The Bullish Trifecta – All Star Charts
JC Parets points out that the S&P 500 has never finished the year lower when the Santa Claus Rally, First Five Days, and January Barometer are all positive
Can Gold Continue to Shine? – LPL Financial Research
Adam Turnquist takes a look at what could be next for Gold.
Two Highly Entertaining Stocks to Watch – StockCharts
Julius de Kempenaer highlights two stocks in the Communications sector that are showing relative strength – $DIS & $WBD.
Value vs Growth: Is a Decade of Value Leadership Coming? – John Rothe
John Rothe examines the outlook for Growth vs. Value.
What Charts are You Watching? – The Chart Report
Here’s a recording of the Twitter Space we hosted today with Steve Strazza and Sean McLaughlin. We discuss the glitch in the NYSE that occurred this morning, Semiconductor Stocks, Bitcoin, and more.
Top Tweets
You’re all caught up now. Thanks for reading!