Daily Chart Report ? Thursday, January 26th, 2023
Sponsored By:
Today’s Summary
Thursday, January 26th, 2023
Indices: Nasdaq 100 +2.00% | S&P 500 +1.10% | Russell 2000 +0.67% | Dow +0.61%
Sectors: 10 of the 11 sectors closed higher. Energy led, gaining +3.16%. Consumer Staples was the only sector that closed lower, falling -0.35%.
Commodities: Crude Oil futures rose +1.07% to $81.01 per barrel. Gold futures fell -0.65% to $1,930 per ounce.
Currencies: The US Dollar Index gained +0.17% to $101.82.
Crypto: Bitcoin was flat and continues to trade around $23,000. Ethereum fell -0.48% to $1,602.
Interest Rates: The US 10-year Treasury rose to 3.502%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Alfonso Depablos (@AlfCharts). This week, the S&P 500 ($SPY) officially reclaimed its 200-day moving average and its notorious downtrend line, after being rejected by both several times over the past year. However, Alfonso points out that the index still has some important resistance levels lurking overhead. The Anchored VWAP from the all-time highs is right around $409, which is about 1% higher from here. This AVWAP also coincides with horizontal resistance that was created by the September & December highs. It’s very constructive to see the S&P 500 back above its 200-day moving average and downtrend line. However, there is still a lot of price memory just north of here. A close above $410 would add conviction to some of the bullish developments we’ve seen recently.
Quote of the Day
"Know the crowd around the stocks you're trading."
– Ray Dalio
Top Links
Frank points out that it's rare to see back-to-back moves of less than 0.10% in the S&P 500 like we've seen this week.
February 2023 Almanac: Historically Solid Gains in Pre-Election Years - Almanac Trader
Jeff Hirsch examines how the major indices have historically fared in February.
The Bulls Are Running - The Weekly Grind
Sam McCallum highlights a few noteworthy charts to keep an eye on.
2 Little-Known Technical Indicators From 1970s Could Predict End of Bear Market - The Street
Bruce Kamich discusses two little-known indicators that could help to confirm the start of a new bull phase.
Top Tweets
You’re all caught up now. Thanks for reading!