Daily Chart Report ? Friday, January 27th, 2023
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Today’s Summary
Friday, January 27th, 2023
Indices: Nasdaq 100 +0.96% | Russell 2000 +0.44% | S&P 500 +0.25% | Dow +0.08%
Sectors: 5 of the 11 sectors closed higher. Consumer Discretionary led, gaining +2.27%. Energy lagged, dropping -2.02%.
Commodities: Crude Oil futures fell -1.64% to $79.68 per barrel. Gold futures were flat and continue to trade at $1,929 per ounce.
Currencies: The US Dollar Index inched higher to +0.10% to $101.92.
Crypto: Bitcoin inched higher by +0.32% $23,083. Ethereum inched lower by -0.21% to $1,598.
Interest Rates: The US 10-year Treasury yield was unchanged at 3.505%.
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 Ryan Detrick (@RyanDetrick). With just two trading days left in January, the S&P 500 is up 6.02% for the month. Ryan points out that when January is up more than 5% after a down year like 2022, it has historically been a good omen for the year. The full-year returns have always been positive, with an impressive average gain of 29.7%. To be fair, this has only happened five other times so the sample size is small. But history tells us that a strong January has often been followed by further gains in the remainder of the year.
Quote of the Day
“One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute.”
– William Feather
Top Links
Tech Bulls Eye Potentially Explosive Stock Market Pattern! - Kimble Charting Solutions
Chris Kimble points out that the equal-weight Nasdaq 100 has formed a bullish head & shoulders pattern.
February Better in Pre-Election Years - Almanac Trader
Seasonality expert, Jeff Hirsch looks at how stocks have historically performed in February of pre-election years.
History is Telling Us that 2023 Will Be Good For the US Stock Market - Riverbend Investment Management
John Rothe highlights some key technical developments to watch in the near term.
Is Uranium About to Go Nuclear - All Star Charts
Ian Culley examines the outlook for Uranium.
Bad Gas - Bespoke
Bespoke takes a look at the crash in Natural Gas prices.
Trendlines over Headlines
https://youtu.be/sGlA6CRMT4g
The Latest Episode of Trendlines over Headlines is Out!
In this week’s episode, Katie Stockton joins us to break down the markets. Katie is the founder of Fairlead Strategies and the Portfolio Manager of the $TACK ETF. We discuss the S&P 500, the Communications Sector, Nat Gas, Gold, Bitcoin, and more!
You can also listen to the podcast version here.
Top Tweets
You’re all caught up now. Thanks for reading!