Daily Chart Report ? Monday, January 30th, 2023
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Today’s Summary
Monday, January 30th, 2023
Indices: Nasdaq 100 -2.09% | Russell 2000 -1.35% | S&P 500 -1.30% | Dow -0.77%
Sectors: Consumer Staples was the only sector that closed higher, inching up just +0.12%. Energy lagged, dropping -2.29%.
Commodities: Crude Oil futures dropped -2.23% to $77.90 per barrel. Gold futures rose +0.51% to $1,939 per ounce.
Currencies: The US Dollar Index rose +0.31% to $102.24.
Crypto: Bitcoin dropped -4.06% to $22,782. Ethereum dropped -4.83% to $1,566.
Interest Rates: The US 10-year Treasury yield rose to 3.542%.
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 Nautilus Research (@NautiliusCap). Chatter about the Golden Cross is getting louder and louder as the S&P 500’s 50-day moving average inches closer to crossing above its 200-day. Nautilus highlights a less-talked-about moving average crossover that will trigger at the end of the month tomorrow. The 3-month moving average is about to cross above the 10-month after spending nearly a year below it. As you can see in the table, this signal has historically been followed by above-average returns across all periods measured. The S&P 500 has always been higher 1-year later for an average gain of 17.02% (vs. 8.72% across all other periods). To be fair, words like ‘always’ and ‘never’ are dangerous, but this is yet another data point in favor of the bulls.
Quote of the Day
“You must learn that the market is a discounting mechanism and that stocks sell on future and not current fundamentals.”
– Stan Weinstein
Top Links
The S&P 500 Leaves the 200-Day Behind – StockCharts.com
David Keller examines the significance of the S&P 500 reclaiming its 200-day moving average.
SPY and QQQ Update January 30, 2023 – AlphaTrends
Brian Shannon lays out some key levels to watch this week.
Was October 13th “The Bottom” for Stocks? – All Star Charts
JC Parets takes a look at when stocks bottomed.
Trendlines over Headlines with Special Guest, Katie Stockton – The Chart Report
In this latest episode of Trendlines > Headlines, Katie Stockton of Fairlead Strategies joins us to break down the markets. We cover the S&P 500, Communications Stocks, Gold, Crypto, and more!
Top Tweets
You’re all caught up now. Thanks for reading!