Daily Chart Report ? Tuesday, January 31st, 2023
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Today’s Summary
Tuesday, January 31st, 2023
Indices: Russell 2000 +2.45% | Nasdaq 100 +1.59% | S&P 500 +1.46% | Dow +1.09%
Sectors: All 11 sectors closed higher. Consumer Discretionary led, gaining +2.43%. Utilities lagged, falling -0.74%.
Commodities: Crude Oil futures rose +1.25% to $78.87 per barrel. Gold futures gained +0.31% to a nine-month high of $1,945 per ounce.
Currencies: The US Dollar Index inched lower by -0.15% to $102.09.
Crypto: Bitcoin rose +0.51% to $22,947. Ethereum gained +0.64% to $1,576.
Interest Rates: The US 10-year Treasury yield fell to 3.512%.
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 Linda Raschke (@LindaRaschke). Linda points out that the next major hurdle for the S&P 500 is the horizontal resistance level around 4100. This level has acted as a key inflection point several times over the past year. We broke above it in August, but that breakout quickly failed, and the index swiftly dropped to new lows. We've had three failed attempts to reclaim it since that August failed breakout. Will the fourth time be the charm?
Quote of the Day
"It's going to be cockroaches and Goldman Sachs
that survives the nuclear war."
- Brian Lund
Top Links
So Goes January, So Goes the Year? - Carson Group
Ryan Detrick examines what a strong January could mean for the rest of the year.
A Broad Look at Market Breadth - Grindstone Intelligence
Austin Harrison analyzes several key breadth metrics.
Are Consumer Stocks Sending Chills to Broader Market? - Kimble Charting Solutions
Chris Kimble points out that the Consumer Discretionary/Staples ratio is testing long-term resistance.
Risk On? | Who Charted - Research by Potomac
In this quick video, Dan Russo and Drew Wells highlight six noteworthy charts in six minutes.
What Charts are you Watching - The Chart Report
Here's the recording of our Twitter Spaces from earlier today in case you missed it!
Top Tweets
You’re all caught up now. Thanks for reading!