Daily Chart Report 📈 Wednesday, January 3, 2024

January 3, 2024

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Today’s Summary
Wednesday, January 3, 2024

Indices: Dow -0.76% | S&P 500 -0.80% | Nasdaq 100 -1.06% | Russell 2000 -2.66%

Sectors: 2 of the 11 sectors closed higher. Energy led, rising +1.63%. Tech lagged, dropping -2.37%.

Commodities: Crude Oil futures gained +3.30% to $72.70 per barrel. Gold futures dropped -1.48% to $2,043 per oz.

Currencies: The US Dollar Index rose +0.31% to $102.50.

Crypto: Bitcoin dropped -4.68% to $42,865. Ethereum slid -6.18% to $2,211.

Volatility: The Volatility Index gained +6.21% to 14.03.

Interest Rates: The US 10-year Treasury yield fell to 3.920%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). Stocks are off to an ugly start in 2024. For starters, Santa never showed up. The S&P 500 has historically had below-average returns when Santa skips town. Seasonality aside, Ian points out that the major averages have trapped the Bulls with some nasty failed breakouts. The Russell 2000 ($IWM) has relapsed into its 2-year range after violating support at $200. The Nasdaq 100 ($QQQ) just had its best year since the dot-com bubble, and it broke out to all-time highs two weeks ago. However, it’s also back below the breakout level ($400). These failed moves are a major red flag in the near term. As they say, “From failed moves come fast moves in the opposite direction.”

Quote of the Day

“Risk is not inherent in an investment;
it is always relative to the price paid.”

– Seth Klarman

Top Tweets

Day 2: The bloodshed continues 🩸 $SPY pic.twitter.com/6wHXPgU0kr
— TrendSpider (@TrendSpider) January 3, 2024

Santa didn't show up this year. So now that we're 18 months into a bull market, what are the signs that a correction is here? https://t.co/sdzFOSrMzu pic.twitter.com/UkXDJGu5wI
— J.C. Parets (@allstarcharts) January 3, 2024

Stock didn't rally during one of the most bullish 7-day periods of the year.

Santa didn't come this year, which could be a near-term warning.

After a 9-week win streak, we were probably due for a break at anytime.

Still, the past 5 times 🎅didn't come also saw a red January. pic.twitter.com/fFlOGEzeAD
— Ryan Detrick, CMT (@RyanDetrick) January 3, 2024

Market Breadth still looking good even with 2 red days to start the new year. 83% of S&P 500 $SPX stocks are trading above their 100-Day moving average, hovering near the highest level over the last 12 months pic.twitter.com/wtNUrRsstF
— Barchart (@Barchart) January 4, 2024

A little rough out of the gate for stocks in 2024, but so long as new highs > new lows (103 to 86 today) the bull case gets the benefit of the doubt. pic.twitter.com/h6I24G83E1
— Willie Delwiche, CMT, CFA (@WillieDelwiche) January 3, 2024

High beta vs low vol off to a rough start this year.$SPHB $SPLV pic.twitter.com/L7X0smQQTC
— David Rath, CMT, CFA (@DJwrath) January 3, 2024

$TLT - Bonds rejected at $100 level. pic.twitter.com/bQgJxcL5Y2
— Larry Thompson (@HostileCharts) January 2, 2024

If these lines go up, there will be pressure on risk assets. pic.twitter.com/BT5B8mYmhc
— Alfonso De Pablos, CMT (@AlfCharts) January 3, 2024

The US Bond Market has now been in a drawdown for 41 months, by far the longest bond bear market in history. pic.twitter.com/mtusM98CuD
— Charlie Bilello (@charliebilello) January 4, 2024

You’re all caught up now. Thanks for reading!

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Daily Chart Report 📈 Wednesday, January 3, 2024

Chart of the Day

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You’re all caught up now. Thanks for reading!

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