Daily Chart Report π Thursday, January 4, 2024
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Todayβs Summary
Thursday, January 4, 2024
Indices: Dow +0.03% | Russell 2000 -0.08% | S&P 500 -0.34% | Nasdaq 100 -0.53%
Sectors: 3 of the 11 sectors closed higher. Health Care led, rising +0.50%. Energy lagged, dropping -1.75%.
Commodities: Crude Oil futures fell -0.70% to $72.19 per barrel. Gold futures rose +0.35% to $2,050 per oz.
Currencies: The US Dollar Index was little changed (-0.04%) at $102.42.
Crypto: Bitcoin rose +3.08% to $44,186. Ethereum gained +2.66% to $2,270.
Volatility: The Volatility Index rose +0.78% to 14.14.
Interest Rates: The US 10-year Treasury yield rose to 4.001%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). The S&P 500 ($SPY) has fallen four consecutive days after rising for nine consecutive weeks. $SPY fumbled its initial attempt at all-time highs this week, but Mike points out itβs approaching potential support at $460. $SPY was rejected at this level in March β22 and July β23 but finally broke out last month. The outcome of this test will reveal whether this is a healthy pullback or the start of a deeper corrective phase. A breakdown would open the door to further downside, while a bounce would give the index a second shot at all-time highs.
Quote of the Day
"Price reactions and pullbacks allow you to determine whether your stock is a tennis ball or an egg."
β Mark Minervini
Top Links
Santa Didn't Come, Now What - Carson Group
Ryan Detrick looks at the potential implications of a failed Santa Claus Rally.
Santa Fails to Call, But Trifecta 2 out of 3 Aint Bad - Almanac Trader
Jeff Hirsch highlights the other two seasonal indicators of the January Indicator Trifecta.
We're in a Bull Market and Have Been for Almost a Year, Says Renaissance's Jeff deGraaf
Jeff deGraaf of Renaissance Macro Research shares his thoughts on the current market environment.
Sentiment Signals Mixed - Bespoke
Bespoke dissects the latest AAII Sentiment Survey.
Visualizing 150 Years of S&P 500 Returns - Visual Capitalist
Here's a visual breakdown of the annual returns in the S&P 500.