Daily Chart Report π Friday, January 5, 2024
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Todayβs Summary
Friday, January 5, 2024
Indices: S&P 500 +0.18% | Nasdaq 100 +0.15% | Dow +0.07% | Russell 2000 -0.34%
Sectors: 7 of the 11 sectors closed higher. Financials led, rising +0.43%. Consumer Staples lagged, falling -0.22%.
Commodities: Crude Oil futures rose +2.24% to $73.81 per barrel. Gold futures were flat at $2,050 per oz.
Currencies: The US Dollar Index was flat at $102.43.
Crypto: Bitcoin was unchanged at $44,184. Ethereum was also unchanged at $2,269.
Volatility: The Volatility Index dropped -5.66% to 13.34.
Interest Rates: The US 10-year Treasury yield rose to 4.050%.
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 Jeremy Schwartz (@JeremyDSchwartz). Stocks had their first negative week in over two months to start the new year. Despite stumbling this week, the S&P 500 remains just 2% below record highs. If a new bull market truly began last year, then it would make sense to see the riskier areas of the market play catch-up this year. Jeremy points out that the Russell 2000 is still down 20% from its highs, while Emerging Markets are down 30%. The Magnificent 7 kicked off the bull market, and strength began to trickle down the risk spectrum in Q4. However, thereβs still plenty of room for improvement and potential upside from these riskier areas of the market.
Quote of the Day
"I never read.
I just look at the pictures."
β Andy Worhol
Top Links
Chop Likely as Market's 9-Week Winning Streak Ends - Almanac Trader
Jeff Hirsch looks at how the S&P 500 has historically performed after weekly winning streaks of nine or more.
SPY Resting at Support, But Financials Showing Strength - StockCharts
Julius de Kempenaer points out that the Financial sector is emerging as a leader.
Stock Market Analysis January 5 2023 - Alphatrends
Brian Shannon breaks down this week's price action and highlights some key levels to watch in the near term.
Top Charts from the Health Care Sector - Grindstone Intelligence
Austin Harrison dissects the Health Care sector.
How to Find the Biggest Winners - The Compound & Friends
Josh Brown, Michael Batnick, JC Parets, and Joe Fahmy discuss some potential themes to watch in the year ahead.