Daily Chart Report π Monday, January 8, 2024
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Todayβs Summary
Monday, January 8, 2024
Indices: Nasdaq 100 +2.1% | Russell 2000 +1.9% | S&P500 +1.4% | Dow +0.6%
Sectors: 10 of the 11 sectors closed higher. Tech led, rising +2.5%. Energy was the only sector that closed lower, falling -1.2%.
Commodities: Crude Oil futures dropped -4.1% to $70.77 per barrel. Gold futures fell -0.8% to $2,034 per oz.
Currencies: The US Dollar Index fell -0.2% to $102.28.
Crypto: Bitcoin jumped +6.9% to a 21-month high of $46,995. Ethereum gained +4.9% to $2,333.
Volatility: The Volatility Index fell -2.0% to 13.07.
Interest Rates: The US 10-year Treasury yield fell to 4.032%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs CoTD was shared by Arun Chopra (@FustionptCapital).
- Nvidia ($NVDA) had its best day since August today, rising +6.4% to a record high.
- Despite being the best-performing stock in the S&P 500 last year, $NVDA has made little progress since July.
- It looked doomed in October after forming a bearish Head & Shoulders pattern, but that bearish pattern failed, sparking a sharp rally.
- The takeaway: Chart patterns fail and morph all the time. Itβs often bullish when bearish patterns fail, and vice versa.
Quote of the Day
βThe one fact pertaining to all conditions is that they will change.β
β Charles Dow
Top Links
Growth Stocks Bounce While Boeing Blows The Doors Off β Trading Adventures
Andy Moss highlights some key areas to watch this week.
S&P 500 Price Objective Can Hit 6,100 βIf We See New Highsβ: Fairlead Strategiesβ Katie Stockton
Katie Stockton shares her thoughts on the current market environment.
Russell 2000: Overbought Is Underappreciated β Nasdaq Market Intelligence Desk
Brian Joyce examines the outlook for the Russell 2000 after its recent overbought reading.
2 Key Stock Indexes Testing Breakout Levels At Same Time
Chris Kimble looks at the Russell 2000 and the Value Line Geometric Index. β
Back in the Saddle β The Weekly Trend Podcast
In this podcast, Ian McMillan and David Zarling discuss some of the noteworthy technical developments across the markets.