Daily Chart Report π Tuesday, January 9, 2024
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Todayβs Summary
Tuesday, January 9, 2024
Indices: Nasdaq 100 +0.17%| S&P500 -0.15% | Dow -0.42% | Russell 2000 -1.05%
Sectors: 2 of the 11 sectors closed higher. Consumer Staples led, rising +0.26%. Energy lagged, falling -1.60%.
Commodities: Crude Oil futures rose +2.08% to $72.24 per barrel. Gold futures were flat at $2,033 per oz.
Currencies: The US Dollar Index rose +0.23% to $102.52.
Crypto: Bitcoin fell -1.85% to $46,124. Ethereum gained +0.53% to $2,345.
Volatility: The Volatility Index fell -2.30% to 12.77.
Interest Rates: The US 10-year Treasury yield fell to 4.015%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs CoTD was shared by Arun Chopra (@FustionptCapital).
- The iShares Biotech ETF ($IBB) broke out to its highest level in nearly two years yesterday after clearing resistance around $137.
- This level roughly coincides with the AVWAP from the 2021 peak (blue), indicating that the average buyer is no longer underwater.
- Many have abandoned Biotech due to its underperformance over the past decade, but itβs regaining momentum as it emerges from a two-year base.
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The takeaway: Biotech ($IBB) is breaking out of a 2-year base, and it looks poised for further upside after clearing a major hurdle this week.
Quote of the Day
βThe market is the best fundamental analyst out there.β
β David Lundgren
Top Links
Some Bad News and Some Good News β Carson Research
Ryan Detrick weighs some of the bullish and bearish developments for the S&P 500.
First Five Days Negative, Trifecta 0 for 2 β Almanac Trader
Jeff Hirsch examines how the S&P 500 has historically performed after a failed Santa Claus Rally and a negative first five days.
Your Leaders are Leading β All Star Charts
JC Parets looks at the strongest areas of the market.
Bitcoin Getting Back Up There β Bespoke
Bespoke points out that Bitcoin is already up double digits in the new year.
Technical Tuesdays π with The Chart Report
In case you missed it, hereβs the recording of our discussion on Twitter spaces earlier today.
Top Tweet
Youβre all caught up now. Thanks for reading!