Daily Chart Report πŸ“ˆ Tuesday, January 9, 2024

Patrick Dunuwila
January 9, 2024

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Today’s 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

πŸ† Today’s 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 it’s regaining momentum as it emerges from a two-year base.

  • 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

β€œThe market is the best fundamental analyst out there.”

– David Lundgren

Top Links

Some Bad News and Some Good News – 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 – 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 – All Star Charts
JC Parets looks at the strongest areas of the market.

Bitcoin Getting Back Up There – Bespoke
Bespoke points out that Bitcoin is already up double digits in the new year.

Technical Tuesdays πŸ“ˆ with The Chart Report
In case you missed it, here’s the recording of our discussion on Twitter spaces earlier today.

Top Tweet

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

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