Daily Chart Report 📈 Wednesday, January 10, 2024
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Today’s Summary
Wednesday, January 10, 2024
Indices: Nasdaq 100 +0.69% | S&P500 +0.57% | Dow +0.45% | Russell 2000 +0.11%
Sectors: 7 of the 11 sectors closed higher. Communications led, rising +0.93%. Energy lagged, falling -0.98%.
Commodities: Crude Oil futures fell -1.20% to $71.37 per barrel. Gold futures fell -0.26% $2,028 per oz.
Currencies: The US Dollar Index fell -0.16% to $102.36.
Crypto: Bitcoin rose +1.21% to $46,681. Ethereum jumped +10.22% to a 20-month high of $2,584.
Volatility: The Volatility Index fell -0.70% to 12.68.
Interest Rates: The US 10-year Treasury yield inched higher to 4.030%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by Nautilus Research (@NautilusCap).
- Japan went through one of the biggest asset bubbles in history between 1985-1990. It still hasn’t fully recovered, but it’s getting very close, with the Nikkei 225 closing at a 34-year high yesterday.
- Nautilus points out that the Nikkei is remarkably fractal right now, meaning parts of the pattern resemble the whole pattern.
- Japan is emerging from the same bullish pattern in three different time frames: a 6-month base (daily), a 2-year base (weekly), and a 3-decade base (monthly).
The takeaway: Japan is recovering from one of the biggest asset bubbles in history and breaking out across multiple time frames.
Quote of the Day
“Think not of what you see, but what it took to produce what you see.”
–Benoit Mandelbrot
Top Links
It’s All About the Tech Sector – Grindstone Intelligence
Austin Harrison examines the Technology sector and its components.
Stock Market Analysis January 10 2024 – Alphatrends
Brian Shannon analyzes recent price action and highlights some key levels to watch in the near term.
Nvidia’s Stock Has a Leg to Go Much Higher, Says Freedom Capital’s Jay Woods
Jay Woods discusses the breakout in Nvidia ($NVDA), JPMorgan ($JPM), and UnitedHealth ($UNH).
Clues from JPMorgan – All Star Charts
Alphonso Depablos points out that JPMorgan is breaking out to record highs ahead of its earnings report this Friday.
15 Stocks With Overdue Upgrade Potential – Schaeffer’s Investment Research
Rocky White looks for stocks that are moving against analyst expectations.
Top Tweet
You’re all caught up now. Thanks for reading!