Daily Chart Report π Thursday, January 11, 2024
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Todayβs Summary
Thursday, January 11, 2024
Indices: Nasdaq 100 +0.17% | Dow +0.04% | S&P500 -0.07% | Russell 2000 -0.75%
Sectors: 2 of the 11 sectors closed higher. Technology led, rising +0.51%. Utilities lagged, dropping -2.33%.
Commodities: Crude Oil futures rose +0.91% to $72.02 per barrel. Gold futures fell -0.42% $2,019 per oz.
Currencies: The US Dollar Index ticked lower by -0.04% to $102.32.
Crypto: Bitcoin fell -0.69% to $46,360. Ethereum rose +1.32% to a 20-month high of $2,619.
Volatility: The Volatility Index fell -1.97% to 12.43.
Interest Rates: The US 10-year Treasury yield dropped to 3.968%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Todd Sohn (@Todd_Sohn).
- The Equal-Weight S&P 500 ETF ($RSP) has seen heavy inflows over the past year despite underperforming Cap Weight ($SPY) by a wide margin.
- Equal-Weight ($RSP) is currently lagging Cap-Weight ($SPY) by -12% over the trailing 12-months β the bottom 5% of historical readings.
- Todd points out that the 10 largest S&P 500 weights are now 32% of the index β the highest in 40+ years of data.
The takeaway: After extreme outperformance, Mega-Caps could lag in the coming months. However, broader participation would be healthy.
Quote of the Day
"The crowd is bargain hunting in what was;
the knowing are buying what will be."
β Justin Mamis
Top Links
Record-High Watch for S&P 500 Remains in Effect - LPL Financial Research
Adam Turnquist reminds us that the S&P 500 could reach all-time highs any day now.
Four Charts Worth Watching - All Star Charts
Alfonso Depablos highlights four leading industry groups that are breaking out.
A Relative Report - Jotting on Charts
Grant Hawkridge looks for areas of relative strength across the markets.
Important Bond ETFs Trading At Critical Resistance! - Kimble Charting Solutions
Chris Kimble points out that Bond ETFs are at an inflection point.
ETFs & Markets with Todd Sohn: 3 Questions for 2024 - Strategas Asset Management
Todd Sohn discusses three potential themes to watch in the year ahead.