Daily Chart Report π Friday, January 12, 2024
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Todayβs Summary
Friday, January 12, 2024
Indices: S&P500 +0.08% | Nasdaq 100 +0.07% | Russell 2000 -0.23% | Dow -0.31%
Sectors: 7 of the 11 sectors closed higher. Energy led, rising +1.13%. Consumer Discretionary lagged, falling -1.20%.
Commodities: Crude Oil futures rose +0.92% to $72.68 per barrel. Gold futures gained +1.60% $2,052 per oz.
Currencies: The US Dollar Index rose +0.12% to $102.44.
Crypto: Bitcoin dropped -7.73% to $42,778. Ethereum fell -3.68% to $2,523.
Volatility: The Volatility Index rose +2.09% to 12.69.
Interest Rates: The US 10-year Treasury yield fell to 3.941%.
Reminder: The stock market and bond market will be closed on Monday, January 15th, for Martin Luther King Day. Enjoy the long weekend!
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Theodore Hicks (@t2hicks).
- The Global X Uranium ETF ($URA) jumped +7.11% today, closing at its highest level in nearly a decade. This was its best week in over two years, surging +16.77%.
- $URA has completed a two-year base after clearing resistance at $30 today. Theodore points out that the breakout occurred on unusually high volume this week, suggesting institutional buying.
- The top stocks in $URA include $CCJ, $UUN, $NXE, $KAP, and $UEC.
The takeaway:The Uranium ETF ($URA) surged +16.77% this week on unusually high volume. The stage has been set for a new leg higher after completing a two-year base today.
Quote of the Day
βNew beginnings are often disguised as painful endings.β
βLao Tzu
Top Links
Stock Market Video Analysis January 12, 2024 - Alphatrends
Brian Shannon breaks down this week's price action and some key levels to watch next week.
Good Closes vs. Missing New 52-Week Highs - CappThesis
Frank Cappelleri examines the recent behavior of the S&P 500.
Top Charts from the Consumer Staples Sector - Grindstone Intelligence
Austin Harrison analyzes the Consumer Staples sector.
Nat Gas All Over the Place - Bespoke
Bespoke looks at the recent spike in Natural Gas futures.
January Monthly OpEx Week Bearish - Almanac Trader
Jeff Hirsch looks at how the S&P 500 has historically performed around January options expiration (next week).
Top Tweet
Rally has broadened out. Positive sign. pic.twitter.com/B6zK0cbLfO
β AboveTheCloud (@rahulchahal) January 13, 2024