Daily Chart Report π Tuesday, January 16, 2024
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Todayβs Summary
Tuesday, January 16, 2024
Indices: Nasdaq 100 -0.01% | S&P500 -0.37% | Dow -0.62% | Russell 2000 -1.21%
Sectors: Technology was the only sector that closed higher, rising +0.25%. Energy lagged, falling -2.38%.
Commodities: Crude Oil futures fell -0.39% to $72.40 per barrel. Gold futures dropped -1.04% to $2,030 per oz.
Currencies: The US Dollar Index rose +0.64% to $103.34.
Crypto: Bitcoin rose +1.50% to $43,131. Ethereum gained +3.05% to $2,587.
Volatility: The Volatility Index rose +4.45% to 13.84.
Interest Rates: The US 10-year Treasury yield rose to 4.062%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by David Rath (@DJwrath).
- The US 10-Year Yield ($TNX) closed at a one-month high today, and itβs testing a potential inflection point around 4.00%.
- Stocks and yields remain inversely correlated with one another.
- A breakout would likely pressure stocks, while rejection would likely benefit stocks.
The takeaway: The 10-year yield ($TNX) is currently testing a potential inflection point, and the outcome will likely influence the next move for stocks, crypto, and other risk assets.
Quote of the Day
βThere are no good or bad stocks,
there are only rising and falling stocks.β
β Nicolas Darvas
Top Links
The Most Shorted Names Suffer β Bespoke
Bespoke points out that heavily shorted stocks have struggled recently.
3 Reasons to Be Bearish Stocks β All Star Charts
JC Parets shares his perspective on the current market environment.
2 Awards and 1000βs of Insights with Andrew Thrasher β Against All Odds Research
Andrew Thrasher and Jason Perz discuss technical analysis, volatility, and more.
New Era in Finance? β The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the most noteworthy technical developments.
Top Tweets
Youβre all caught up now. Thanks for reading!