Daily Chart Report 📈 Wednesday, January 17, 2024
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Today’s Summary
Wednesday, January 17, 2024
Indices: Dow –0.25% | Nasdaq 100 -0.56% | S&P500 -0.56% | Russell 2000 -0.73%
Sectors: All 11 sectors closed lower. Consumer Staples led but still ticked lower by -0.07%. Real Estate lagged, falling -1.83%.
Commodities: Crude Oil futures inched higher by +0.22% to $72.56 per barrel. Gold futures dropped -1.17% to $2,007 per oz.
Currencies: The US Dollar Index was flat (+0.03%) at $103.37.
Crypto: Bitcoin fell -0.91% to $42,738. Ethereum dropped -2.28% to $2,528.
Volatility: The Volatility Index rose +6.94% to 14.80.
Interest Rates: The US 10-year Treasury yield rose to 4.106%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
🏆 Today’s Chart of the Day was shared by Justin Spittler (@JSpitTrades).
- The Semiconductor ETF ($SOXX) has coiled into a narrow triangle pattern over the past three weeks. Pressure is building for a decisive move or trend in either direction.
- This consolidation is taking place above the July highs (yellow line), and the former cycle highs from 2021. Semis have been an excellent leading indicator for the broader market.
- Tomorrow’s earnings report from Taiwan Semiconductor ($TSM) could act as a catalyst. $TSM is not a large component in $SOXX, but it’s the 2nd largest in the other popular Semi ETF, $SMH.
The takeaway: Semiconductor stocks ($SOXX) are nearing a decision point after weeks of coiling into a tight range—the direction in which $SOXX resolves will likely set the tone for the broader market.
Quote of the Day
“Market prices of financial assets do not accurately reflect their fundamental value because they do not even aim to do so. Prices reflect market participants’ expectations of future market prices.”
– George Soros
Top Links
Chart Advisor – Investopedia
John Kolovos shares six noteworthy charts.
Breadth and Momentum are Stalling – CappThesis
Frank Cappelleri inspects the internal health of the market.
Will This Dollar Rally Ever End? – All Star Charts
Ian Culley examines the recent strength in the US Dollar.
Is Copper About to Send a Macro Economic Message To Investors? – Kimble Charting Solutions
Chris Kimble points out that Copper is reaching a decision point.
Election Year January Tracking Historical Seasonal Pattern – Almanac Trader
Jeff Hirsch looks at how stocks typically perform in January.
Top Tweets
You’re all caught up now. Thanks for reading!