Daily Chart Report πŸ“ˆ Thursday, January 18, 2024

Patrick Dunuwila
January 18, 2024

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Today’s Summary
Thursday, January 18, 2024

Indices: Nasdaq 100 +1.47% | S&P500 +0.88%| Russell 2000 +0.55% | Dow +0.54%

Sectors: 6 of the 11 sectors closed higher. Technology led, gaining +2.03%. Utilities lagged, falling -1.07%.

Commodities: Crude Oil futures rose +1.92% to $73.95 per barrel. Gold futures rose +0.75%to $2,022 per oz.

Currencies: The US Dollar Index ticked higher by just +0.05% to $103.43.

Crypto: Bitcoin dropped -3.40% to $41,283. Ethereum dropped -2.39% to $2,468.

Volatility: The Volatility Index dropped -4.59% to 14.12.

Interest Rates: The US 10-year Treasury yield rose to 4.146%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

πŸ† Today’s Chart of the Day was shared by Katie Stockton (@StocktonKatie).

  • The S&P 500 is trolling the bulls at this point. It’s been within 3% of a record high for over a month but refuses to make it official.
  • Katie reminds us that the S&P 500 and its largest component ($MSFT) have formed multi-year Cup and Handle patterns despite the short-term pause. These long-term accumulation patterns only appear once or twice a decade in a major index like the S&P 500.
  • Microsoft ($MSFT) recently surpassed Apple ($AAPL) as the largest stock in the S&P 500. It represents 7.27% of the index, more than the bottom three sectors combined (Utilities + Real Estate + Materials).

The takeaway: The most important index ($SPX) and the most important stock ($MSFT) have formed multi-year accumulation patterns. $MSFT gives us a potential roadmap for the S&P 500 in the coming weeks.

Quote of the Day

β€œIt’s not the answers that make you good in this business; it’s the questions you ask. If you ask the right questions, you will always find out more than the next guy.”

– Michael Price

Top Links

Chart Advisor - Investopedia
John Kolovos highlights six noteworthy charts.

Where Have the Bulls Gone? - Bespoke
Bespoke breaks down the latest AAII Sentiment Survey.

European Banks and REITs are Stronger Than the U.S., Says Renaissance Macro's Jeff Degraaf - CNBC
Jeff deGraaf shares his thoughts on the current market environment.

Bitcoin has a lot of opportunities, ETFs will be a tailwind, says Piper Sandler's Craig Johnson -CNBC
Craig Johnson offers his technical perspective on Chinese equities and Bitcoin.

Top Tweets

You’re all caught up now. Thanks for reading!

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