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Daily Chart Report ๐Ÿ“ˆ Friday, January 19, 2024

January 19, 2024

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Todayโ€™s Summary
Friday, January 19, 2024

Indices: Nasdaq 100 +1.95% | S&P500 +1.23% | Russell 2000 +1.08% | Dow +1.05%

Sectors: 9 of the 11 sectors closed higher. Technology led, gaining +2.31%. Consumer Staples lagged, falling -0.29%.

Commodities: Crude Oil futures fell -0.95% to $73.25 per barrel. Gold futures rose +0.38% to $2,029 per oz.

Currencies: The US Dollar Index fell -0.18% to $103.24.

Crypto: Bitcoin rose +0.84% to $41,628. Ethereum gained +0.90% to $2,490.

Volatility: The Volatility Index dropped -5.74% to 13.31.

Interest Rates: The US 10-year Treasury yield fell to 4.126%.

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

Chart of the Day

๐Ÿ† Todayโ€™s Chart of the Day was shared by Alfonso Depablos (@AlfCharts).

  • Itโ€™s official!โ€ฆ The S&P 500 printed its first all-time high in two years today.
  • Why do we care about all-time highs? Once price enters uncharted territory, thereโ€™s virtually no price memory or overhead supply to prevent it from trending higher.
  • The drawdown lasted 511 trading days,  falling as much as -25%. This was the longest drawdown since the Great Financial Crisis and the 6th longest since 1950. Itโ€™s often said that trends correct through either time or price, but this was a healthy dose of both.

The takeaway: The S&P 500 broke out to record highs for the first time in two years today. The long-term uptrend is ready to resume after correcting through both time (511 days), and price (-25%). Itโ€™s emerging from a two-year base, but bulls must defend the prior highs at 4,800 to avoid a failed breakout.

Quote of the Day

"Headlines, in a way, are what mislead you because bad news is a headline, and gradual improvement is not."

โ€“ Bill Gates

Top Links

Anticipating the Implications of a New All-Time High - Nautilus Research
Nautilus Research looks at how the S&P 500 has historically performed after reaching all-time highs for the first time following a bear market.

Years When Stocks Tracked 2023 Best and What Came Next - LPL Financial Research
Adam Turnquist examines what has historically happened after a year like 2023.

Chart Advisor - Investopedia
John Kolovos highlights six key points about the current market environment.

Stock Market Video Analysis for Week Ending January 19, 2024 - Alphatrends
Brian Shannon analyzes this week's price action and highlights some key levels to watch in the near term.

Donโ€™t Miss the Move in Marine Shipping Stocks - All Star Charts
Ian Culley looks at the breakout in shipping stocks.

 

Top Tweets

meanwhile, you got folks out there completely ignoring this stair-step higher, trying to pretend it's not happening, and hoping it randomly goes away. But that's just not how trends work. pic.twitter.com/DcrpQ5LBpT

โ€” J.C. Parets (@allstarcharts) January 19, 2024

Youโ€™re all caught up now. Thanks for reading!