Daily Chart Report ๐ Wednesday, January 24, 2024
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Todayโs Summary
Wednesday, January 24, 2024
Indices: Nasdaq 100 +0.55% | S&P500 +0.08% | Dow -0.26% | Russell 2000 -0.73%
Sectors: 4 of the 11 sectors closed higher. Energy led, gaining +1.43%. Real Estate lagged, falling -1.37%.
Commodities: Crude Oil futures rose +0.97% to $75.09 per barrel. Gold futures fell -0.48% to $2,016 per oz.
Currencies: The US Dollar Index fell โ0.27% to $103.25.
Crypto: Bitcoin rose +0.52% to $40,074. Ethereum fell -0.32% to $2,234.
Volatility: The Volatility Index rose +4.70% to 13.13.
Interest Rates: The US 10-year Treasury yield rose to 4.180%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Ian McMillan (@the_chart_life).
- The S&P 500 closed at record highs for the 4th consecutive day, marking the longest streak of record highs since November 2021.
- When price is in uncharted territory like this, technicians often use Fibonacci extensions to establish potential resistance levels or targets. For whatever reason, these levels often coincide with significant turning points.
- Ian points out that the 161.8% extension of the 2022 decline is between 5,400 and 5,600, which is more than +10% higher. In another comment, Ian explained, โNow, will it move in a straight line? I highly doubt it. But it is a target nonetheless.โ
The takeaway: If the current breakout holds, the S&P 500 could rally double digits before encountering Fibonacci resistance.
Quote of the Day
โIn price, thereโs knowledge.โ
โ Alan Shaw (R.I.P.)
Top Links
Nonstop Nasdaq โ Bespoke
Bespoke highlights the continued strength in the Nasdaq 100.
When to Buy Stocks After a Fresh SPX Record โ Schaefferโs Investment Research
Rocky White examines how the S&P 500 has historically performed after reaching record highs.
Rallies vs. Drawdowns โ CappThesis
Frank Cappelleri analyzes the recent price action in the S&P 500.
Typical February Performance: Weakness After Mid-Month Peak โ Almanac Trader
Jeff Hirsch looks at how the major averages have historically performed throughout February.
The Godfathers of Technical Analysis (w/ Ralph Acampora & Alan Shaw) โ Real Vision
One of the most influential technicians, Alan Shaw, passed away this week. Hereโs a great conversation between him and Ralph Acampora on the evolution of modern Technical Analysis.
Top Tweets
Youโre all caught up now. Thanks for reading!