Daily Chart Report πŸ“ˆ Thursday, January 25, 2024

Patrick Dunuwila
January 25, 2024

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Today’s Summary
Thursday, January 25, 2024

Indices: Russell 2000 +0.71% | Dow +0.64% | S&P 500 +0.53% | Nasdaq 100 +0.10%

Sectors: 9 of the 11 sectors closed higher. Energy led, gaining +2.25%. Consumer Discretionary lagged, falling -1.24%.

Commodities: Crude Oil futures rose +3.02% to $77.36 per barrel. Gold futures inched higher by +0.09% to $2,018 per oz.

Currencies: The US Dollar Index rose +0.23% to $103.48.

Crypto: Bitcoin inched lower by -0.39% to $39,916. Ethereum fell -0.73% to $2,218.

Volatility: The Volatility Index rose +2.51% to 13.46.

Interest Rates: The US 10-year Treasury yield dropped to 4.120%.

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 Larry Tentarelli (@bluechipdaily).

  • The Financial sector ($XLF) has been the 2nd strongest sector since the S&P 500 bottomed three months ago. $XLF is up +23% from the Oct. 27th low while $SPX is +19%.
  • $XLF closed at a 21-month high today. It’s firmly above the pre-banking crisis highs (black line), making all-time highs the next upside objective.
  • Financials recently surpassed Health Care as the 2nd largest sector, representing nearly 13% of the S&P 500. We keep hearing that Tech is the only game in town, but other vital sectors are doing their part.

The takeaway: The Financial sector ($XLF) has quietly outperformed during the recent rally, and the next upside objective is all-time highs.

Quote of the Day

β€œLife imitates art far more than art imitates life.”

– Oscar Wilde

Top Links

The Recession Has Been Cancelled – Trading Adventures
Andy Moss breaks down some recent market developments.

Shorts Keep Falling – Bespoke
Bespoke analyzes the latest short-interest data.

Semiconductors Lead Stocks Higher – LPL Financial Research
 Adam Turnquist examines the outlook for Semiconductor stocks.

Semiconductors Index Influence at New High…What Next? – Strategas Asset Management
Todd Sohn highlights some key market insights.

China ETF (FXI) Attempting to Double Bottom This Month – Kimble Charting Solutions
Chris Kimble points out that the China ETF ($FXI) is testing a long-term support level.

Top Tweets

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

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