Daily Chart Report π Friday, January 26, 2024
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Todayβs Summary
Friday, January 26, 2024
Indices : Dow +0.16% | Russell 2000 +0.12% | S&P 500 -0.07% | Nasdaq 100 -0.55%
Sectors: 8 of the 11 sectors closed higher. Energy led for the third straight day, gaining +0.74%. Tech lagged, falling -1.15%.
Commodities: Crude Oil futures rose +0.84% to $78.01 per barrel. Gold futures were flat $2,017 per oz.
Currencies: The US Dollar Index was flat at $103.47.
Crypto: Bitcoin gained +4.77% to $41,818. Ethereum rose +2.23% to $2,267.
Volatility: The Volatility Index fell -1.56% to 13.25.
Interest Rates: The US 10-year Treasury yield rose to 4.141%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Todayβs Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi).
- The S&P 500 closed at a record high for the second week in a row, rising +1.0%. We almost had a perfect week of all-time highs, but the index fell by a measly -0.07% on Friday.
- It bottomed three months ago, on Oct. 27th, and hasnβt looked back since. It snapped a nine-week winning streak at the beginning of the year before kicking off the current three-week streak.
- The S&P 500 has gained +18.7% throughout this rally, marking its best 13-week performance since Juneβ20, when it was exiting the Covid lows.
The takeaway: The S&P 500 has only had one negative week since bottoming three months ago. Such persistent strength is rare, but the index just started making progress for the first time in two years.
Quote of the Day
βNothing is ever too cheap or too expensive.
Itβs all just numbers.β
β Paul Tudor Jones
Top Links
Stock Market, Bitcoin Analysis January 26, 2024 β Alphatrends
Brian Shannon breaks down this weekβs price action and some key levels to watch next week.
Magnificent 7 Stocks: Overheated or Just Getting Started? β StockCharts.com
David Keller looks at what could be next for the Magnificent 7.
John Roque on Broadening Rally, Japan Nearing 1980s Market Peak β Financial Sense
John Roque offers his perspective on the S&P 500, Tech Stocks, Commodities, and Japan.
Crude Triggers a Buy Signal β All Star Charts
Ian Culley examines the outlook for Crude Oil after its strong week.
Why Weakness in Small Caps May Be a Short-Term Setback β CNBC
Katie Stockton shares her thoughts on the Russell 2000.