Daily Chart Report π Monday, January 29, 2024
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Todayβs Summary
Monday, January 29, 2024
Indices: Russell 2000 +1.67% | Nasdaq +1.01% | S&P 500 +0.76% | Dow +0.59%
Sectors: 10 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.46%. Energy was the only sector that closed lower, falling just -0.14%.
Commodities: Crude Oil futures fell -1.58% to $76.78 per barrel. Gold futures were rose +0.40% $2,025 per oz.
Currencies: The US Dollar Index was flat at $103.46.
Crypto: Bitcoin gained +3.04% to $43,305. Ethereum rose +2.73% to $2,318.
Volatility: The Volatility Index rose +2.72% to 13.61.
Interest Rates: The US 10-year Treasury yield dropped to 4.076%.
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 Larry Thompson (@HostileCharts).
- Over half of the NYSE FANG+ Index stocks will report earnings this week, including $MSFT, $AAPL, $AMZN, $META, $GOOGL, and $AMD.
- Mega-Caps have been leading again this year, and they could remain leaders for the foreseeable future, given the NYSE FANG+ Index recently broke out from a three-year base relative to the S&P 500.
- Mega-Cap dominance has caused many to question the health of the current rally. However, Larry points out that thereβs nothing wrong with the best players on your team scoring most of the points. While Mega-Caps are outperforming, some of the more beaten-down areas have begun to participate, including Banks, Biotech, and IPO stocks.
The takeaway: The NYSE FANG+ Index recently broke out to record highs versus the S&P 500, indicating that Mega-Caps could remain dominant in the coming weeks. Mega-Cap leadership shouldnβt be feared, especially since other areas have begun to participate recently.
Quote of the Day
βIf you torture the data long enough,
it will confess to anything.β
β Darrell Huff
Top Links
When Does This Bull Market End? β All Star Charts
JC Parets shares his thoughts on the current market environment.
Tech Stocks Reach Important Price Resistance Level β Kimble Charting Solutions
Chris Kimble points out that the Equal-Weight Nasdaq 100 ETF ($QQEW) is trying to breakout to all-time highs.
Developed World Index Approaches its All Time High β Nautilus Research
Nautilus Research points out that the MSCI Developed World Index is testing record highs.
Why the Stock Market Will Avoid a Bearish βTrifectaβ and Continue Surging to Record Highs β Business Insider
Ed Clissold of Ned Davis Research looks at how the January Seasonal indicators performed this year.
Dynasties β The Weekly Trend
David Zarling and Ian McMillan discuss some of the most noteworthy trends across the market.
Top Tweets
Youβre all caught up now. Thanks for reading!