Daily Chart Report ๐ Tuesday, January 30, 2024
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Todayโs Summary
Tuesday, January 30, 2024
Indices: Dow +0.35% | S&P 500 -0.06% | Nasdaq 100 -0.68% | Russell 2000 -0.76%
Sectors: 6 of the 11 sectors closed higher. Financials led, gaining +1.26%. Real Estate lagged, falling just -0.93%.
Commodities: Crude Oil futures rose +1.35% to $77.82 per barrel. Gold futures rose +1.26% $2,051 per oz.
Currencies: The US Dollar Index was flat for the third straight day at $103.42.
Crypto: Bitcoin fell -0.83% to $42,946. Ethereum rose +1.07% to $2,343.
Volatility: The Volatility Index fell -2.13% to 13.32.
Interest Rates: The US 10-year Treasury yield fell to 4.034%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by @F4DE2Bl4CK.
- The Financial Sector ($XLF) outperformed the S&P 500 today by the widest margin in over six months. It closed at a 2-year high, about 5% below all-time highs.
- Tech gets all the attention, but Financials have done just as well during the recent leg higher. Tech ($XLK) is up +25.60% since the Oct. 27th low in the S&P 500, while Financials ($XLF) are up +25.39%.
- The sector also has very healthy breadth right now. Of the 75 stocks in $XLF, 97% are above their 200-DMA, while 94% are above their 50-DMA.
The takeaway: Financials have shown impressive leadership since the Oct. low. It has become the second-largest sector of the S&P 500, and itโs bullish to see that Tech isnโt the only area working.
Quote of the Day
โTrading isnโt simple enough to be boiled down to a punchy quote."
โ Andreas Clenow
Top Links
January Barometer: Why it's Important & Why it Works - Almanac Trader
Jeff Hirsch looks at a seasonal indicator known as the January Barometer.
February Market Outlook - Grindstone Intelligence
Austin Harrison highlights several things to watch next month.
Yet Another S&P 500 Target Hit - CappThesis
Frank Cappelleri reviews recent price action and patterns in the S&P 500.
โOnly Tech Driving This Marketโ - All Star Charts
JC Parets points out that Tech isn't the only game in town.
Should You Invest in Stocks at All-Time Highs? - Of Dollars and Data
Nick Maggiulli examines how stocks have historically performed after reaching all-time highs.