Daily Chart Report ๐ Wednesday, January 31, 2024
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Todayโs Summary
Wednesday, January 31, 2024
Indices: Dow -0.82% | S&P 500 -1.61% | Nasdaq 100 -1.94% | Russell 2000 -2.45%
Sectors: All 11 sectors closed lower. Health Care led but still closed lower by -0.14%. Communications lagged, dropping -2.47%.
Commodities: Crude Oil futures fell -2.53% to $75.85 per barrel. Gold futures rose +0.80% to $2,067 per oz.
Currencies: The US Dollar Index rose +0.09% to $103.51.
Crypto: Bitcoin fell -0.95% to $42,538. Ethereum dropped -2.64% to $2,282.
Volatility: The Volatility Index gained +7.66% to 14.34.
Interest Rates: The US 10-year Treasury yield dropped to 3.961%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Todayโs Chart of the Day was shared by Jamie Saettele (@JamieSaettele)
- The Nasdaq 100 ($QQQ) dropped -1.96% today, marking its worst day since the Oct. 26th low. On a brighter note, it closed January at record highs for the second month today.
- The next potential support level for $QQQ is about -4% lower, at $400. This level represents the prior cycle highs from 2021. If $QQQ falls below $400, it could result in a failed breakout.
- Jamie points out that todayโs reversal occurred at the upper bounds of a rising channel that has been in place since 2010. $QQQ ventured outside of this 14-year channel after the pandemic in 2020, but it relapsed in 2022.
The takeaway: The breakout remains intact despite todayโs bearish reversal. But $QQQ could face a much larger decline if it breaks below the 2021 highs.
Quote of the Day
โEverybody in the world is a long-term investor until the market goes down.โ
โ Peter Lynch
Top Links
Why Itโs Time to Short Stocks โ All Star Charts
JC Parets highlights several potentially bearish developments for Stocks.
January 2024 Key ETF Performance โ Bespoke
Bespoke breaks down the performance of the major asset classes in January.
Stock Market Analysis January 31, 2024 โ Alphatrends
Brian Shannon analyzes todayโs reversal and identifies some key levels to watch in the near term.
January Barometer: Bulls Should Buckle Up for 2024 โ Schaefferโs Investmement Research
Rocky White looks at the January Barometer and what it suggests for the rest of the year.