Sponsored By:
Today’s Summary
Monday, January 9th, 2023
Indices: Nasdaq 100 +0.62% | Russell 2000 +0.17% | S&P 500 -0.08% | Dow -0.34%
Sectors: 5 of the 11 Sectors closed higher. Technology led, gaining +1.16%. Health Care lagged, falling -1.67%.
Commodities: Crude Oil futures rose +1.17% to $74.63 per barrel. Gold futures gained +0.43% to an eight-month high of $1,878 per ounce.
Currencies: The US Dollar Index dropped -0.71% to $103.18.
Crypto: Bitcoin rose +0.33% to $17,176. Ethereum gained +2.37% to $1,320.
Interest Rates: The US 10-year Treasury yield fell to 3.538%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Back-to-back WEEKLY doji candles just above very round 10000 number should be respected until they are negated $COMPQ. Reversed near 50-day SMA. "Turnaround Tuesday" awaits. pic.twitter.com/qY8Z2qhN5w
— Douglas Busch CMT (@chartsmarter) January 9, 2023
Today’s Chart of the Day was shared by Doug Busch (@chartsmarter). The Tech-heavy Nasdaq has underperformed the S&P 500 for more than a year now (lower panel). However, Doug points out that it looks primed for some mean reversion. We’ve had Doji candles for two consecutive weeks now. Both closed near the highs of their weekly ranges, and above crucial support. Doug adds that momentum has been diverging positively for more than 7-months now, with RSI making a series of higher lows since June (upper panel). The index gapped higher this morning, but was quickly rejected near its 50-day moving average, so that continues to be an important hurdle for the bulls to clear this week.
Quote of the Day
“Tomorrow belongs to those who can hear it coming.”
– David Bowie
Top Links
The Week Ahead: Starting 1/9/23 – ChartSmarter
Doug Busch highlights some noteworthy charts to watch this week.
Recent Weekly Candles On Major US Equity Indices Likely To Help Bulls – Hedgopia
Hedgopia examines some of the bullish candlestick patterns that the major indices have formed in recent weeks.
5 Trade Ideas for Monday: FedEx, Meta, Schlumberger, Visa and Walmart – Dragonfly Capital
Greg Harmon highlights five stocks to keep an eye on in the near term – $FDX, $META, $SLB, $V, and $WMT.
Gold Rush: Miners Join the Party – All Star Charts
Ian Culley points out that Gold Mining stocks are shaping up for a move higher.
European Markets Stage Comeback – Bespoke
Bespoke takes a look at the recent strength in European stocks.
Top Tweets
Daily Mkt Mood: Mixed/Risk-On
1. S&P down fractionally
2. NDX, SOX, tech higher
3. Dollar breaking down
4. Low bar earnings ahead
5. 2023 off to decent startTight sideways trend to up may be ahead in the near-term for stocks.
— Abigail Doolittle (@TheChartress) January 9, 2023
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/uvT2drrCTi
— StockMKTNewz – Evan (@StockMKTNewz) January 9, 2023
Nasty bearish reversal day today. Need to see a break of support or resistance to get too committed in either direction. Market still appears vulnerable to more downside. $SPY $SPX pic.twitter.com/iZ1ye3341L
— Jim Denholm, CMT (@denholm_jim) January 9, 2023
I continue to have success using diagonal support/resistance lines even as I see many claim they don't work. Nothing works all the time but I find these to be very useful. And if those green lines don't hold now, we could be looking at some serious trouble. pic.twitter.com/D7pUtkB7C8
— Andrew Adams CFA, CMT (@DayTraderGator) January 9, 2023
What ES and VIX levels would 'confirm' the current bull mode?
ES — above 4200
VIX — below 20 pic.twitter.com/1w58hfwNjw— Yuriy Matso (@yuriymatso) January 9, 2023
Chart from last night's Thrasher Analytics letter…
Breadth for Consumer Disc. has been steadily improving while the sector sits near the lows as a result of $TSLA impact but many of the other stocks are rising in trend.$XLY pic.twitter.com/tiLEGXC9Qs
— Andrew Thrasher, CMT (@AndrewThrasher) January 9, 2023
To understand just how difficult it was to find a place to hide in the markets last year, look at this correlation matrix. Red shows positive correlations and blue shows negative. pic.twitter.com/IHJ4IM4ZKb
— Jurrien Timmer (@TimmerFidelity) January 9, 2023
Copper hitting some new highs? What’s causing it to move?
Not a Recommendation pic.twitter.com/Qw5e2FDCD8
— James Boyd (@JBoyd_TDA) January 9, 2023
Foreign stocks +5% YTD$AGG +2.5% beating $SPY $QQQ and $IWM YTD pic.twitter.com/ksRUkstPsL
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) January 9, 2023
I see people saying how #Bitcoin has no value, but if you do the math, it has over $300 Billion in value ¯_(ツ)_/¯ pic.twitter.com/GvjnXuogAM
— J.C. Parets (@allstarcharts) January 9, 2023
Ethereum quietly bottomed over half a year ago. The 200 day moving average is now flat as well as price takes a run at it $ETH.X $ETHUSD pic.twitter.com/OcoQA3zmTO
— ATMcharts (@ATMcharts) January 9, 2023
You have to shell-out for breakfast these days with egg prices frying higher pic.twitter.com/soAUkaPKet
— Matthew Timpane, CMT (@mtimpane) January 9, 2023
Some kids egged my house last night, can’t believe they spent $27,938 just to do that
— Matt Esparza (@matthewesp) January 9, 2023
You’re all caught up now. Thanks for reading!