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Today’s Summary
Friday, January 13th, 2023
Indices: Nasdaq 100 +0.71% | Russell 2000 +0.58% | S&P 500 +0.40% | Dow +0.33%
Sectors: 8 of the 11 Sectors closed higher. Consumer Discretionary led, gaining +0.94%. Real Estate lagged falling -0.58%.
Commodities: Crude Oil futures rose +1.88% to $79.86 per barrel. Gold futures gained +1.21% to an eight-month high of $1,922 per ounce.
Currencies: The US Dollar Index inched lower by -0.06% to $102.18.
Crypto: Bitcoin rose +5.72% to a two-month high of $19,931. Ethereum gained +2.43% to a two-month high of $1,451.
Interest Rates: The US 10-year Treasury yield rose to 3.507%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Some people will seriously lose it if crypto goes back into rally mode right now following the disaster that 2022 was… With the highest momentum reading in 2yrs as $BTC tries to reclaim the prior-cycle highs, I think that's where we're headed. Conditions are ripe ? pic.twitter.com/XxzDpO8LNe
— Steven Strazza (@sstrazza) January 13, 2023
Today’s Chart of the Day was shared by Steve Strazza (@sstrazza). Bitcoin is up more than 16% this week, putting it on track for its best week in nearly two years. More importantly, it reclaimed the prior cycle highs, around $19k today. This is beginning to look like a failed breakdown for Bitcoin. As we know, failed breakdowns often lead to sharp moves higher. The 2022 decline did a lot to wash out the frothy sentiment that had developed in this market. After a >75% drawdown in recent months and all the FTX drama, one could argue that Bitcoin sentiment has never been this bearish. As Steve points out, the conditions are ripe for a rebound to $30k in the coming weeks.
Quote of the Day
“Music always sounds better on Friday.”
– Lou Brutus
Top Links
Stocks Just Flashed A Key Bull Market Signal – The Street
Here’s a look at a rare bullish signal that triggered yesterday.
Is the Bull Back? – Trading Adventures
Andrew Moss highlights some noteworthy technical developments from the past week.
Stocks Go Up Regularly in Bull Markets – All Star Charts
JC Parets points out that more and more sectors are beginning to participate in the current rally.
Technical Analysis Stock Market Trends Jan 13, 2023 – AlphaTrends
In this quick video, Brian Shanon recaps this week’s price action and he lays out a few key levels to focus on next week.
Return of the REITs? – StockCharts.com
Julius de Kempenaer takes a look at rotation into the beaten-down Real Estate sector.
Top Tweets
Another green week in the books ? $SPY pic.twitter.com/tmwA3tSuAL
— TrendSpider (@TrendSpider) January 13, 2023
$SPY bullish engulfing on this Friday the 13th pic.twitter.com/J6mJnBoHPy
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) January 13, 2023
#SPX closed above its 200d MA for the 5th time since the start of the 2022 bear market.
5th time's a charm?
If the recent up move is for real, the next several weeks might offer some great long opportunities.
What probability do you assign to a bullish continuation scenario? pic.twitter.com/e4p9syOG5r
— Yuriy Matso (@yuriymatso) January 13, 2023
It’s Groundhog Day for the S&P 500, testing it’s 200d MA for the 4th time in the last 6 months. (Price, 14-day RSI and MACD below). pic.twitter.com/0QmKdisoOd
— Gina Martin Adams (@GinaMartinAdams) January 13, 2023
As the S&P 500 reaches its downward trend line, something is different than previous times.
This time around, we have a fresh MACD buy signal instead of an aged one. $SPX pic.twitter.com/stmTu735U6
— John Rothe, CMT (@JohnRothe) January 13, 2023
?Very Bullish Market Signal?
– For week leading into AAII Sentiment Survey
– S&P 500 returned 4.6%
– Yet Bull-Bear Spread still -15.9%
– So still no belief in this rally
– Such a move with equally poor sentiment has happened 5 other times since '87Returns shown below ? pic.twitter.com/gOT0Lu39pE
— Matt Cerminaro (@mattcerminaro) January 13, 2023
Noted this a few weeks ago, but January is historically the best month during a pre-election year for stocks, up 4.1% on average.
Currently up 4.2%. pic.twitter.com/V0v59VpTos
— Ryan Detrick, CMT (@RyanDetrick) January 13, 2023
10-day thrust, @WalterDeemer variety. pic.twitter.com/4j8M60udwV
— Mark Ungewitter (@mark_ungewitter) January 13, 2023
$ARKK – I can manage risk pretty well here and I think that's what this whole investing thing is about. pic.twitter.com/lRcxH9aHkJ
— Larry Thompson (@HostileCharts) January 13, 2023
Another interesting moment in macro as some of the more risk off assets this cycle break trends/parabola's while the equal weighted index pushes to upper end of the range.$SPX $DXY $TLT pic.twitter.com/Yxye5pg5pL
— Arun S. Chopra CFA CMT? (@FusionptCapital) January 13, 2023
#Bitcoin just closed above its 200-day moving average for the first time in 381 days, ending its second-longest streak of consecutive days below its long-term average.
Only the 2018–2019 bearish cycle, which lasted 384 days, has a longer streak than this one. pic.twitter.com/LQ9BRHvAIP
— Alfonso Depablos (@AlfCharts) January 14, 2023
Past 2 months, there was constant speculation about which crypto companies would collapse. What does that market do instead? $RIOT $MARA $GLXY $BTC pic.twitter.com/yN1VX8KxXf
— Brian G (@alphacharts) January 13, 2023
You’re all caught up now. Thanks for reading!