Daily Chart Report ๐ Tuesday, January 2, 2024
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Todayโs Summary
Tuesday, January 2, 2024
Indices: Dow +0.07% | S&P 500 -0.57% | Russell 2000 -0.70% | Nasdaq -1.68%
Sectors: 6 of the 11 sectors closed higher. Health Care led, rising +1.76%. Tech lagged, falling -2.62%.
Commodities: Crude Oil futures fell -1.77% to $70.38 per barrel. Gold futures inched higher by +0.08% to $2,073 per oz.
Currencies: The US Dollar Index rose +0.83% to $102.22.
Crypto: Bitcoin rose +1.77% to a new 52-week high of $44,970. Ethereum inched higher by +0.17% to $2,357.
Volatility: The Volatility Index gained +6.19% to 13.21.
Interest Rates: The US 10-year Treasury yield rose to 3.941%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Matt Weller (@MWellerFX). Bitcoin rose over +150% last year, making it one of the best-performing โasset classesโ in 2023. However, nobody was interested in buying Bitcoin at the beginning of last year. It entered 2023 down -75%, and the FTX scandal had just disgraced the entire crypto industry. After an impressive comeback in 2023, Matt points out that Bitcoin kicked off 2024 on a bullish note. It broke out to its highest level since April 2022 today, after consolidating for the past month. Despite the continued strength, sentiment isnโt nearly as frothy as itโs been in past cycles. We could see much higher prices before FOMO takes over, and Tom Brady has laser eyes again.
Quote of the Day
โFor some reason, because of the way investor psychology works, people switch from only seeing the good to seeing only the bad.โ
โ Howard Marks
Top Links
VIX and S&P 500 Move Together - Andrew Thrasher
Andrew Thrasher looks at what has historically happened when the S&P 500 and the VIX began to move together.
What Will It Take to Get Bearish? - All Star Charts
JC Parets examines the bear case for stocks.
2023's Biggest Winners in the Russell 1,000 - Bespoke
Bespoke highlights the 34 stocks in the Russell 1000 that were up more than +100% in 2023.
10 Charts That Made 2023 and a Few to Watch in 2024 - Grindstone Intelligence
Austin Harrison shares some noteworthy charts from the past year.