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Daily Chart Report ๐Ÿ“ˆ Monday, January 29, 2024

January 29, 2024

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Todayโ€™s Summary
Monday, January 29, 2024

Indices: Russell 2000 +1.67% | Nasdaq +1.01% |  S&P 500 +0.76% | Dow +0.59%

Sectors
: 10 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.46%. Energy was the only sector that closed lower, falling just -0.14%.

Commodities: Crude Oil futures fell -1.58% to $76.78 per barrel. Gold futures were rose +0.40% $2,025 per oz.

Currencies: The US Dollar Index was flat at $103.46.

Crypto: Bitcoin gained  +3.04% to $43,305. Ethereum rose +2.73% to $2,318.

Volatility: The Volatility Index rose +2.72% to 13.61.

Interest Rates: The US 10-year Treasury yield dropped to 4.076%.

Here are the best charts, articles, and ideas shared on the web today!


Chart of the Day

๐Ÿ† Todayโ€™s Chart of the Day was shared by Larry Thompson (@HostileCharts).

  • Over half of the NYSE FANG+ Index stocks will report earnings this week, including $MSFT, $AAPL, $AMZN, $META, $GOOGL, and $AMD.
  • Mega-Caps have been leading again this year, and they could remain leaders for the foreseeable future, given the NYSE FANG+ Index recently broke out from a three-year base relative to the S&P 500.
  • Mega-Cap dominance has caused many to question the health of the current rally. However, Larry points out that thereโ€™s nothing wrong with the best players on your team scoring most of the points. While Mega-Caps are outperforming, some of the more beaten-down areas have begun to participate, including Banks, Biotech, and IPO stocks.

The takeaway: The NYSE FANG+ Index recently broke out to record highs versus the S&P 500, indicating that Mega-Caps could remain dominant in the coming weeks. Mega-Cap leadership shouldnโ€™t be feared, especially since other areas have begun to participate recently.


Quote of the Day

โ€œIf you torture the data long enough,
it will confess to anything.โ€

โ€“ Darrell Huff


Top Links

When Does This Bull Market End? โ€“ All Star Charts
JC Parets shares his thoughts on the current market environment.

Tech Stocks Reach Important Price Resistance Level โ€“ Kimble Charting Solutions
Chris Kimble points out that the Equal-Weight Nasdaq 100 ETF ($QQEW) is trying to breakout to all-time highs.

Developed World Index Approaches its All Time High โ€“ Nautilus Research
Nautilus Research points out that the MSCI Developed World Index is testing record highs.

Why the Stock Market Will Avoid a Bearish โ€˜Trifectaโ€™ and Continue Surging to Record Highs โ€“ Business Insider
Ed Clissold of Ned Davis Research looks at how the January Seasonal indicators performed this year.

Dynasties โ€“ The Weekly Trend
David Zarling and Ian McMillan discuss some of the most noteworthy trends across the market.


Top Tweets

Youโ€™re all caught up now. Thanks for reading!