Daily Chart Report π Friday, January 24, 2025
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Todayβs Summary
Friday, January 24, 2025
Indices: S&P 500 -0.29% | Russell 2000 -0.30% | Dow -0.32% | Nasdaq -0.58%
Sectors: 6 of the 11 sectors closed higher. Utilities led, gaining +1.02%. Technology lagged, falling -1.04%.
Commodities: Crude Oil futures were flat at $74.66 per barrel. Gold rose +0.50% to $2,779 per oz.
Currencies: The US Dollar Index dropped -0.60% to $107.47.
Crypto: Bitcoin rose +0.89% to $104,855. Ethereum fell -0.87% to $3,310.
Volatility: The Volatility Index fell -1.26% to 14.84.
Interest Rates: The US 10-year Treasury yield fell to 4.617%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Chris Kimble (@KimbleCharting).
- The US Dollar Index ($DXY) had its worst week since November 2023, dropping -1.8%. It rallied for 14 out of 15 weeks before pulling back over the last two weeks.
- Chris points out that $DXY has formed a Doji Star pattern at resistance. This bearish reversal pattern occurred at resistance from the 78.6% Fibonacci retracement of the 2022-2024 decline, around $110.
- After tumbling this week, the Dollar is testing support at $107. If $DXY breaks this potential support level, risk assetsβincluding stocks, precious metals, and cryptoβwill likely benefit.
The Takeaway: The US Dollar ($DXY) had its worst week in over a year while creating a bearish reversal pattern at resistance. Risk assets will likely thrive if $DXY continues to break down.
Top Links
1st All-Time High of 2025 - All Star Charts
JC Parets shares his thoughts on the current market environment.
Some Good News for the Bulls - Carson Research
Ryan Detrick offers some bullish food for thought.
Stock Market & Crypto Analysis 1/24/25 - Brian Shannon
Brian Shannon breaks down this week's price action and some key levels to watch next week.
Are Stocks Due for a Correction? - LPL Financial Management
Adam Turnquist examines the likelihood of a correction in the near term.
π Defying Gravity - Alfonso's Daily Note
Alfonso De Pablos highlights the breakout in the ARK Space Exploration & Innovation ETF, $ARKX.
Quote of the Day
βIβve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.β
- Maya Angelou