Daily Chart Report π Thursday, February 6, 2025
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Todayβs Summary
Thursday, February 6, 2025
Indices: Nasdaq +0.54% | S&P 500 +0.36% | Dow -0.28% | Russell 2000 -0.39%
Sectors: 8 of the 11 sectors closed higher. Financials led, gaining +0.83%. Energy lagged, dropping -1.84%.
Commodities: Crude Oil futures fell -0.59% to a YTD low of $70.61 per barrel. Gold fell -0.56% to $2,877 per oz.
Currencies: The US Dollar Index rose +0.08% to $107.70.
Crypto: Bitcoin was flat (-0.04%) at $96,573. Ethereum dropped -3.63% to a post-election low of $2,687.
Volatility: The Volatility Index fell -1.84% to 15.49.
Interest Rates: The US 10-year Treasury yield rose to 4.436%.
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 Eric Conrads (@conradseric).
- Copper is on track for a perfect week, rallying +4.2% over the past four sessions. It closed at a three-month high of $4.46 per pound today.
- Eric points out that it looks ready to push higher after refusing to break horizontal support and its 200-week moving average. It's coiled tightly and testing a nine-month downtrend line.
- Last May, Copper suffered from a Failed Breakout at an all-time high of $5.00 before sliding -22.2%. However, Copper could retest those all-time highs if this falling trendline breaks.
The Takeaway: Copper has caught a bid this week after respecting support. If it breaks the falling trendline from the peak, it could revisit the all-time highs above $5.00 in the coming weeks.
Top Links
Today's Number is... 517 - The Daily Number π―
Grant Hawkridge looks at the consumer ratio (Equal Weight Consumer Discretionary vs Equal Weight Consumer Staples).
Crisis Dogs - The Strazza Letter
Steve Strazza points out that several Banks are finally recovering from the Great Financial Crisis.
Demystifying Year 3 of a Bull Market - Strategas Asset Management
Todd Sohn looks at how stocks tend to do in their third year of a bull market.
Gold Keeps Running - Alfonso's Daily Note
Alfonso De Pablos highlights the rally in Gold.
When the World is Against You - All Star Options
Sean McLaughlin discusses the nuances and challenges associated with short-selling stocks.
Quote of the Day
"Intellectual capital will always trump financial capital."
- Paul Tudor Jones