Chart of the Day - Thursday, January 5th, 2023

Today’s Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher). Chinese Internet stocks have been a surprising area of relative strength recently. $KWEB has surged 100% in less than three months, while the S&P 500 has gone virtually nowhere. Despite the recent bounce, it's still down 66% from its highs. Andrew points out that it's currently testing the VWAP from its 2021 peak. It would be constructive to see price reclaim this VWAP. However, this would be a logical place to see some profit-taking after the face-ripping rally that it's had recently.