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Stock Market Update Friday January 26, 2024

Stock Market Update Friday January 26, 2024 A slight pullback interrupted the S&P 500’s five-session streak of fresh closing highs, with the broad index relinquishing an early upward momentum to end marginally lower. Meanwhile, the Nasdaq 100 once again lagged behind, settling 1.5% below its Wednesday midday levels. Last evening, Intel, following in the footsteps of Texas Instruments, issued discouraging guidance for the upcoming quarters.

That trend seems to be persisting into this year. However, these companies, among others, provide insight into the true state of the economy and corporate America. As I mentioned yesterday, despite injecting $2 trillion in deficit spending into the economy, we haven't seen much GDP growth as a result. Significant problems persist, yet the market appears to be disregarding them, continuing to move forward regardless.

Away From Stocks: Short-term Treasuries experienced some weakness, with two-year yields rising by six basis points to 4.34%, while long-term bonds remained unchanged at 4.38%. WTI crude surpassed $78 a barrel, and gold held steady at $2,018 an ounce. The VIX hovered slightly above 13.

Our premium chart of the week features USO. Crude oil has successfully breached our dynamic resistance level and is now in a new uptrend. I encourage everyone to consider buying oil on pullbacks using a simulation account to witness firsthand how our algorithm operates. The best way to gain confidence in our algorithms is to experience them for yourself.

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