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Stock Market Update Thursday January 18, 2024

Stock Market Update Thursday January 18, 2024 Today, Apple received an upgrade, and Taiwan Semiconductor expressed optimism, stating that the technology sector had hit bottom and forecasting a robust growth year in 2024. This announcement ignited enthusiasm across the tech industry, especially in the chip sector. As a result, the Nasdaq experienced a midday rally of about 1%, while the S&P showed roughly half the strength, and the Dow lagged behind. Later in the afternoon, the Nasdaq surged higher, concluding the day with an impressive gain of almost 1.5%


Away From Stocks: Treasury's came under some pressure at the long end with 30-year yields rising six basis points to 4.37%, while the two-year note remained at 4.34% after yesterday’s 12 basis point march higher. WTI crude closed $73.95 a barrel, gold rose to $2,023 per ounce and the VIX retreated from yesterday’s multi-week highs back towards 14.34.   


S&P500 INDEX
S&P500 INDEX

VIX INDEX
VIX INDEX

CRUDE OIL
CRUDE OIL

 

BITCOIN DAIL CHART
BITCOIN DAIL CHART

In technical analysis, a bear flag is a continuation pattern that can signal a potential downtrend continuation in the price of an asset. It consists of two main components:

  1. Flagpole: The pattern begins with a sharp and steep downward price movement, known as the flagpole. This represents a significant and rapid decline in the asset's price.

  2. Flag: Following the flagpole, there is a consolidation period marked by a rectangular-shaped pattern with parallel trendlines, known as the flag. The flag typically slopes upward slightly against the prevailing downtrend.


TESLA STOCK CHART
TESLA STOCK CHART

Tesla is still in a downtrend and below our dynamic resistance, We do not engage in shorting growth stocks. Upon receiving a buy alert, we initiate a position. Knowing when to buy and in which direction is the key to successful investing.


 Bearish to bullish reversal. Disney Weekly Chart Bull Flag, above 50 week moving average.

 

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