Stock Market Update Wednesday January 17, 2024 The market exhibited further weakness today experiencing a midday loss of approximately 0.5%. It's evident that the onset of this year has deviated from the norm, characterized by a subdued undertone in equities. This deviation, however, has been partially concealed by the resilience of the excessively valued "Magnificent Seven." Significantly, there appears to be a discernible shift in the market dynamics, suggesting a potential reduction in the strength of the passive bid, akin to a weakening force. Towards the end of the day, portfolio manager's ETF rebalancing occurred, contributing to a halving of the losses.
Away from stocks: Fixed income was weaker, mostly at the short end, while dollar was about flat. Gold was under pressure once again, with silver losing 1.5% and gold 1% while the gold miners fell in sympathy. WTI crude closed $72.56 a barrel. The VIX rose towards our resistance level $15.45 and then closed lower at $14.80
Bear Flag Developing in Crude Oil
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