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Stock Market Update Wednesday January 17, 2024

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




 

Every investor should be following interest rates and the best way to do that is with TLT ETF, our algorithm gave the sell alert on January 5th, 2024


Today TLT ETF Chart how much profit is a personal decision



 


IWM ETF our algorithm gave the sell alert on January 5th, 2024

Today's IWM ETF Chart how much profit is a personal decision


 

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