Charts Are Fizzling This Friday

Published 01/22/2021, 10:31 AM

Small Caps continue to be the weakest of the bunch. As I’m typing this, about half an hour before the open, it’s down over 1%, while the ES is down two-thirds of a percent and the Nasdaq 100 is down just half a percent.

Small Cap Daily Chart.

As the dollar is getting a bit of strength, gold continues to weaken.

Gold Daily Chart.

As we are moving into the thick of earnings season, it’s interesting to see how the market is digesting the news. All the excitement around Intel's (NASDAQ:INTC)’s report yesterday afternoon has been utterly neutered.

Intel Corp Daily Chart.

Of course, the big week with respect to earnings is next week, when all the monsters, like Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL) roll out the door. It should be a refreshingly dynamic week of news.

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