Stocks Rebounded From Last Week's Minor Setback

Stock Market Update Monday January 8, 2024 Stocks rebounded from last week's minor setback and began its second week of 2024 with a significant surge, rising by 1.4% on the S&P 500 and 2.1% on the Nasdaq 100. Although a head and shoulders pattern is developing, it is too early to draw conclusions, and we only use these patterns to measure the downside objective. Tomorrow is expected to be an interesting day, and traders commonly refer to it as 'Turnaround Tuesday.

Away From Stocks: Treasuries experienced an upward movement, with two-year yields decreasing by four basis points to 4.36%, and the long bond slipping to 4.17% from Friday's 4.21%. WTI crude faced continued challenges, registering a 4.12% decline closing at $70.77 per barrel, gold closed lower to $2,033 per ounce, and the VIX settled just above 13.

Our Dynamic Support Algorithm can be utilized either to add to the position or as a stop-loss

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Bull Flag with Bullish Consolidation