HeatMap Thursday 19th Jan 2023

3 of 11 sectors closed green. Energy (+1.24%) led, and industrials (-2.06%) lagged. 💚

In economic news, U.S. initial weekly jobless claims fell to 190,000 as the labor market remains tight. In December, U.S. housing permits fell 1.6% MoM and 29.9% YoY, while housing starts fell 1.4% MoM and 21.8% YoY. 🏘️

Most Fed governors appear to agree that current policy is restrictive and a slower pace of rate hikes is appropriate. However, they’re also on the same page that the Fed has yet to meet the peak rate and that rates will need to stay high to have their desired effect on inflation. 🤝

Reached the tops of the channel which promoted profit taking waiting for better prices.