Daily Chart Report π Wednesday, October 2, 2024
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Todayβs Summary
Wednesday, October 2, 2024
Indices: Nasdaq 100 +0.15% | Dow +0.09% | S&P 500 +0.01% | Russell 2000 -0.09%
Sectors: 4 of the 11 sectors closed higher. Energy led, gaining +1.02%. Consumer Discretionary lagged, dropping -0.85%.
Commodities: Crude Oil futures rose +0.39% to $70.10 per barrel. Gold futures fell -0.77% to $2,670 per oz.
Currencies: The US Dollar Index rose +0.39% to $101.60.
Crypto: Bitcoin inched lower by -0.28% to $60,634. Ethereum is down -3.42% to $2,364.
Volatility: The Volatility Index fell -1.87% to 18.91.
Interest Rates: The US 10-year Treasury yield dropped to 3.783%.
Here are the best charts, articles, and ideas shared on the web today!
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Chart of the Day
π Today's Chart of the Day was shared by Jason Goepfert (@jasongoepferrt)
- The Utilities sector ($XLU) is leading by a solid margin in 2024, up +31.6% year-to-date. It's coming off its second-best quarter on record, gaining +18.6% in Q3.
- The sector is starting to get extremely stretched by historical standards. Jason points out that $XLU is +20% above its 200-day moving average.
- The only other occurrence took place in October 2000. $XLU peaked that day before getting cut in half over the next two years.
Takeaway: The Utilities sector is leading by a solid margin YTD, but it has hardly ever been as stretched as it is now.
Quote of the Day
"Twitter has become a group conversation of that type that used to take place on trading floors."
β Barry Ritholtz
Top Links
Stock Market & Bitcoin Analysis October 2, 2024 - Alphatrends
Brian Shannon breaks down recent price action and some key levels of interest.
The Most Important Chart - All Star Charts
Steve Strazza points out that the US Dollar Index ($DXY) is nearing a decision point.
The October Setup - CappThesis
Frank Cappelleri analyzes the technical outlook for the S&P 500 in the month ahead.
Digging Into SPX Performance After Spikes in China Stocks - Schaeffer's Investment Research
Rocky White examines how US stocks have historically performed after a big rally in Chinese stocks.
Time to Sell Rosh Hashanah - Almanac Trader
Jeff Hirsch looks at how "Sell Rosh Hashanah, Buy Yom Kippur" has historically fared.
Top Tweets
Youβre all caught up now. Thanks for reading!
