Daily Chart Report π Thursday, October 3, 2024
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Todayβs Summary
Thursday, October 3, 2024
Indices: Nasdaq 100 -0.05% | S&P 500 -0.17% | Dow -0.44% | Russell 2000 -0.68%
Sectors: 2 of the 11 sectors closed higher. Energy led, gaining +1.76%. Consumer Discretionary lagged, dropping -1.16%.
Commodities: Crude Oil futures jumped +5.15% to $73.71 per barrel. Gold futures gained +0.36% to $2,679 per oz.
Currencies: The US Dollar Index rose +0.33% to $101.94.
Crypto: Bitcoin inched higher by +0.18% to $60,745. Ethereum fell -0.58% to $2,350.
Volatility: The Volatility Index rose +8.30% to 20.48.
Interest Rates: The US 10-year Treasury yield rose to 3.848%.
Here are the best charts, articles, and ideas shared on the web today!
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Chart of the Day
π Today's Chart of the Day was shared by Greg Rieben (@gregrieben).
- Crude Oil had its best day in nearly a year today, with futures jumping +5.2%. It's up +8.1% this week, putting it on track for its best week since March 2023.
- At the same time, the US Dollar Index ($DXY) is on track for its best week in two years. It has closed higher every single day this week despite hitting a two-year low last week.
- Greg points out that Crude Oil and the US Dollar have been attached at the hip in the post-pandemic era. The 10-year Treasury Yield ($TNX) has also followed these two.
Takeaway: Crude Oil and the US Dollar ($DXY) are rebounding simultaneously off 52-week lows. If they continue to rebound, it will likely put pressure on risk assets, including stocks, gold, and crypto.
Quote of the Day
βWhat frightens us today is exactly the same sort of thing that frightened us yesterday. It's just a different wolf.β
β Alfred Hitchcock
Top Links
The 5 Charts You Need To Know For Q4 - All Star Charts
JC Parets highlights the most important charts to watch in Q4.
Tech Support - Trading Adventures
Andy Moss reviews this week's price action.
Chinese Stocks Charge Into Bull Market Territory - LPL Financial Research
Adam Turnquist looks at the rebound in China.
Mark Newton, CMT on China, Election Risks, & Leadership Themes for Q4 - Market Misbehavior
David Keller and Mark Newton discuss some of the major themes in the market.
Top Tweets
Youβre all caught up now. Thanks for reading!
