Daily Chart Report π Friday, October 4, 2024
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Todayβs Summary
Friday, October 4, 2024
Indices: Russell 2000 +1.50% | Nasdaq +1.22% | S&P 500 +0.90% | Dow +0.81%
Sectors: 9 of the 11 sectors closed higher. Financials led, gaining +1.69%. Real Estate lagged, falling -0.66%.
Commodities: Crude Oil futures rose +0.91% to $74.38 per barrel. Gold futures fell -0.43% to $2,668 per oz.
Currencies: The US Dollar Index gained +0.54% to $102.49.
Crypto: Bitcoin rose +2.20% to $62,081. Ethereum rose +2.74% to $2,414.
Volatility: The Volatility Index dropped -6.25% to 19.20.
Interest Rates: The US 10-year Treasury yield rose to 3.969%.
Here are the best charts, articles, and ideas shared on the web today!
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Chart of the Day
π Today's Chart of the Day was shared by TrendSpider (@TrendSpider)
- The Energy sector ($XLE) had its best week since October 2022. It led by a wide margin, jumping +6.9%, while the next best sector (Financials) rose +1.1%. Crude Oil also had its best week in over a year, rising +9.1%.
- Heading into the week, Energy ($XLE) was the worst-performing sector YTD, but its currently in 7th place (out of 11 sectors) after rising every day this week.
- Trendspider points out that $XLE broke out of a Falling Channel with conviction this week. In April, $XLE tried to break out to all-time highs for the first time in a decade before falling into this six-month downtrend.
Takeaway: The Energy Sector ($XLE) had its best week in nearly two years, rising +6.9%. It outperformed by a wide margin and broke out of a six-month downtrend. The next major hurdle for $XLE will be the all-time highs from 2014.
Quote of the Day
βFirst study the science, and then practice the art which is born of that science.β
β Leonardo da Vinci
Top Links
Stock Market Analysis October 4 2024 - Alphatrends
Brian Shannon reviews this week's price action and some key levels to watch next week.
Mining for Base and Industrial Metals - All Star Charts
Sam Gatlin examines the outlook for non-precious metals like Copper and Steel.
What to Know about China's Equity Market - Strategas Asset Management
Todd Sohn highlights the momentum in China and some key insights from recent fund flows.
China Has Unabashed Momentum and Itβs Very, Very Bullish, Says Renaissance Macroβs Jeff deGraaf
Jeff deGraaf explains why China is still a rare buying opportunity even after the recent bounce.
Keep it Simple - The Weekly Trend Podcast
David Zerling and Ian McMillan discuss the noteworthy trends and themes across the markets.
Top Tweets
Youβre all caught up now. Thanks for reading!
