Daily Chart Report 📈 Tuesday, October 8, 2024
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Today’s Summary
Tuesday, October 8, 2024
Indices: Nasdaq 100 +1.55% | S&P 500 +0.97% | Dow +0.30% | Russell 2000 +0.09%
Sectors: 9 of the 11 sectors closed higher. Technology led, gaining +1.87%. Energy lagged, dropping -2.61%.
Commodities: Crude Oil futures dropped -4.63% to $73.57 per barrel. Gold futures dropped -1.15% to $2,635 per oz.
Currencies: The US Dollar Index was flat at $102.47.
Crypto: Bitcoin inched lower by -0.13% to $62,133. Ethereum rose +0.74% to $2,439.
Volatility: The Volatility Index dropped -5.39% to 21.43.
Interest Rates: The US 10-year Treasury yield inched lower to 4.016%.
Here are the best charts, articles, and ideas shared on the web today!
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Chart of the Day
🏆 Today's Chart of the Day was shared by Ryan Detrick (@RyanDetrick).
- The S&P 500 bottomed almost two years ago on October 12th, 2022. The 2022 bear market wasn't as deep as the Covid decline (-25.4% vs. -33.9%), but it was the longest drawdown since the Great Financial Crisis.
- The current bull market is up +61% in two years. Ryan points out that the average bull market lasts twice as long and gains three times as much. Of the 12 bull markets since 1950, the average gained +181% over 5½ years.
- Theoretically, an 'average' bull market would mean the S&P 500 tops around 10,000 in 2027 or 2028.
Takeaway: In terms of duration, we are approximately halfway through an 'average' bull market and a third of the way through in terms of magnitude.
Quote of the Day
"There are no happy endings in history, only crisis points that pass."
– Isaac Asimov
Top Links
Election-Year Octoberphobia Hangs Over Market - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in October during an election year.
October Isn't Just Volatile in the US - Bespoke
Bespoke looks at the recent price action in China.
Find Breakout Trades During Earnings Season - All Star Charts
The Breakout Multiplier strategy nailed another near-double today. Get the latest ideas from this volatility strategy.
Market Breadth ALERT! What's Happening Now? - Market Misbehavior
David Keller analyzes market breadth.
Top Tweets
You’re all caught up now. Thanks for reading!
