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Todayās Summary
Monday, October 9, 2023
Indices:Ā Ā S&P 500Ā +0.63%Ā | Russell 2000Ā +0.60%Ā | DowĀ +0.59%Ā | Nasdaq 100Ā +0.49%
Sectors: All 11 sectors closed higher. Energy led by a wide margin, gainingĀ +3.34%. Financials lagged, but still inched higher byĀ +0.06%.
Commodities: Crude Oil futures gainedĀ +4.34%Ā to $86.38 per barrel. Gold futures gainedĀ +1.04%Ā to $1,864 per oz.
Currencies:Ā The US Dollar Index was flat (-0.03%) at $106.06.
Crypto: Bitcoin fellĀ -1.21%Ā to $27,594. Ethereum droppedĀ -3.30%Ā to $1,580.
Volatility: The Volatility Index roseĀ +1.43%Ā to 17.69.
Interest Rates: The US 10-year Treasury yield dropped to 4.638%.
Here areĀ the best charts, articles, and ideas shared on the web today!
Chart of the Day
$IWM – Small caps finding support at the bottom of their range.
Can risk ~3% for ~13% upside. pic.twitter.com/r6eTSkD3mr
— Larry Thompson (@HostileCharts) October 9, 2023
Todayās Chart of the Day was shared by Larry Thompson (@HostileCharts). The Russell 2000 ($IWM) continues to underperform the S&P 500 by a wide margin. Itās lagging by about 12% year-to-date, and hitting 22-year lows on a relative basis ($IWM/$SPY lower pane). $IWM has been pinballing in a sideways range between $170 and $200 for over a year. Larry points out that it successfully tested the rangeās lower bounds again last week. $170 represents the 2018/2020 highs, and buyers have defended this level countless times since May 2022. Typically, the more times a level is tested, the weaker it becomes.Ā Bulls canāt afford to keep fumbling around $170.Ā If $170 breaks, it would signal caution for the broader market. On an optimistic note,Ā The Russell 2000 has historicallyĀ outperformed the S&P 500 in the final months of the year, starting at the end of October.
Quote of the Day
āBuy in October, and get yourself sober.āĀ
– Yale Hirsch
Top Links
Technology Shows Relative Strength – All Star Charts
Alfonso Depablos points out that the Tech sector has reasserted its leadership in recently.
S&P 500 Buy Signal Triggered – East Coast Charts
Louis Spector examines a long-term momentum signal that just triggered.
Columbus Day Superlatives – Bespoke
Bespoke points out that today was the best Columbus Day for $TLT since its inception in 2002, despite the Bond market being closed today.
Confluence – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the key technical developments across the markets.
ETF & Markets with Todd Sohn – Strategas
Todd Sohn highlights some key developments for Stocks and Bonds.
Top Tweets
$SPX Blue vs. red.
Who you got? pic.twitter.com/wrc5G9UGuK
— Frank Cappelleri (@FrankCappelleri) October 9, 2023
Are we about to bump our head into resistance? $SPY pic.twitter.com/BEUKuo6Dmw
— Michael Nauss, CMT, CAIA šØš¦ (@MichaelNaussCMT) October 9, 2023
"When theyāre crying, Iām buying." āMarket proverb pic.twitter.com/HM3znf5S5R
— Mark Ungewitter (@mark_ungewitter) October 9, 2023
The Consumer Staples sector should find some support in this area – worth keeping an eye on pic.twitter.com/onzwtHt6Ue
— Austin Harrison, CFA, CMT (@meanstoatrend) October 9, 2023
Internal destruction among Consumer Staples has now surpassed the global financial crisis.
The McClellan Summation Index for the sector has gotten this bad only twice before in 30+ years:
āŖļø March 2000
āŖļø July 2002 pic.twitter.com/LtYwQiHjXj— Jason Goepfert (@jasongoepfert) October 9, 2023
consumer discretionary $XLY vs. consumer staples $XLP – the uptrend continues…
you can hate the stock market as much as you want as long as you (relatively) prefer to own the offensive side of the consumer stocks… pic.twitter.com/YKWRenTd5h
— David Cox, CMT, CFA (@DavidCoxRJ) October 9, 2023
Utilities sector on track for its worst year relative to S&P 500 since 1999 ā¦ if it slips by a couple more % points, it would be worst year on record
[Past performance is no guarantee of future results] pic.twitter.com/okMSNjM37u
— Liz Ann Sonders (@LizAnnSonders) October 9, 2023
Impressive relative strength from the Cyber Security group lately… #cybersecurity #relativestrength pic.twitter.com/rtNmD6PpdX
— Conor White, CMT, CIM (@ConorWhiteRJ) October 9, 2023
Cybersecurity stocks with some nice follow-through today $HACK +1.3% after engulfing three weeks of activity with a monster candle on Friday pic.twitter.com/O86a13cNDp
— Steven Strazza (@sstrazza) October 9, 2023
Today was $TLT's best Columbus Day performance in its history dating back to 2002. pic.twitter.com/uTte4I0aN3
— Bespoke (@bespokeinvest) October 9, 2023
Gold loving today's freefalling interest rates $GLD
Best day in 5 months pic.twitter.com/nAri7yldzV
— Mike Zaccardi, CFA, CMT š (@MikeZaccardi) October 9, 2023
Curious that Bitcoin has been outperforming over the past month while risk sentiment has soured. #technicalanalysis #trendfollowing #cmtassociation $SPY #Bitcoin $Gold pic.twitter.com/gp3wrrJz0L
— John Kolovos, CMT, CFA (@John_Kolovos) October 9, 2023
Here's a list of some of the major geopolitical events going back to WWII and how stocks did after the various events. pic.twitter.com/ksZXMEluT7
— Ryan Detrick, CMT (@RyanDetrick) October 9, 2023