Daily Chart Report π Wednesday, October 9, 2024
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Todayβs Summary
Wednesday, October 9, 2024
Indices: Dow +1.03% | Nasdaq 100 +0.80% | S&P 500 +0.71% | Russell 2000 +0.26%
Sectors: 10 of the 11 sectors closed higher. Technology led, gaining +1.12%. Utilities were the only sector that closed lower falling -0.86%.
Commodities: Crude Oil futures fell -0.45% to $73.24 per barrel. Gold futures fell -0.36% to $2,626 per oz.
Currencies: The US Dollar Index rose +0.39% to $102.88.
Crypto: Bitcoin dropped -2.50% to $60,582. Ethereum dropped -2.90% to $2,369.
Volatility: The Volatility Index fell -2.61% to 20.87.
Interest Rates: The US 10-year Treasury yield rose to a two-month high of 4.075%.
Here are the best charts, articles, and ideas shared on the web today!
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Chart of the Day
π Today's Chart of the Day was shared by Alfonso De Pablos (@AlfCharts).
- Software stocks ($IGV) have underperformed the broader Tech sector this year, but theyβre setting up for a year-end rally. $IGV is resolving higher out of a three-year base within a solid primary uptrend.
- $IGV closed at record highs for the second straight day after punching through resistance at $89 with authority. Price was rejected at this pivotal level twice this year, but the third time appears to be the charm.
- It's recovering from its third-worst drawdown (-45%). October has historically been the best month for $IGV, closing higher 71% of the time by an average of +3.7%. The top weights in $IGV are;
9.4% - $CRM - Salesforce Inc.
8.8% - $ORCL - Oracle Corp.
7.9% - $MSFT - Microsoft Corp.
7.2% - $NOW - ServiceNow, Inc.
6.9% - $ADBE - Adobe Inc.
Takeaway: After two failed attempts this year, the Software ETF ($IGV) is violently breaking out of a three-year base. If it remains above $89, the risk is to the upside.
Quote of the Day
"The height of the pinnacle is determined by the breadth of the base."
β Ralph Waldo Emerson
Top Links
Is Volatility Back? - CappThesis
Frank Cappelleri breaks down the recent price action and patterns in the S&P 500.
Silver Prices Facing Major Inflection Point!!! - Kimble Charting Solutions
Chris Kimble looks at a potential reversal in silver.
I am not Satoshi Nakamoto - All Star Charts
JC Parets shares his thoughts on the crypto market.
ETFs and Markets with Todd Sohn: The Bull Market Turns 3 - Strategas Asset Management
Todd Sohn examines what the third year of the current bull market could look like.
Top Tweets
Youβre all caught up now. Thanks for reading!
