Daily Chart Report π Thursday, October 10, 2024
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Todayβs Summary
Thursday, October 10, 2024
Indices: Nasdaq 100 -0.13% | Dow -0.14% | S&P 500 -0.21% | Russell 2000 -0.55%
Sectors: 2 of the 11 sectors closed higher. Energy led, gaining +0.68%. Real Estate lagged, falling -0.83%.
Commodities: Crude Oil futures rose +3.56% to $75.85 per barrel. Gold futures gained +0.51% to $2,639 per oz.
Currencies: The US Dollar Index was unchanged at $102.88.
Crypto: Bitcoin fell -0.50% to $60,278. Ethereum rose +0.66% to $2,384.
Volatility: The Volatility Index rose +0.34% to 20.94.
Interest Rates: The US 10-year Treasury yield fell to 4.065%.
Here are the best charts, articles, and ideas shared on the web today!
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Chart of the Day
π Today's Chart of the Day was shared by Jonathan Harrier (@jonathanharrier).
- After a record-breaking three-week rally, Chinese equities have pulled back sharply this week.
- The popular China Internet ETF ($KWEB) has fallen -9.7% this week after surging +51% in the prior three weeks. Despite this week's sharp decline, $KWEB has retraced less than a third of its rally.
- Jonathan points out that many Chinese names, including $KWEB, are still above rising short-term moving averages even after this inevitable pullback.
Takeaway: There's much less enthusiasm for Chinese stocks this week, but the short-term trend remains higher after a well-deserved pullback.
Quote of the Day
βVictory in our industry is spelled survival.β
β Steve Jobs
Top Links
Bears Head to Hibernation Early - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
It's Large-Cap Growth Stocks (Mag 7) Once Again - StockCharts
Julius de Kempenaer analyzes the recent rotation within the S&P 500.
Gold Bugs Index Testing Long-Term Breakout Level! - Kimble Charting Solutions
Chris Kimble examines a potential reversal in the Gold Bugs Index ($HUI).
Find Breakout Trades During Earnings Season - All Star Charts
JC Parets and Steve Strazza show you how to find options trades with home run potential during the upcoming earnings season.
Happy Anniversary Bull Market! - LPL Financial Research
Adam Turnquist looks at what the third year of the bull market could look like.
Top Tweets
Youβre all caught up now. Thanks for reading!
