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Today’s Summary
Thursday, October 13th, 2022
Indices: Dow +2.83% | S&P 500 +2.60% | Russell 2000 +2.41% | Nasdaq 100 +2.30%
Sectors: All 11 sectors closed higher by more than 1%. Financials led, jumping +4.13%. Consumer Staples lagged but still rose +1.09%.
Commodities: Crude Oil futures fell +2.11% to $89.11 per barrel. Gold futures were unchanged at $1,677 per ounce.
Currencies: The US Dollar Index dropped -0.71%.
Crypto: Bitcoin rose +1.19% to $19,385. Ethereum inched lower by -0.46% to $1,289.
Interest Rates: The US 10-year Treasury yield rose to 3.946%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today was the 5th-largest intraday reversal from a low in the history of the S&P 500.
It was the 4th-largest in the history of the Nasdaq Composite. pic.twitter.com/y9J9a6mCiX
— SentimenTrader (@sentimentrader) October 13, 2022
Today’s Chart of the Day was shared by SentimenTrader (@sentimentrader). The S&P 500 posted one of its largest intraday reversals ever today. It was down as much as -2.39% this morning, but we gained more than +5% intraday, closing higher by +2.60%. More importantly, the S&P 500 reclaimed its June lows. Bears who shorted ahead of today’s CPI print are trapped under those June lows for now. However, keep in mind that the four other larger reversals listed here all went on to retest those levels (1962, 1987, 2008, 2002). In other words, none of the other four larger reversals marked the exact low. Today’s reversal was a much-needed reprieve for the bulls, but one day does not make a trend. Watch for upside follow-through in the coming days to confirm today’s reversal.
Quote of the Day
“The stock market is the creation of man that has most humbled him.”
– Alan Shaw
Top Links
Nice Clues Arrived on Thursday – StockCharts
Greg Schnell examines today’s massive reversal.
More Bears Than Any Other Month – Almanac Trader
Jeff Hirsch takes a look at October’s reputation as a bear market killer.
Trajectory for Bond Yields is Still Higher, Says Strategas’ Todd Sohn – CNBC
In this clip, Todd Sohn of Strategas Research offers his technical perspective on the S&P 500, Interest Rates and more.
Remembering the 1987 Crash – Carson Group
Ryan Detrick looks back at the Black Monday Crash of 1987.
Top Tweets
The market in the morning vs the market now ?? pic.twitter.com/k8rmLRIQD6
— Stock Market News – Evan (@StockMKTNewz) October 13, 2022
Quite an intraday swing (thus for) for S&P 500 futures
[Past performance is no guarantee of future results] pic.twitter.com/HnHZjNzhdg— Liz Ann Sonders (@LizAnnSonders) October 13, 2022
Down 2% and closed up 2%, but also coming off a 52-wk low? Happened today, but what about other times?
Something for everyone here. Aug 2011 and July 2002 happened near lows. Then there's Jan 2008, right before an implosion. pic.twitter.com/BeGShXlZrV
— Ryan Detrick, CMT (@RyanDetrick) October 13, 2022
$SPY bullish engulfed the prior 3 days pic.twitter.com/fP0QtzyQSJ
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) October 13, 2022
Large range bullish engulfing bars for all US indices on some of the heaviest volume in the past 6 months.
Also now above the June lows in 3/4 of the indices.
Still can't call an end to the bear market, but today's certainly a day to take notice of following hot inflation data pic.twitter.com/PJy6FjKovs
— Evan Medeiros (@evanmedeiros) October 13, 2022
The Dow chopped a lot of wood today during its *5%* price swing: $DIA $DJIA
✅ Double Bottom
✅ Bullish Engulfing Candle
✅ Filled two prior gaps
✅ Bounced off 200-Week MA
✅ Bounced off pre-COVID highTalk about whiplash! pic.twitter.com/DMGxNh8iVs
— Matt ?, CMT (@topstockcharts) October 13, 2022
“It’s beautiful!” pic.twitter.com/ujgPFYPztg
— Steve Deppe, CMT (@SJD10304) October 13, 2022
At the height of panic-buying today, more than 45% of all NYSE securities traded on an uptick.
That's the 2nd-highest amount in at least 25 years on the day after the S&P 500 set a 52-week low (suggesting short-covering). pic.twitter.com/4alBfSJQ3m
— Jason Goepfert (@jasongoepfert) October 13, 2022
One of the biggest one-day reversals I remember was May 29, 1962; the market crashed the day before, everything opened way down (1000 new lows) then rallied like mad (only 600 declines). pic.twitter.com/O4UUvE40B3
— Walter Deemer (@WalterDeemer) October 13, 2022
Aa Crude back to $85, where one would expect a bounce. $CL_F pic.twitter.com/4XjCWPYXP5
— Ian McMillan, CMT (@the_chart_life) October 13, 2022
People liked Facebook $FB, but not so much Meta Platforms $META so far. pic.twitter.com/eBXyBgJU3H
— Alfonso Depablos (@AlfCharts) October 13, 2022
You’re all caught up now. Thanks for reading!