Daily Chart Report π Monday, October 14, 2024
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Todayβs Summary
Monday, October 14, 2024
Indices: Nasdaq 100 +0.82% | S&P 500 +0.77% | Russell 2000 +0.64% | Dow +0.47%
Sectors: 10 of the 11 sectors closed higher. Technology led, gaining +1.30%. Energy closed lower by only -0.04%.
Commodities: Crude Oil futures fell -2.29% to $73.83 per barrel. Gold futures fell -0.40% to $2,666 per oz.
Currencies: The US Dollar Index rose to a two-month high of +0.29% to $103.21.
Crypto: Bitcoin gained +5.12% to a two-month high of $66,070. Ethereum rose +6.53% to $2,629.
Volatility: The Volatility Index dropped -3.72% to 19.69.
Interest Rates: The US 10-year Treasury yield rose to a two-month high of 4.112%.
Here are the best charts, articles, and ideas shared on the web today!
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Chart of the Day
π Today's Chart of the Day was shared by Larry Thompson (@HostileCharts).
- Larry points out that the S&P 500 Top 50 ETF ($XLG) closed at all-time highs after gapping above resistance from the July peak, around $48.
- When price gaps above a well-defined resistance level like this, it's called a Breakaway Gap, the most bullish type of breakout.
- $XLG is resolving higher out of a three-month Ascending Triangle pattern. This bullish pattern is defined by horizontal resistance at $48 and rising trendline support.
Takeaway: It's hard to be bearish when the heaviest stocks in the market are resolving higher.
Quote of the Day
"You don't need a weatherman to know which way the wind blows."
β Bob Dylan
Top Links
A View from the Floor with Jay Woods, CMT - Freedom Capital Markets
Jay Woods highlights the key charts, earnings, and events to watch this week.
Plenty of Meat on The Bone - Hostile Charts
Larry Thompson looks at market internals and more.
The Bull's Biggest Hits and Misses - Bespoke
Bespoke looks at the best and worst-performing stocks since the bear market low on October 12, 2022.
Trading the VWAP - Hit the Bid
Kenny Glick is going live Wednesday at 2:30 ET to show you his simple VWAP trading strategy.
Nvidia Leads Again, and Evidence Bitcoin is Headed Higher - The Rotation Report
Aaron Jackson shares his thoughts on Tesla, Nvidia, Crypto, and the current market environment.
Top Tweets
Youβre all caught up now. Thanks for reading!
