Daily Chart Report 📈 Tuesday, October 15, 2024
Powered By:
Today’s Summary
Tuesday, October 15, 2024
Indices: Russell 2000 +0.05% | Dow -0.75% | S&P 500 -0.76% | Nasdaq 100 -1.37%
Sectors: 6 of the 11 sectors closed higher. Real Estate led, gaining +1.26%. Energy lagged, dropping -3.22%.
Commodities: Crude Oil futures dropped -4.40% to $70.58 per barrel. Gold futures rose +0.50% to $2,679 per oz.
Currencies: The US Dollar Index was flat at $103.23.
Crypto: Bitcoin rose +1.50% to a two-month high of $67,061. Ethereum fell -0.84% to $2,606.
Volatility: The Volatility Index rose +4.88% to 20.65.
Interest Rates: The US 10-year Treasury yield dropped to 4.036%.
Here are the best charts, articles, and ideas shared on the web today!
This Chart Report is sponsored by REX Shares. REX gives investors easy access to ETFs that offer 2x long and short exposure to your favorite tech stocks, including Netflix! Check them out to learn more.
Chart of the Day
🏆 Today's Chart of the Day was shared by Chris Verrone (@verrone_chris).
- Small Caps have lagged all year, but the Russell 2000 ($IWM) has set the stage for a year-end rally. It closed slightly positive today, while the other three major indices fell.
- Over the past three months, the index has coiled into a narrow range as pressure builds for an explosive move in either direction. Yesterday, Chris pointed out that Friday was a 90% up day for the Russell 2000.
- Regional Banks ($KRE) are the largest industry group within the Russell 2000, representing 10% of the index. Chris adds that $KRE and $IWM look ready to run if they can clear $60 and $225, respectively.
Takeaway: The Russell 2000 and its largest industry group, Regional Banks, have set the stage for a year-end rally. Both are knocking on the door for the third time after coiling into a narrow range.
Quote of the Day
"You don't want to be the smartest person in the room; you want to be the dumbest in the room."
– Madonna
Top Links
The Consolidation Phase is Almost Over for Interest Rates, says Macro Risk's John Kolovos - CNBC
John Kolovos shares his thoughts on the S&P 500, interest rates, and more.
CHART THIS with David Keller, CMT Tuesday - Market Misbehavior
Breaks down today's price action and some key developments to watch in the near term.
October Monthly Options Expiration Week S&P 500 Up 14 of Last 16 - AlmanacTrader
Jeff Hirsch looks at how stocks have historically performed around October monthly options expiration week.
Trading the VWAP - Hit the Bid
Kenny Glick is going live Wednesday at 2:30 ET to show you his simple VWAP trading strategy.
Bitcoin is About to Break Out - The Strazza Letter
Steve Strazza looks at Bitcoin and crypto-related equities.
Top Tweets
You’re all caught up now. Thanks for reading!
