Daily Chart Report π Wednesday, October 16, 2024
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Todayβs Summary
Wednesday, October 16, 2024
Indices: Russell 2000 +1.64% | Dow +0.79% | S&P 500 +0.47% | Nasdaq 100 +0.07%
Sectors: 9 of the 11 sectors closed higher. Utilities led, gaining +1.98%. Communications and Staples both inched lower by -0.07%.
Commodities: Crude Oil futures fell -0.27% to $70.39 per barrel. Gold futures rose +0.46% to $2,691 per oz.
Currencies: The US Dollar Index rose +0.29% to a two-month high of $103.52.
Crypto: Bitcoin rose +0.84% to a two-month high of $67,622. Ethereum inched higher by +0.15% to $2,611.
Volatility: The Volatility Index dropped -5.23% to 19.57.
Interest Rates: The US 10-year Treasury yield fell to 4.018%.
Here are the best charts, articles, and ideas shared on the web today!
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Chart of the Day
π Today's Chart of the Day was shared by Jamie Saettele (@JamieSaettele)
- The US Dollar Index ($DXY) has closed higher virtually every day this month. It's up +2.75% in October, putting it on track for its best month in two years.
- Jamie points out that $DXY is approaching its 200-Day Moving Average after bouncing directly off its 200-Week Moving average. Crude Oil and the 10-year Yield were bouncing with $DXY, but both are pulling back this week.
- Stocks have been immune to Dollar strength this year. Even after the Dollar's recent bounce, the S&P 500 is barely off a record high during a seasonally weak period. Imagine what stocks would be doing if the dollar wasn't ripping.
Takeaway: The Dollar ($DXY) has bounced sharply off its 200-Week Moving Average to its 200-Day Moving Average after rising every day this month. However, risk assets have shrugged off this potential headwind.
Quote of the Day
"You don't have to be smart to make money but you have to be smart to keep it."
β Jerry Jones
Top Links
Why There Could Be Years Left to This Bull Market - Carson Research
Ryan Detrick looks at what could be next for the S&P 500 as the bull market enters its third year.
Strong Breadth & Extreme Sentiment - CappThesis
Frank Cappelleri breaks down the latest price action and patterns in the S&P 500.
Is the S&P 500 Outperforming Your Favorite Commodities? - Schaeffer's Investment Research
Rocky White examines how equities have performed against several of the largest commodities.
McDonald's New Low to New All-time High - All Star Charts
JC Parets highlights the bullish reversal in McDonald's ($MCD).
Top Tweets
Youβre all caught up now. Thanks for reading!
