Daily Chart Report π Friday, October 18, 2024
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Todayβs Summary
Friday, October 18, 2024
Indices: Nasdaq 100 +0.66% | S&P 500 +0.40% | Dow +0.09% | Russell 2000 -0.21%
Sectors: 10 of the 11 sectors closed higher. Communications led, gaining +0.74%. Energy was the only sector that closed lower, falling -0.33%.
Commodities: Crude Oil futures dropped -2.80% to $68.69 per barrel. Gold futures gained +0.83% to an all-time high of $2,730 per oz.
Currencies: The US Dollar Index dropped -0.29% to $103.46.
Crypto: Bitcoin gained +1.53% to $68.420. Ethereum rose +1.42% to $2,642.
Volatility: The Volatility Index dropped -5.65% to 18.02.
Interest Rates: The US 10-year Treasury yield fell to 4.085%.
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 @CyclesFan.
- The S&P 500 gained +0.85% this week, closing at another all-time high. It has risen for six consecutive weeks and nine of the past ten.
- @CyclesFan points out the S&P 500 has had six other six-week winning streaks in the past decade. The seventh week has been a coin toss, with three instances closing higher and three closing lower.
- Winning streaks are somewhat trivial, but this six-week winning streak has occurred during the weakest time of year for the S&P 500.
Takeaway: The S&P 500 closed higher for the sixth consecutive week. The last six-week streak, in 2023, persisted for another three weeks. However, the seventh week has historically been a coinflip over the past decade.
Quote of the Day
"Most people overestimate what they can do in one year and underestimate what they can do in ten years."
- Bil Gates
Top Links
Stock Market & Crypto Analysis 10/18/24 - Alphatrends
Brian Shannon breaks down this week's price action and some key levels to watch next week.
Using RRG To Find Best Three Stocks inside the DJ Industrials Index - StockCharts.com
Julius de Kempenaer hunts for relative strength within the Dow.
The Envy of the World - All Star Charts
JC Parets shares his thoughts on sentiment and the latest cover of The Economist.
Are Cracks Starting to Appear in the Bullish Dam - Ciovacco Capital Management
Chris Ciovacco examines the short-term and long-term trends for stocks.
Top Tweets
Youβre all caught up now. Thanks for reading!
