Daily Chart Report π Wednesday, October 23, 2024
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Todayβs Summary
Wednesday, October 23, 2024
Indices: Russell 2000 -0.79% | S&P 500 -0.92% | Dow -0.96% | Russell 2000 -1.55%
Sectors: 2 of the 11 sectors closed higher. Real Estate led, gaining +0.98%. Industrials lagged, falling -1.57%.
Commodities: Crude Oil futures rose -1.35% to $70.77 per barrel. Gold snapped a six-day winning streak, dropping -1.10% to $2,729 per oz.
Currencies: The US Dollar Index rose +0.33% to a two-month high of $104.41.
Crypto: Bitcoin is down -1.61% at $66,295. Ethereum is down -4.53% to $2,501.
Volatility: The Volatility Index rose +5.71% to 19.25.
Interest Rates: The US 10-year Treasury yield rose to a two-month high of 4.248%.
Here are the best charts, articles, and ideas shared on the web today!
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Chart of the Day
π Today's Chart of the Day was shared by Alfonso De Pablos (@AlfCharts).
- McDonald's ($MCD) had its worst session since March 2020 today on news of an E. coli outbreak at one of their locations. The stock opened lower by -7% but rallied intraday, closing -5.2%.
- We've seen this movie before, and it did NOT end well. Chipotle ($CMG) fell -67% over a two-year period after an E. coli outbreak in 2015. Betting on a similar outcome would be a great example of recency bias.
- Despite today's headline, $MCD is merely retesting former resistance for the first time since breaking out last month. $300 was the ceiling for two years, but it could act as the floor now that we're testing it from above.
Takeaway: Mcdonald's ($MCD) gapped lower today on news of an E. coli outbreak, but the stock refused to close below support.
Quote of the Day
βTrust the trend lines, not the headlines.β
- Bill Clinton
Top Links
Fewer Than 20% Stocks Advance - Is this Bad? - CappThesis
Frank Cappelleri breaks down the recent price action and patterns in the S&P 500.
SPX Close Above Bollinger Bands: What It Means - Schaeffer's Investment Research
Rocky White examines how the S&P 500 has historically performed after closing above its upper Bollinger Band.
S&P Equal Weight vs. Cap Weight - Bespoke
Bespoke compares the equal-weight S&P 500 to the traditional cap-weighted index.
Octoberphobia Strikes Again! But Worst Months Still Good - Almanac Trader
Jeff Hirsch points out the major indices are defying their seasonal pattern.
I Am Not Bearish on Nvidia, Says Renaissance Macro Research's Jeff deGraaf - CNBC
Jeff deGraaf shares his thoughts on the current market environment.
Top Tweets
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