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Today’s Summary
Tuesday, October 24, 2023
Indices: Nasdaq 100 +0.97% | Russell 2000 +0.82% | S&P 500 +0.73% | Dow +0.62%
Sectors: 10 of the 11 sectors closed higher. Utilities led, gaining +2.57%. Energy was the only sector that closed lower, falling -1.41%.
Commodities: Crude Oil futures dropped -2.05% to $83.74 per barrel. Gold futures inched lower by –0.13% to $1,986 per oz.
Currencies: The US Dollar Index rose +0.61% to $106.24.
Crypto: Bitcoin gained +2.55% to an 18-month high of $33,917 Ethereum rose +1.06% to $1,785.
Volatility: The Volatility Index fell -6.88% to 18.96.
Interest Rates: The US 10-year Treasury yield fell to 4.825%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
The S&P 500 has had 0 record highs this year. In fact, it's been 659 days since a new high was recorded. The table below shows that when there have been 0 record highs in a year, the following year's returns have been good, up +13.1%. When there have been >35 record highs in a… pic.twitter.com/CHkadK9bBG
— Day Hagan Asset Management (@DayHagan_Invest) October 24, 2023
Today’s Chart of the Day was shared by Day Hagan/Ned Davis Research (@DayHagan_Invest). The S&P 500 peaked on the first trading day of 2022 and hasn’t made a record high since. That’s 21 months, or 660 days, without an all-time high — the longest streak in a decade. According to the data table, this drought in record highs could bode well for 2024. Years with zero record highs have historically seen a median gain of +13.1% the following year, while years with >35 record highs have seen a median gain of just +5.8%.
Quote of the Day
“To knowledgeable investors, chart patterns are not squiggles on a price chart; they are the footprints of the smart money.”
–Thomas Bulkowski
Top Links
Patient and Measured Approach – Ciovacco Capital Management
Chris Ciovacco examines the short-term and long-term trends in the S&P 500.
Breadth Bombs – Bespoke
Bespoke looks at the latest flush in market breadth.
The Stock Market Just Wasted Another Long Winning Streak – CappThesis
Frank Cappelleri analyzes the recent winning and losing streaks in the S&P 500.
Is it Time to Buy Some Gold? – Grindstone Intelligence
Austin Harrison breaks down the outlook for Gold.
Top Tweets
Daily Mkt Mood: Mixed
1. Stocks up
2. $SPX snaps longest losing streak of yr
3. Bonds mixed
4. Oil sells off 3rd day
5. Dollar upIn this upside world, latter three cld be interpreted as risk-on/off depending on day/narrative.
Either way, tech EPS & Fed biggest current keys.
— Abigail Doolittle (@TheChartress) October 24, 2023
Today is really a bulls vs bears battle for that 200 day MA $SPX
RSI making higher lows on this recent dip under the 200 pic.twitter.com/qoNywBa4Vt
— Dash, CMT, CFP (@Dash_charts) October 24, 2023
#NQ_F, 1d
Will 14600 hold in the days to come? pic.twitter.com/JTp94kS7mc
— Yuriy Matso (@yuriymatso) October 24, 2023
$QQQ It sure feels like we are going to bounce if not rally here. There is chart support. Earnings could surprise. The Mkt is driven by the Mag 7 here. News is surprising towards good. Positive divergences. Seasonality. Maybe screw breadth. pic.twitter.com/lH5FBYYNkO
— Alan Cohen (@al_xdpg) October 24, 2023
The S&P 500 has held up pretty well given the fact that only 14% of constituents are trading above their 200dma. That's around where we've seen previous rallies, but stocks still feel like they're on a knife's edge with weak breadth. pic.twitter.com/gLm2J2UKIT
— Liz Young (@LizYoungStrat) October 24, 2023
1000 more stocks made new lows than made new highs yesterday.
Yet the pundits keep talking about "Year 2 of a Bull Market" pic.twitter.com/WM1ktzZV3I
— Willie Delwiche, CMT, CFA (@WillieDelwiche) October 24, 2023
By the end of October, most S&P 500 companies should be out of their respective blackout periods and poised to restart buyback programs. This supports the 2023 @NDR_Research Cycle Composite's forecast that the markets may see a year-end rally. pic.twitter.com/wu32EZ5eN9
— Day Hagan Asset Management (@DayHagan_Invest) October 24, 2023
Regional Bank stocks have fallen to their lowest prices since May – $KRE pic.twitter.com/EXQQUuGl5o
— Barchart (@Barchart) October 24, 2023
1 or 2? pic.twitter.com/zo23veaxI8
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) October 24, 2023
interesting $TNX h/t @SoberLook @aazanhabibCMT pic.twitter.com/BSpRmrXNPv
— David Cox, CMT, CFA (@DavidCoxRJ) October 24, 2023
#Bitcoin A strong move up to the S/R flip zone this week up to $34,350.
A weekly close above the top of this zone is important. $BTCUSD pic.twitter.com/fCI02M8ZU0
— Jake Wujastyk (@Jake__Wujastyk) October 24, 2023
Amazing fact: The Economist put out its “Crypto’s Downfall” issue on November 17, 2022. The optimal holding period for fading Economist covers according to my study is 12 months. Almost time to take profit!
At current levels, BTC is up 107% since that cover came out.
btw, the… pic.twitter.com/adFslE8AhZ
— ʎllǝuuop ʇuǝɹq (@donnelly_brent) October 24, 2023