Sponsored By:
Today’s Summary
Friday, October 28th, 2022
Indices: Nasdaq 100 +3.17% | Dow +2.59% | S&P 500 +2.46% | Russell 2000 +2.25%
Sectors: All 11 sectors closed higher. Technology led, gaining +4.35%. Consumer Discretionary lagged but still inched higher by +0.09%.
Commodities: Crude Oil futures fell -1.32% to $87.90 per barrel. Gold futures dropped -1.25% to $1,645 per ounce.
Currencies: The US Dollar Index inched higher by +0.09%.
Crypto: Bitcoin rose +1.55% to $20,606. Ethereum gained +2.66% to $1,554.
Interest Rates: The US 10-year Treasury yield rose to 4.016%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
$DIA DJIA ETF: back above its 200dma pic.twitter.com/jPtTQ19nJz
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) October 28, 2022
oday’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). With just one trading day left in October, the Dow is on track for its best month since 1976. It closed higher for the sixth consecutive day today, and the fourth consecutive week. It gained +5.72% this week, marking its 6th best week in the past decade. Mike points out that it reclaimed its downward-sloping 200-day moving average today. It’s been rejected at the 200-day moving average four times already this year. Will the fifth time be the charm?
Quote of the Day
“When you learn a little, you feel you know a lot.
But when you learn a lot, you realize you know very little.”
– Jay Shetty
Trendlines > Headlines
Check out the latest episode of Trendlines over Headlines!
In this week’s episode, legendary market technician, Walter Deemer shares wisdom from his impressive 55-year career on Wall Street. We examine what investors can learn from the Go-Go years of the late 1960s, and the high-flying growth stocks of the early 1970s.
Top Links
Today Marks The Beginning Of An Overwhelmingly Bullish Period – StockCharts
Tom Bowley points out that the next few months have historically been very bullish for stocks.
Renaissance Macro’s Jeff deGraaf Warns Investors About Year-End Rally – CNBC
In this clip, Jeff deGraaf explains why he’s anticipating a year-end rally.
Junk Bond Reversal Would Be Bullish for Stocks – Kimble Charting Solutions
Chris Kimble takes a look at a potential reversal in High Yield Bonds.
Is the Stock Market Gas Lighting Us? – The Irrelevant Investor
Michael Batnick shares his thoughts on the stock market and the economy.
Top Tweets
Final heat map of the S&P 500's performance from today pic.twitter.com/qyZDPf1fuG
— Stock Market News – Evan (@StockMKTNewz) October 28, 2022
The next five trading days are the best of the year for the S&P 500.
Going back to 1950, stocks gained 1.62% on average. There isn't a single 5-day period of the year better. pic.twitter.com/7a3kJCiRrP
— Ryan Detrick, CMT (@RyanDetrick) October 28, 2022
Weekly $SPX update: jumped a couple of big hurdles, closing above the 50d SMA and 10w EMA. If that daily trend can continue eventually the weekly trend will follow. pic.twitter.com/WOGDTk1Fho
— Michael Turvey (@MikeTurvey_TDA) October 28, 2022
$SPX breaking above its 50-day MA clears the way to 4000-4100 range based on Fibonacci retracements and the 200-day MA. Do we still label this a bear market rally… and why? pic.twitter.com/Re5gKFMDOb
— David Keller, CMT (@DKellerCMT) October 28, 2022
Holding a key breakout while forming a pennant. #SPX pic.twitter.com/Ig03CiXt9Z
— Frank Cappelleri (@FrankCappelleri) October 28, 2022
SPX closed back above its Covid low anchored VWAP. pic.twitter.com/pA3QcwaxRE
— Louis Spector (@EastCoastCharts) October 28, 2022
#ES_F, Renko chart
Traps. pic.twitter.com/v4VdwfL32B
— Yuriy Matso (@yuriymatso) October 28, 2022
Top 6-Month Rolling Period of the 4-Year Cycle Starts Now! pic.twitter.com/dto13HPg6F
— Stock Trader’s Almanac (@AlmanacTrader) October 28, 2022
After a short period of outperformance, Growth stocks are now firmly underperforming their Value counterparts across all market caps. pic.twitter.com/etwvaX0l8N
— Leif Soreide (@LeifSoreide) October 28, 2022
Below is a PnF relative strength chart between Growth ETF $VUG and Value ETF $VTV. Growth gave a second consecutive sell signal against value yesterday – last time that happened was February 01. No guarantees in the market, but this chart has been quite reliable.(@TheChartReport) pic.twitter.com/KtEVE7mT5k
— Nasdaq Dorsey Wright (@DorseyWrightDWA) October 28, 2022
The market continues to remind us just how important those prior-cycle highs and lows are in so many individual names
Yesterday, $META fell 25% on earnings, forming a massive gap right at its 2018 lows
Today, $AMZN opened -10% & below its 2018 highs for the first time in 2.5yrs pic.twitter.com/sCheYJ5xeQ
— Steven Strazza (@sstrazza) October 28, 2022
On this day in 2021 Facebook changed its name to Meta Platforms $META
The stock is down 68% since then pic.twitter.com/5eMVjmHDB6
— Ticker History ? (@TickerHistory) October 28, 2022
You’re all caught up now. Thanks for reading!