Daily Chart Report π Tuesday, October 29, 2024
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Todayβs Summary
Tuesday, October 29, 2024
Indices: Nasdaq +0.98% | S&P 500 +0.16% | Russell 2000 -0.27% | Dow -0.36%
Sectors: 2 of the 11 sectors closed higher. Technology led, gaining +1.35%. Utilities lagged, dropping -2.14%.
Commodities: Crude Oil futures fell -0.25% to $67.21 per barrel. Gold rose +0.91% to $2,781 per oz.
Currencies: The US Dollar Index was flat at $104.28.
Crypto: Bitcoin rose +4.02% to $72,729. Ethereum rose +2.81% to $2,638.
Volatility: The Volatility Index fell -2.32% to 19.33.
Interest Rates: The US 10-year Treasury yield fell to 4.256%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Larry Thompson (@HostileCharts).
- Bitcoin is on track for its highest monthly close with only two days remaining in October. It's testing the upper bounds of a two-year base, around $73k, and seasonality is at a bullish inflection point.
- Bitcoin initially broke out to record highs in March. However, the breakout failed, leading to a seven-month consolidation phase. This grueling consolidation looks like one giant Bull Flag when you zoom out.
- Larry points out that Bitcoin surged after the last two presidential elections (2016 and 2020). Both breakouts were followed by a triple-digit rally that lasted several months. While the dataset is small, the similarities between these cycles are uncanny.
The Takeaway: The election could spark Bitcoin's next leg higher.
Top Links
Seven Reasons This Bull Market Is Alive and Well - Carson Research
Ryan Detrick outlines seven reasons why this bull market has legs.
Amazon, Apple, and Bitcoin - All Star Charts
JC Parets highlights the biggest breakouts of the week.
Chart of the Day - The Rotation Report
Aaron Jackson shares his thoughts on Bonds.
The Casino Market - The Irrelevant Investor
Michael Batnick discusses the return of speculation and risk appetite.
Technical Tuesdays π with The Chart Report - X
Here's the replay of today's conversation with seasonality expert Jeff Hirsch, author of The Stock Traders Almanac.
Quote of the Day
βThe stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.β
- Seth Klarman
Top Tweets