Powered By:
Todayās Summary
Monday, October 30, 2023
Indices:Ā DowĀ +1.58%Ā | S&P 500Ā +1.20%Ā | NasdaqĀ +1.09%Ā | Russell 2000Ā +0.63%
Sectors: All 11 sectors closed higher. Communications led, gainingĀ +2.06%. Real Estate lagged, but still roseĀ +0.31%.
Commodities: Crude Oil futures droppedĀ -3.78%Ā to $82.31 per barrel. Gold futures roseĀ +0.36%Ā to $2,006 per oz.
Currencies: The US Dollar Index droppedĀ -0.42%Ā to $106.14.
Crypto: Bitcoin was flat (-0.12%)Ā at $34,496. Ethereum roseĀ +0.81%Ā to $1,811.
Volatility: The Volatility Index fellĀ -7.15%Ā to 19.74.
Interest Rates: The US 10-year Treasury yield rose to 4.894%.
Here areĀ the best charts, articles, and ideas shared on the web today!
Chart of the Day
After slaughtering R2K troops, traders recently began shooting NDX generals. Whether NDX can reverse last weekās minor breakdown is a key question, in my view. pic.twitter.com/yIGVmPCbZe
— Mark Ungewitter (@mark_ungewitter) October 30, 2023
Todayās Chart of the Day was shared by Mark Ungewitter (@mark_ungewitter). One of the most bearish aspects of last week’s price action was the nascent weakness in Mega-Cap stocks. Up until last week, Mega-Caps were fairly immune, but they came under pressure after a slew of earnings reports. As a result, the Nasdaq 100 ($NDX) broke the August/September lows, around $14,500. Mark points out that the first step toward a meaningful rebound is reclaiming this broken support level. If the Nasdaq can reclaim 14,500, it will qualify as a failed breakdown. As we know, failed breakdowns often lead to powerful rallies. Repairing this key level could hinge on the reaction to $AAPL’s earnings on Thursday evening, as $AAPL represents 11% of the Nasdaq 100.
Quote of the Day
“The stock market is the only market where things go on sale, and all the customers run out of the store.”Ā
āCullen Roche
Top Links
A Slow Correction – Bespoke
Bespoke points out that the current correction in the S&P 500 has lasted longer than average.
Typical November Trading: Solid Start, Some Chop & Strong Finish – Almanac Trader
Jeff Hirsch examines how Stocks have historically performed in November.
Markets are Continuing to ‘Adapt and Survive’: Jay Woods – Fox Business News
Jay Woods shares his perspective on the current market environment.
Six Charts That Say A Lot About The Markets Outlook – Ciovacco Capital Management
Chris Ciovacco highlights several noteworthy technical developments.
Bank Stocks Testing Critically Important Price Support! – Kimble Charting Solutions
Chris Kimble looks at the Bank Index ($BKX) as it tests crucial support.
Top Tweets
Daily Mkt Mood: Risk-On
1. Stocks sharply higher
2. $SPX best day since Aug
3. Bonds down
4. Dollar down
5. $VIX downA lot of folks are calling for at least a tactical bounce here and that could be.
But ā¦longterm technicals suggest more downside is likely, trade with care!
— Abigail Doolittle (@TheChartress) October 30, 2023
$SPY continues to bounce from the AVWAP from the start of this bull market. pic.twitter.com/wnp8h0LgR5
— Michael Nauss, CMT, CAIA šØš¦ (@MichaelNaussCMT) October 30, 2023
Here's a visual on the $SPX levels we discussed on @SquawkCNBC this morning…a rebound appears likely this week from oversold extremes, and if 4180 is reclaimed, that would leave the breakdown unconfirmed in a bullish development…conversely, a decisive close below it wouldā¦ pic.twitter.com/IXPeTAQptq
— Katie Stockton, CMT (@StocktonKatie) October 30, 2023
Sentiment for the S&P 500 hit 10 bullish via the Daily Sentiment Index. This is the lowest level since near the lows in 2022.$SPX $SPY pic.twitter.com/a3gaMUH0xN
— Andrew Thrasher, CMT (@AndrewThrasher) October 30, 2023
The Value Line Geometric Index has rolled over and last week the index pulled back to support near 500. This is the level from which the breakout occurred in 2020 and where the selling stopped in 2022. If bulls want to make a stand, this is certainly a logical place to do so. pic.twitter.com/CjHPFePAmq
— Willie Delwiche, CMT, CFA (@WillieDelwiche) October 30, 2023
My nephew stuck this on the fridge and said that I said that 'former resistance turns to support' then went 'lol, lmao even' and walked out.$IWM pic.twitter.com/LJ8OgAjM3z
— Arun S. Chopra CFA CMTš§ (@FusionptCapital) October 30, 2023
$XLE – Meh……. pic.twitter.com/E61Cid2XH2
— Larry Thompson (@HostileCharts) October 30, 2023
Former resistance becomes support. The floor in crude for now is $81, with heavy resistance in place at ~$93 pic.twitter.com/qZg2FT71aZ
— Austin Harrison, CFA, CMT (@meanstoatrend) October 30, 2023
Gold priced in euro went out at all-time highs last week… Just saying. $GC_F $GLD $EURUSD pic.twitter.com/HQ4XmgXJFd
— Ian Culley (@IanCulley) October 30, 2023
No Pressure, Tim. š $AAPL pic.twitter.com/8opg59kdCD
— TrendSpider (@TrendSpider) October 30, 2023