Daily Chart Report πŸ“ˆ Wednesday, October 30, 2024

Patrick Dunuwila
October 30, 2024

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Today’s Summary

Wednesday, October 30, 2024 



Indices: Dow -0.22% | Russell 2000 -0.23% | S&P 500 -0.33% | Nasdaq -0.79%

Sectors: 5 of the 11 sectors closed higher. Communications led, gaining +0.61%. Technology lagged, dropping -1.59%. 

Commodities: Crude Oil futures rose +2.08% to $68.61 per barrel. Gold rose +0.71% to an all-time high of $2,801 per oz.
 
Currencies: The US Dollar Index fell -0.18% to $104.09.

Crypto: Bitcoin fell -0.55% to $72,331. Ethereum rose +0.77% to $2,658.

Volatility: The Volatility Index rose +5.23% to 20.34.

Interest Rates: The US 10-year Treasury yield rose to a three-month high of 4.300%.

 

Here are the best charts, articles, and ideas shared on the web today!
 


Chart of the Day 


πŸ† Today's Chart of the Day was shared by Matt Weller (@MWellerFX). 
 

  • The 10-year yield was making 52-week lows before the Fed cut rates in September. Since then, it has ripped to a three-month high of 4.30%
     
  • Crude Oil (pink) was moving with the 10-year yield until three weeks ago. It has relapsed toward multi-year lows, trading at $69 per barrel, down sharply from its October peak of $77. 
     
  • The US Dollar ($DXY) has also stopped confirming the 10-year yield's relentless advance. Over the past week, $DXY has finally stopped making new highs, while the 10-year has continued higher. 
     

The Takeaway: The 10-year yield has rallied to a three-month high of 4.3%. However, its followers (Crude Oil & the Dollar) have stopped validating its relentless advance. 
 

The Takeaway: The election could spark Bitcoin's next leg higher. 
 

Top Links

November, December & January: Best Rolling 3-Month Span - Almanac Trader
Jeff Hirsch points out that we're entering one of the strongest periods of the year. 

Dow Jones Utilities Rally Testing 2022 Highs, Cool Off Level Again? - Kimble Charting Solutions
Chris Kimble breaks down a chart of the Dow Utilities Index.

Gold Rally Reaches Price Target Near $2800 - See it Market
Guy Cerundolo highlights a potential resistance level for Gold. 

Why an Underperforming Market Could Be in Store - Schaeffer's Investment Research
Rocky White looks at a potential Volatility spike in the coming weeks. 

 


Quote of the Day

β€œWatch your thoughts; they become words. Watch your words; they become actions. Watch your actions; they become habits. Watch your habits; they become character. Watch your character; it becomes your destiny.”

- Lao Tzu
 


Top Tweets

 

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