Daily Chart Report ? Thursday, October 6th, 2022
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Today’s Summary
Thursday, October 6th, 2022
Indices: Russell 2000 -0.58% | Nasdaq 100 -0.76% | S&P 500 -1.02% | Dow -1.15%
Sectors: Energy was the only positive sector. It led by a wide margin for the 4th consecutive day, gaining +1.78%. Utilities lagged, dropping -3.30%.
Commodities: Crude Oil futures rose +0.79% to $88.45 per barrel. Gold futures was unchanged at $1,721 per ounce.
Currencies: The US Dollar Index rose +0.47%.
Crypto: Bitcoin fell -1.25% to $19,910. Ethereum was unchanged at $1,353.
Interest Rates: The US 10-year Treasury yield rose to 3.828%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Ian Culley (@IanCulley). Energy continues to be the only sector in positive territory this year, up a whopping +53% YTD. It’s been a choppy mess since June, but it’s reasserting its dominance in a big way this week. $XLE is up +14.47% so far this week, putting it on track for its best week in nearly two years. Prior to this week, Energy was breaking its uptrend line, but sure enough, it made a higher low and ripped right back above its trendline. As we know, failed breakdowns often lead to sharp moves higher. At this point, the next upside objective is the June highs, around $92.
Quote of the Day
“Good trading is boring; bad trading is exciting and makes the hair on the back of your neck stand up. You can be a bored rich trader or a thrill-seeking gambler. It’s entirely your choice.”
– Mark Minervini
Top Links
Three “All Clear” Signals to Watch For – SentimenTrader
Jay Kaeppel highlights three things to watch for before putting cash back to work.
The Secular Bull Market in Stocks That Started in 2009 is Still in Tact Even if the S&P 500 Trades Another 15% Lower, Katie Stockton Says – Business Insider
Katie Stockton shares her thoughts on the S&P 500.
Still Not Impressive – Research by Potomac
Dan Russo points out that breadth continues to be weak despite the recent bounce.
October Strategy Session: 3 Key Takeaways – All Star Charts
The team at All Star Charts highlights three themes to keep an eye on in the coming weeks.
Bears Remain Above 50% – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Poll.
Top Tweets
You’re all caught up now. Thanks for reading!