Daily Chart Report ? Friday, October 7th, 2022
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Today’s Summary
Friday, October 7th, 2022
Indices: Dow -2.11% | S&P 500 -2.80% | Russell 2000 -2.87% | Nasdaq 100 -3.88%
Sectors: All 11 sectors closed lower. Energy led but still fell -0.78%. Tech lagged dropping -4.11%.
Commodities: Crude Oil futures gained +4.74% to $92.64 per barrel. Gold futures fell -0.67% to $1,721 per ounce.
Currencies: The US Dollar Index rose +0.43%.
Crypto: Bitcoin dropped -1.96% to $19,559. Ethereum fell -1.39% to $1,334.
Interest Rates: The US 10-year Treasury yield rose to 3.885%.
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 Frank Cappelleri (@FrankCappelleri). It’s a 15-minute bar chart of the S&P 500 this week. Frank points out that October has been a wild ride so far. Between Monday and Tuesday, the S&P 500 jumped about +5.8%, marking its best two-day gain in more than two years. However, we rolled over on Thursday and gave back a majority of those gains. Despite the sour ending, we still closed higher on the week by about +1.5% and we closed above the 200-week moving average after breaking it last Friday. Clearly, October is living up to its reputation as a volatile month for the S&P 500.
Quote of the Day
“Be tolerant with others and strict with yourself.”
– Marcus Aurelius
Trendlines > Headlines
https://youtu.be/fXPd3Ev0VUY
Check out the latest episode of Trendlines over Headlines! In this week’s episode, Steve Strazza of All Star Charts joins us to make sense of the current market environment. He shares his thoughts on the S&P 500, Energy Stocks, Gold, and more!
Top Links
Cutting Through the Noise – eToro
Callie Cox offers her perspective on Stocks, Bonds and Crypto.
Semiconductors Break of Tripple Support Sends Global Bearish Message! – Kimble Charting Solutions
Chris Kimble points out that the Semiconductor index is skating on thin ice.
There Will Be Drawdowns – Compound
Charlie Bilello puts this year’s sell-off into perspective.
‘Sentiment and Positioning are Pointing to Limited Losses from Here,’ Strategist Says – Yahoo Finance
In this clip, Todd Sohn of Strategas Research shares his thoughts on the current market environment.
Buy Charts on Magazine Covers – All Star Charts
JC Parets takes a look at the magazine cover indicator.
Top Tweets
Nice channel breakout in crude oil.
Now some overhead supply near the 200 day moving average.#Oil #OOTT $USO pic.twitter.com/V2ioH8bj27— Greg Rieben (@gregrieben) October 7, 2022
You’re all caught up now. Thanks for reading!