Daily Chart Report ? Tuesday, October 11th, 2022
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Today’s Summary
Tuesday, October 11th, 2022
Indices: Dow +0.12% | Russell 2000 +0.06% | S&P 500 -0.65% | Nasdaq 100 -1.24%
Sectors: 3 of the 11 sectors closed higher. Real Estate led, gaining +0.94%. Communications lagged dropping -1.87%.
Commodities: Crude Oil futures fell -1.95% to $89.35 per barrel. Gold futures rose +0.64% to $1,686 per ounce.
Currencies: The US Dollar Index inched higher by +0.10%.
Crypto: Bitcoin fell -0.66% to $19,005. Ethereum dropped -1.02% to $1,277.
Interest Rates: The US 10-year Treasury yield inched lower to 3.951%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Brian Shannon (@alphatrends). It's a monthly candlestick chart of the company formerly known as Facebook ($META). This stock was worth over a trillion dollars at its peak just 13 months ago, but it's lost more than two-thirds of its value since then (-66%). Brian points out that it's approaching a confluence of potential support around $119-$123. This level represents the 2018 lows and the VWAP from its IPO. You can think of the VWAP as the average cost basis for investors since its IPO in 2012. If $META fails to hold this key level, it would likely make matters worse, as underwater investors look to exit. Either way, keep an eye on how price behaves around this key level in the coming weeks.
Quote of the Day
"The most important single factor in shaping security markets is public psychology."
- Gerald Loeb
Top Links
So Much for the Postive Wealth Effect - Bespoke
Bespoke gives an update on where the major averages stand in relation to their pre-Covid highs.
Time to Buy the Fear? - HoneyStocks Charting
Sam McCallum examines where we are in the sentiment cycle.
Best Six Months Up 18-0 Midterm Years - Almanac Trader
Jeff Hirsch points out that, since 1950, the S&P 500 has never been down over the six-month stretch between November of the midterm year and April of the pre-election year.
It's Still About Finding What's Less Bad - Research by Potomac
Dan Russo analyzes all 11 sectors of the S&P 500.
US Dollar Strength Has World on Edge - Kimble Charting Solutions
Chris Kimble breaks down a long-term chart of the US Dollar Index.
Top Tweets
You’re all caught up now. Thanks for reading!