Daily Chart Report ? Wednesday, October 12th, 2022
Sponsored By:
Today’s Summary
Wednesday, October 12th, 2022
Indices: Nasdaq 100 -0.05% | Dow -0.10% | Russell 2000 -0.30% | S&P 500 -0.33%
Sectors: 3 of the 11 sectors closed higher. Energy led, gaining +0.81%. Utilities lagged dropping -3.33%.
Commodities: Crude Oil futures fell -2.33% to $87.27 per barrel. Gold futures fell -0.50% to $1,678 per ounce.
Currencies: The US Dollar Index was essentially flat (-0.03%).
Crypto: Bitcoin rose +0.66% to $19,184. Ethereum gained +1.70% to $1,302.
Interest Rates: The US 10-year Treasury yield fell to 3.896%.
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 Austin Harrison (@meanstoatrend). It’s a chart of the Financial Sector ETF, $XLF, over the past three years. Austin points out that Financials are testing a crucial level around $30. This level has been a key turning point for $XLF over the years. It acted as resistance twice in 2007, then again in 2018, then again in 2020 prior to the Covid crash. We finally broke above it in early 2021 and have traded above it ever since. If it fails to hold $30 here, 2021 is going to look like one giant failed breakout for Financials. This is by no means the largest sector, but it’s certainly an important one. Will the bulls defend this crucial level?… Stay tuned!
Quote of the Day
“Smart people learn from everything and everyone,
average people from their experiences,
stupid people already have all the answers.”
– Socrates
Top Links
$NDX Performance After 5 Down Days and a 150-Day Low – Quantifiable Edges
Rob Hanna takes a look at how the Nasdaq has performed after a 5-day losing streak and a new 150-day low.
Stocks Need to Hit ‘New Highs’ to Convey ‘Any Sort of Confidence’ in Financial Stability: Willie Delwiche – Fox Business
In this clip, Willie Delwiche shares his technical perspective on the current market environment.
Which ETF is a Dependable Stock Market Indicator? – Schaeffer’s Investment Research
Rocky White examines the Semiconductor ETF’s reputation as a leading indicator ($SMH).
Are Growth Stocks About to Experience More Selling? – Kimble Charting Solutions
Chris Kimble points out that the Growth vs. Value ratio is testing a long-term uptrend line.
So Now it’s a “Debasement Hedge” – All Star Charts
JC Parets explains that Bitcoin continues to trade alongside traditional financial markets.
Top Tweets
You’re all caught up now. Thanks for reading!