Daily Chart Report ? Thursday, October 13th, 2022
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Today’s Summary
Thursday, October 13th, 2022
Indices: Dow +2.83% | S&P 500 +2.60% | Russell 2000 +2.41% | Nasdaq 100 +2.30%
Sectors: All 11 sectors closed higher by more than 1%. Financials led, jumping +4.13%. Consumer Staples lagged but still rose +1.09%.
Commodities: Crude Oil futures fell +2.11% to $89.11 per barrel. Gold futures were unchanged at $1,677 per ounce.
Currencies: The US Dollar Index dropped -0.71%.
Crypto: Bitcoin rose +1.19% to $19,385. Ethereum inched lower by -0.46% to $1,289.
Interest Rates: The US 10-year Treasury yield rose to 3.946%.
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 SentimenTrader (@sentimentrader). The S&P 500 posted one of its largest intraday reversals ever today. It was down as much as -2.39% this morning, but we gained more than +5% intraday, closing higher by +2.60%. More importantly, the S&P 500 reclaimed its June lows. Bears who shorted ahead of today’s CPI print are trapped under those June lows for now. However, keep in mind that the four other larger reversals listed here all went on to retest those levels (1962, 1987, 2008, 2002). In other words, none of the other four larger reversals marked the exact low. Today’s reversal was a much-needed reprieve for the bulls, but one day does not make a trend. Watch for upside follow-through in the coming days to confirm today’s reversal.
Quote of the Day
“The stock market is the creation of man that has most humbled him.”
– Alan Shaw
Top Links
Nice Clues Arrived on Thursday – StockCharts
Greg Schnell examines today’s massive reversal.
More Bears Than Any Other Month – Almanac Trader
Jeff Hirsch takes a look at October’s reputation as a bear market killer.
Trajectory for Bond Yields is Still Higher, Says Strategas’ Todd Sohn – CNBC
In this clip, Todd Sohn of Strategas Research offers his technical perspective on the S&P 500, Interest Rates and more.
Remembering the 1987 Crash – Carson Group
Ryan Detrick looks back at the Black Monday Crash of 1987.
Top Tweets
You’re all caught up now. Thanks for reading!