Daily Chart Report ? Monday, October 17th, 2022
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Today’s Summary
Monday, October 17th, 2022
Indices: Nasdaq 100 +3.47% | Russell 2000 +3.17% | S&P 500 +2.65% | Dow +1.86%
Sectors: All 11 sectors gained more than +1%. Consumer Discretionary led, rising +4.06%. Consumer Staples lagged but still gained +1.08%.
Commodities: Crude Oil futures were flat (+0.07%) and continue to trade at $85.67 per barrel. Gold futures rose +0.92% to $1,664 per ounce.
Currencies: The US Dollar Index dropped -1.07%.
Crypto: Bitcoin rose +1.38% to $19,530. Ethereum rose +1.99% to $1,332.
Interest Rates: The US 10-year Treasury yield inched lower to 4.015%.
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 Michael Turvey (@MikeTurvey_TDA). The S&P 500 rose +2.65% today, marking the fifth-best day in the past two years. However, one day does not make a trend, and both short-term and long-term trends remain lower. Michael points out that the first hurdle will be the 20-day moving average. The S&P has been rejected at this short-term moving average four times in the past two months. A close above the 20-day would signify the end of the downtrend we’ve been in since August, and the start of a potential leg higher. Will the fifth time be the charm?
Quote of the Day
“The pleasures of youth are the pains of old age,
just as the pleasures of old age are the pains of youth.”
– Dee Hock
Top Links
Flip Flopping Like a Politician – Bespoke
Bespoke takes a look at the large daily moves we’ve had in the S&P 500 recently.
October Monthly Options Expiration Week: S&P 500 Up 13 of the Last 14 – Almanac Trader
Seasonality expert, Jeff Hirsch examines how the major indices have historically performed around October options expiration.
October – The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the most important technical developments out there right now.
“Don’t Fight Papa Dow”, Is How I Learned It – All Star Charts
JC Parets points out that the Dow is respecting its pre-Covid highs as it attempts to close higher for the third consecutive week for the first time this year.
Trendlines over Headlines with Special Guest, Frank Cappelleri – The Chart Report
Catch up on the latest episode of Trendlines over Headlines! This week, Frank Cappelleri of CappThesis joins us to offer his perspective on the S&P 500, Energy Stocks, Interest Rates, and more!
Top Tweets
You’re all caught up now. Thanks for reading!