Daily Chart Report ? Thursday, October 20th, 2022
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Today’s Summary
Thursday, October 20th, 2022
Indices: Dow -0.30% | Nasdaq 100 -0.51% | S&P 500 –0.80% | Russell 2000 -1.24%
Sectors: 3 of the 11 sectors closed higher. Communications led, gaining +0.24%. Utilities lagged, dropping -2.52%.
Commodities: Crude Oil futures were unchanged at $84.51 per barrel. Gold futures inched up +0.16% to $1,637 per ounce.
Currencies: The US Dollar Index ticked lower by just -0.05%.
Crypto: Bitcoin fell -0.60% to $19,012. Ethereum inched lower by -0.34% to $1,281.
Interest Rates: The US 10-year Treasury yield continued to its highest level since 2008 at 4.232%.
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 Stacey Lee (@BBaxter2020), It’s a daily candlestick chart of the S&P 500 over the past year, along with its Advance/Decline line in the lower panel. The recent bounce has been pretty unimpressive so far. It hasn’t been the type of energetic reaction that you’d expect to see at a bottom. Instead, it’s been a choppy mess where every rally attempt gets faded. The S&P continues to hold above its June low, however, Stacey points out that the Advance/Decline line is back below its respective June low. The Advance/Decline line often leads the broader market higher or lower. This is just one of many data points out there, but it’s not confirming the start of a new leg higher just yet.
Quote of the Day
“A bull market is when you check your stocks every day to see how much they went up. A bear market is when you don’t bother to look anymore.”
– John Hammerslough
Top Links
Searching for Stabilization Amid a Volatile Market – Means to a Trend
Austin Harrison takes a look at the S&P 500, Interest Rates, and the Dollar.
A Small Step in the Right Direction – Research by Potomac
Dan Russo gives an update on market breadth.
No Stress in Credit – All Star Charts
JC Parets points out that high-yield credit spreads aren’t showing any major signs of stress at the moment.
Sentiment Streaks Press On – Bespoke
Bespoke breaks down the results of this week’s AAII Sentiment Survey.
Top Tweets
You’re all caught up now. Thanks for reading!