Daily Chart Report ? Wednesday, October 26th, 2022
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Today’s Summary
Wednesday, October 26th, 2022
Indices: Russell 2000 +0.46% | Dow +0.01% | S&P 500 -0.74% | Nasdaq 100 -2.26%
Sectors: 6 of the 11 sectors closed higher. Energy led, gaining +1.36%. Communications lagged, dropping -3.16%.
Commodities: Crude Oil futures rose +3.04% to $87.91 per barrel. Gold futures gained +0.68% to $1,669 per ounce.
Currencies: The US Dollar Index dropped -1.08%.
Crypto: Bitcoin rose +3.38% to $20,765. Ethereum gained +6.54% to $1,556.
Interest Rates: The US 10-year Treasury yield fell to 4.007%.
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 John Roque (@daChartLife). It’s a ratio chart of the Nasdaq vs. the S&P 500 over the past four decades. We highlighted this chart at the beginning of the year, pointing out that the Nasdaq was forming a major top relative to the S&P 500. While the broader market has rebounded recently, this ratio continues to flirt with new lows. In a comment to The Chart Report, John said, “This ratio is down 18.5% over the past 21 months, in favor of the S&P 500. Prior tops fell further and lasted much longer than the current decline. Still looking for it to work lower from here.”
Quote of the Day
“The history of the stock market shows many periods of twenty years or more when stock prices ended up precisely where they began.”
– Peter Bernstein
Top Links
Stocks Bottom First – The Irrelevant Investor
Michael Batnick reminds readers that Stocks tend to bottom before the economic data does.
Here Come the Historically Best Six Months for Stocks – Carson Group
Ryan Detrick points out that seasonality favors the bulls over the next few months.
What Election Day Means for Stocks – Schaeffer’s Investment Research
With midterm elections just two weeks away, Rocky White examines how the S&P 500 has historically performed around elections.
We’re Buying the Euro – All Star Charts
Ian Culley shares his outlook on the Euro-US Dollar currency pair.
Episode #452: Jerry Parker & Salem Abraham – Lessons From A Lifetime of Trading – The Meb Faber Show
Here’s a good podcast about trend following with Meb Faber, Jerry Parker, and Salem Abraham.
Top Tweets
You’re all caught up now. Thanks for reading!