Daily Chart Report ? Friday, October 28th, 2022
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Today’s Summary
Friday, October 28th, 2022
Indices: Nasdaq 100 +3.17% | Dow +2.59% | S&P 500 +2.46% | Russell 2000 +2.25%
Sectors: All 11 sectors closed higher. Technology led, gaining +4.35%. Consumer Discretionary lagged but still inched higher by +0.09%.
Commodities: Crude Oil futures fell -1.32% to $87.90 per barrel. Gold futures dropped -1.25% to $1,645 per ounce.
Currencies: The US Dollar Index inched higher by +0.09%.
Crypto: Bitcoin rose +1.55% to $20,606. Ethereum gained +2.66% to $1,554.
Interest Rates: The US 10-year Treasury yield rose to 4.016%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
oday’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). With just one trading day left in October, the Dow is on track for its best month since 1976. It closed higher for the sixth consecutive day today, and the fourth consecutive week. It gained +5.72% this week, marking its 6th best week in the past decade. Mike points out that it reclaimed its downward-sloping 200-day moving average today. It’s been rejected at the 200-day moving average four times already this year. Will the fifth time be the charm?
Quote of the Day
“When you learn a little, you feel you know a lot.
But when you learn a lot, you realize you know very little.”
– Jay Shetty
Trendlines > Headlines
https://youtu.be/biWl8s-ZFhs
Check out the latest episode of Trendlines over Headlines!
In this week’s episode, legendary market technician, Walter Deemer shares wisdom from his impressive 55-year career on Wall Street. We examine what investors can learn from the Go-Go years of the late 1960s, and the high-flying growth stocks of the early 1970s.
Top Links
Today Marks The Beginning Of An Overwhelmingly Bullish Period – StockCharts
Tom Bowley points out that the next few months have historically been very bullish for stocks.
Renaissance Macro’s Jeff deGraaf Warns Investors About Year-End Rally – CNBC
In this clip, Jeff deGraaf explains why he’s anticipating a year-end rally.
Junk Bond Reversal Would Be Bullish for Stocks – Kimble Charting Solutions
Chris Kimble takes a look at a potential reversal in High Yield Bonds.
Is the Stock Market Gas Lighting Us? – The Irrelevant Investor
Michael Batnick shares his thoughts on the stock market and the economy.
Top Tweets
You’re all caught up now. Thanks for reading!