Daily Chart Report 📈 Tuesday, October 3, 2023
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Today’s Summary
Tuesday, October 3, 2023
Indices: Dow -1.29% | S&P 500 -1.37% | Russell 2000 -1.69% | Nasdaq 100 -1.83%
Sectors: Utilities led by a wide margin, and it was the only sector that closed higher, gaining +1.16%. Consumer Discretionary lagged, dropping -2.43%.
Commodities: Crude Oil futures rose +0.46% to $89.23 per barrel. Gold futures closed lower for 7th consecutive day, falling -0.31% to a six-month low of $1,842 per oz.
Currencies: The US Dollar Index was flat (+0.04%) at $107.07.
Crypto: Bitcoin inched lower by -0.26% to $27,435. Ethereum fell -0.35% to $1,657.
Volatility: The Volatility Index rose +12.39% to a 4-month high of 19.78.
Interest Rates: The US 10-year Treasury yield rose to a new multi-year high of 4.798%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Michael Nauss (@MichaelNaussCMT). The S&P 500 dropped -1.37% today, closing at a four-month low. With the index decisively below the August 2022 highs, all eyes are on 4,200 for potential support. In many ways, 4,200 has been the dividing line between bull market behavior and bear market behavior. It acted as resistance for an entire year before the breakout in early June, and price hasn’t tested it since. We’re about to find out if former resistance = support. Michael points out that this level also coincides with the rising 200-day moving average. The market should find support around 4,200 soon, but it will be very telling if it doesn’t.
Quote of the Day
“If the line doesn’t hold, it’s time to fold.
But…
If the line does hold, it’s time to be bold.”
–Jay Kaeppel
Top Links
Typical Octoberphobia! Brace Yourself - Almanac Trader
Jeff Hirsch looks at how stocks have historically performed in October.
The S&P 500's October Set Up - CappThesis
Frank Cappelleri highlights key charts and stats to remember as we enter October.
Microcaps Lead the Way Lower - All Star Charts
Alphonso Depablos points out that Microcaps are making new bear market lows.
Utilities Breaking Down: Omen for Stock Market and Economy? - Kimble Charting Solutions
Chris Kimble examines the tumble in the Utility stocks and what it could mean for the stock market/economy.
Utilities get ROCKED | The Morning Show - StockMarketTV
We joined The Morning Show earlier today to highlight the most noteworthy charts and trends across the market.