Daily Chart Report 📈 Wednesday, October 4, 2023
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Today’s Summary
Wednesday, October 4, 2023
Indices: Nasdaq 100 +1.45% | S&P 500 +0.81% | Dow +0.39% | Russell 2000 +0.11%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.97%. Energy lagged by a wide margin, dropping -3.14%.
Commodities: Crude Oil futures had their worst day in over a year, tumbling -5.61% to $84.22 per barrel. Gold futures closed lower for 8th consecutive day, falling -0.36% to a six-month low of $1,835 per oz.
Currencies: The US Dollar Index fell -0.28% to $106.77.
Crypto: Bitcoin rose +1.29% to $27,790. Ethereum fell -0.61% to $1,647.
Volatility: The Volatility Index dropped -6.12% to 18.57.
Interest Rates: The US 10-year Treasury yield fell to 4.735%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Steve Strazza (@sstrazza). The Nasdaq 100 ($QQQ) is attempting to invalidate the Head & Shoulders top that formed over the Summer. Bears will be trapped below support if $QQQ reclaims the neckline, around $360. The best Head & Shoulders patterns are the ones that fail, as they’re often followed by sharp moves higher. Steve points out that the Technology sector ($XLK) is also attempting to invalidate its respective H&S top. Tech is easily the most important sector of the S&P 500, representing over 25% of the index. Remember, we’re approaching what has historically been a seasonal inflection point where the calendar will flip from bearish to bullish in less than two weeks.
Quote of the Day
“A group of people who think differently is a market. A group of people who think alike is a mob.”
– Naval Ravikant
Top Links
Lower Daily Lows Becoming the Norm - Bespoke
Bespoke points out $SPY has made new undercut the prior day's low in 33 of the past 50 trading days.
Renaissance's Jeff Degraaf Explains Why He's Bullish on the Market - CNBC
Jeff Degraaf shares his thoughts on seasonality, breadth, yields, and more.
A Potential Target for Yields - All Star Charts
Alphonso Depablos explains why 5.45% is a realistic target for the US 10-year yield.
Technical Analysis with Frank Cappelleri - Schwab Network
Frank Cappelleri examines some of the chart patterns in the S&P 500.
Strategas’ Chris Verrone on Nvidia: We are Sellers of Strength - CNBC
Chris Verrone examines what the impact of rising yields could be.