Daily Chart Report π Friday, October 6, 2023
Powered By:
Todayβs Summary
Friday, October 6, 2023
Indices: Nasdaq 100 +1.70% | S&P 500 +1.18% | Dow +0.87% | Russell 2000 +0.81%
Sectors: 10 of the 11 sectors closed higher. Tech led, gaining +1.87%. Consumer Staples was the only sector that closed lower, falling -0.55%.
Commodities: Crude Oil futures rose +0.58% to $82.79 per barrel. Gold futures snapped a 10-day losing streak, rising +0.73% to $1,845 per oz.
Currencies: The US Dollar Index fell -0.22% to $106.10, and snapped an 11-week winning streak.
Crypto: Bitcoin rose +1.94% to $27,948. Ethereum gained +2.15% to $1,646.
Volatility: The Volatility Index fell -5.63% to 17.44.
Interest Rates: The US 10-year Treasury yield rose to a new multi-year high of 4.805%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Frank Cappelleri (@FrankCappelleri). The S&P 500 staged an impressive reversal today, which helped it avoid a five-week losing streak. It gapped lower, falling as much as -0.91% this morning in a knee-jerk reaction to the September job report. However, it rose +2.11% off the intraday low, closing the day up +1.18%. Frank points out that price violated a short-term downtrend line that has been in place since mid-September. In a tweet yesterday, Frank explained, βBreaking a steep downtrend line has led to strong bounces since the start of β22.β The S&P 500 found its footing exactly where it needed to this week, and Fridayβs large reversal sets a bullish tone for next week. The next task for the bulls will be filling the gap from Sept. 21 by closing above 4,400.
Quote of the Day
βCuriosity is the wick in the candle of learning.β
- William Arthur Ward
Top Links
Bullish Reversal on a Jobs Report: Is Correction Over? - Day Trader Playbook
Yuriy Matso highlights ten charts that suggest the pullback may be over.
Healthy Sector Rotation - All Star Charts
JC Parets examines the bullish message from the Discretionary/Staples ratio.
Utilities are Oversold but is the Selling Over? - LPL Financial Research
Adam Turnquist looks at what could be next for the Utilities sector after it's recent decline.
Top Charts from the Financials Sector - Grindstone Intelligence
Austin Harrison shares some noteworthy charts in the Financial sector.
Bitcoin Grows Up - Bespoke
Bespoke points out that Bitcoin has calmed down in recent years as it matures as an asset class.
Top Tweets
Good thing $SPX recovered to close up. Down 5 weeks in a row has been very bearish (90% have continued lower) pic.twitter.com/sY5pwi9Ynv
β Urban Carmel (@ukarlewitz) October 6, 2023