Daily Chart Report ๐ Monday, October 9, 2023
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Todayโs Summary
Monday, October 9, 2023
Indices: S&P 500 +0.63% | Russell 2000 +0.60% | Dow +0.59% | Nasdaq 100 +0.49%
Sectors: All 11 sectors closed higher. Energy led by a wide margin, gaining +3.34%. Financials lagged, but still inched higher by +0.06%.
Commodities: Crude Oil futures gained +4.34% to $86.38 per barrel. Gold futures gained +1.04% to $1,864 per oz.
Currencies: The US Dollar Index was flat (-0.03%) at $106.06.
Crypto: Bitcoin fell -1.21% to $27,594. Ethereum dropped -3.30% to $1,580.
Volatility: The Volatility Index rose +1.43% to 17.69.
Interest Rates: The US 10-year Treasury yield dropped to 4.638%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Larry Thompson (@HostileCharts). The Russell 2000 ($IWM) continues to underperform the S&P 500 by a wide margin. Itโs lagging by about 12% year-to-date, and hitting 22-year lows on a relative basis ($IWM/$SPY lower pane). $IWM has been pinballing in a sideways range between $170 and $200 for over a year. Larry points out that it successfully tested the rangeโs lower bounds again last week. $170 represents the 2018/2020 highs, and buyers have defended this level countless times since May 2022. Typically, the more times a level is tested, the weaker it becomes. Bulls canโt afford to keep fumbling around $170. If $170 breaks, it would signal caution for the broader market. On an optimistic note, The Russell 2000 has historically outperformed the S&P 500 in the final months of the year, starting at the end of October.
Quote of the Day
โBuy in October, and get yourself sober.โ
- Yale Hirsch
Top Links
Technology Shows Relative Strength - All Star Charts
Alfonso Depablos points out that the Tech sector has reasserted its leadership in recently.
S&P 500 Buy Signal Triggered - East Coast Charts
Louis Spector examines a long-term momentum signal that just triggered.
Columbus Day Superlatives - Bespoke
Bespoke points out that today was the best Columbus Day for $TLT since its inception in 2002, despite the Bond market being closed today.
Confluence - The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the key technical developments across the markets.
ETF & Markets with Todd Sohn - Strategas
Todd Sohn highlights some key developments for Stocks and Bonds.
Top Tweets