Daily Chart Report π Tuesday, October 10, 2023
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Todayβs Summary
Tuesday, October 10, 2023
Indices: Russell 2000 +1.14% | Nasdaq +0.56% | S&P 500 +0.52% | Dow +0.40%
Sectors: All 11 sectors closed higher for the second day. Utilities led, rising +1.37%. Energy lagged but still inched up +0.12%.
Commodities: Crude Oil futures fell -0.47% to $85.97 per barrel. Gold futures gained +0.59% to $1,875 per oz.
Currencies: The US Dollar Index closed lower for the fifth day, falling -0.28% to $105.77.
Crypto: Bitcoin fell -0.72% to $27,395. Ethereum fell -0.78% to $1,568.
Volatility: The Volatility Index dropped -3.79% to 17.02.
Interest Rates: The US 10-year Treasury yield rose to 4.657%.
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 Callie Cox (@callieabost). The S&P 500 pulled back as much as -7.8% from its late July peak (on a closing basis). Meanwhile, the $VIX has remained relatively calm during this pullback, reaching just 19.78 at its closing highs last Tuesday. Callie points out that the $VIX has never seen a more muted response to a pullback of this magnitude. In a blog post today, another brilliant analyst, Chris Ciovacco, examined this data point further. He looked at the worst declines in the S&P 500 over the past three decades and found that the $VIX is usually above 31 after an initial -7.83% drop. While this is just one of many data points to consider, itβs further evidence that weβre in a normal correction versus a bear market decline.
Quote of the Day
βIgnorance more frequently begets confidence than does knowledge.β
- Charles Darwin
Top Links
The Stock Market NEEDS To Do This Next - CappThesis
Frank Cappelleri breaks down the technical outlook for the S&P 500.
This Ratio Screams Risk On - All Star Charts
Alphonso Depablos examines the bullish message from the Discretionary/Staples ratio.
VIX Not Forecasting A Debt Crisis, Recession, or Bear Market - Ciovacco Capital Management
Chris Ciovacco looks at how the $VIX has performed amid the recent pullback.
Aerospace and Defense Take Off - Bespoke
Bespoke points out Aerospace and Defense stocks have thrusted higher in recent days.
Technical Tuesdays π with The Chart Report - Twitter Spaces
Here's the recording of our discussion on Twitter Spaces from earlier today, in case you missed it.
Top Tweets