Daily Chart Report ๐ Wednesday, October 11, 2023
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Todayโs Summary
Wednesday, October 11, 2023
Indices: Nasdaq 100 +0.72% | S&P 500 +0.43% | Dow +0.19% | Russell 2000 -0.15%
Sectors: 8 of the 11 sectors closed higher. Real Estate led, rising +2.02%. Energy lagged, falling -1.29%.
Commodities: Crude Oil futures dropped -2.88% to $83.49 per barrel. Gold futures gained +0.64% to $1,887 per oz.
Currencies: The US Dollar Index fell for the sixth day, inching lower by just -0.05% to $105.72.
Crypto: Bitcoin dropped -1.90% to $26,874. Ethereum was flat at $1,567.
Volatility: The Volatility Index dropped -5.41% to 16.10.
Interest Rates: The US 10-year Treasury yield dropped to 4.560%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Aksel Kibar (@TechCharts). The US Dollar ($DXY) is on a 6-day losing streak, after snapping an 11-week winning streak last week. Stocks have caught a bid in reaction to the Dollarโs newfound weakness. However, weโre about to find out whether this was just a well-deserved pullback within an uptrend or the start of a more significant decline for the Dollar. Aksel points out that $DXY is testing the January/March highs, around $105. $DXY cleared this resistance level last month, but if it doesnโt turn into support soon, it will mark a failed breakout. Failed breakouts are often followed by sharp moves lower, which in this case, would be very beneficial for stocks. On the other hand, stock market bulls can forget about a year-end rally if $DXY inflects higher at this pivotal level.
Quote of the Day
"You need the right balance between data and gut feeling."
- Toto Wolff
Top Links
The S&P 500 Hasn't Done This in 14 Years - Schaeffer's Investment Research
Rocky White examines how the S&P 500 has historically performed after going this long without an all-time high.
Stock Market Video Analysis 10/11/23 - AlphaTrends
Brian Shannon analyzes recent price action and highlights some key levels to watch in the coming days.
What's Behind the Underperformance of the Average Stock? - Grindstone Intelligence
Austin Harrison looks at the continued lack of breadth.
These are Not Random Moves - All Star Charts
JC Parets checks on the relationship between Stocks and the US Dollar Index ($DXY).
Top Tweets
$ES_F pic.twitter.com/M7jSi9Zd6A
โ Arun S. Chopra CFA CMT๐ง (@FusionptCapital) October 11, 2023