Daily Chart Report π Thursday, October 12, 2023
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Todayβs Summary
Thursday, October 12, 2023
Indices: Nasdaq -0.37% | Dow -0.51% | S&P 500 -0.62% | Russell 2000 -2.20%
Sectors: 2 of the 11 sectors closed higher. Energy led, inching up +0.11%. Utilities lagged, falling -1.54%.
Commodities: Crude Oil futures fell -0.69% to $82.91 per barrel. Gold futures fell -0.23% to $1,883 per oz.
Currencies: The US Dollar Index gained +0.81% to $106.58.
Crypto: Bitcoin fell -0.44% to $26,756. Ethereum dropped -1.72% to $1,540.
Volatility: The Volatility Index rose +3.73% to 16.70.
Interest Rates: The US 10-year Treasury yield rose to 4.701%
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Shane Murphy (@MurphyCharts). The S&P 500 bottomed exactly one year ago today, with October 12th, 2022 marking the end of the bear market... for Large-Caps. Meanwhile, Smaller-Cap indices have fallen deeper into bear market territory. Shane points out that Micro-Caps ($IWC) made a new cycle low today, closing at its lowest since November 2020. As of today, $IWC is down nearly -40% from its March 2021 highs. If you define a bear market as a -20% drawdown, what do you call a market that's down twice as much? $IWC attempted to reclaim $100 earlier in the week, but this former support level has turned into resistance. It would be very bullish if $IWC reclaimed $100, as this would mark a failed breakdown, but that's proving to be a difficult task.
Quote of the Day
"The greatest value of a picture is when it forces us to notice what we never expected to see."
- John Tukey
Top Links
The Bull Market Turns One - Carson Group
Ryan Detrick looks at how the S&P 500 has performed since bottoming exactly one year ago.
Bulls Pile Back In - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Will Treasury Bonds Crisis Turn Into Opportunity This Month? Bond Bulls Praying Support Holds! - Kimble Charting Solutions
Chris Kimble highlights a potential support level for the Treasury Bond ETF, $TLT.
All Eyes on The Banks - All Star Charts
Alfonso Depablos breaks down the technical outlook for Banks as they kick off earnings season tomorrow.
Superstitious or Not, Friday 13th in October Has Been Historically Bearish
Jeff Hirsch examines how stocks have historically performed on Friday the 13th.