Daily Chart Report π Monday, October 16, 2023
Powered By:
Todayβs Summary
Monday, October 16, 2023
Indices: Russell 2000 +1.59% | Nasdaq +1.18% | S&P 500 +1.06% | Dow +0.93%
Sectors: All 11 sectors closed higher. Consumer Discretionary led, gaining +1.62%. Energy lagged, but still rose +0.67%.
Commodities: Crude Oil futures fell -1.17% to $86.66 per barrel. Gold futures fell -0.37% to $1,934 per oz.
Currencies: The US Dollar Index dropped -0.43% to $106.21.
Crypto: Bitcoin rose +4.95% to $28,518. Ethereum gained +2.72% to $1,600.
Volatility: The Volatility Index dropped -10.93% to 17.20.
Interest Rates: The US 10-year Treasury yield rose to 4.708%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Michael Nauss (@MichaelNaussCMT). The S&P 500 ($SPY) kicked off the week on a positive note, rising +1.05% on Monday. Despite the upbeat start, $SPY is essentially unchanged since Wednesday. Michael points out that itβs stalling as it attempts to fill the gap created on September 21st. The reversal ran out of steam last Tuesday when $SPY initially drilled into this gap. A close above $439 would do the trick and open the door for a test of the July highs, around $459. It would also invalidate the bearish Head & Shoulders pattern formed over the Summer. This continues to be the next item on the bullβs to-do list. Mind the gap this week!
Quote of the Day
βThe future belongs to those who see possibilities before they become obvious.β
β John Scully
Trendlines > Headlines
-XA7gELMThe latest episode of Trendlines over Headlines is out!
This week, Jeff Hirsch of The Stock Traders Almanac joins us to discuss Seasonality, the 4-year Presidential Cycle, Crypto, and more!
Top Links
Happy Anniversary Bull Market - All Star Charts
JC Parets looks at how stocks have performed since the S&P 500 bottomed last October.
October Historically a Good Time to Buy - Almanac Trader
Jeff Hirsch points out that the Nasdaq has a solid track record in Q4.
2023 vs. 1987 - Ed Clissold
Ed Clissold examines the similarities and differences between 1987 and 2023 in this Twitter thread.
Near Record Volatility of Bonds Relative to Stocks - Bespoke
Bespoke compares $TLT volatility to $SPY volatility.
Main Street Crossing - The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss some of the noteworthy technical developments across the markets.