Daily Chart Report π Wednesday, October 18, 2023
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Todayβs Summary
Wednesday, October 18, 2023
Indices: Dow -0.98% | S&P 500 -1.34% | Nasdaq -1.41% | Russell 2000 -2.11%
Sectors: 2 of the 11 sectors closed higher. Energy led, gaining +0.91%. Materials lagged, dropping -2.59%.
Commodities: Crude Oil futures rose +0.70% to $87.27 per barrel. Gold futures gained +1.68% to $1,968 per oz.
Currencies: The US Dollar Index rose +0.35% $106.57.
Crypto: Bitcoin fell -0.28% to $28,328. Ethereum was flat at $1,564.
Volatility: The Volatility Index rose +7.38% to 19.21.
Interest Rates: The US 10-year Treasury yield rose to a new multi-year high of 4.917%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayβs Chart of the Day was shared by Bespoke (@bespokeinvest). Nvidia ($NVDA) is up a whopping +189% year-to-date, making it the best-performing stock in the S&P 500. However, many have pointed out that itβs formed a Head and Shoulders top. It peaked in late August and formed the right shoulder last week. This bearish pattern will be confirmed if price closes below the neckline, around $400. Using the height of this pattern, a measured move price target suggests a ~20% decline to retest the breakout level, around $330. $NVDA gapped above $330 after its earnings report in May, and it hasnβt touched the gap since. That breakout in May kicked off the entire AI frenzy, but $NVDA could give it all back if it confirms this bearish pattern.
Quote of the Day
βBulls make money,
bears make money,
pigs get slaughtered.β
β Wall Street Adage
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
Nvidia Vulnerable? - Nautilus Research
Nautilus Research looks at a potential reversal forming in $NVDA.
Can the Rebound in Stocks Continue? - LPL Financial Research
Adam Turnquist examines the outlook for stocks in the coming weeks.
Is It Time For Utilities Stocks to Stop Stinking Up the Joint? - Kimble Charting Solutions
Chris Kimble points out that the Utilities sector ($XLU) is testing support after a waterfall decline.
ETFs & Markets with Todd Sohn - Strategas
In this quick video, Todd Sohn highlights the growing concentration risk in the S&P 500 from the Magnificent 7.
Gold: Failed Breakout or Hard Retest? - All Star Charts
After its recent reversal, Ian Culley looks at what could be next for Gold.