Daily Chart Report ๐ Friday, October 20, 2023
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Todayโs Summary
Friday, October 20, 2023
Indices: Dow -0.86% | S&P 500 -1.26% | Russell 2000 -1.29% | Nasdaq -1.50%
Sectors: All 11 sectors closed lower for the second day. Consumer Staples led but still fell -0.39%. Tech lagged, dropping -1.69%.
Commodities: Crude Oil futures fell -0.33% to $88.08 per barrel. Gold futures rose +0.70% to $1,994 per oz.
Currencies: The US Dollar Index inched lower by -0.07% $106.16.
Crypto: Bitcoin rose +3.32% to $29,688. Ethereum rose +2.37% to $1,605.
Volatility: The Volatility Index rose +1.40% to a seven-month high of 21.70.
Interest Rates: The US 10-year Treasury yield fell to 4.918%.
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 Peter Brandt (@PeterLBrandt). Gold continued higher this week by +2.72% after rising +5.22% last week, marking the best two-week advance in over three years. Peter points out that this monthโs candle is on track to engulf the prior six months of price action. It ran into resistance today at the July highs, around $2,000/oz., but still closed higher for the fourth consecutive session. $2,000 is the last hurdle before testing the all-time highs (around $2,090). Gold has also been surprisingly resilient to the recent strength in the US Dollar. Many have given up on the yellow metal, as itโs fumbled three opportunities to break out in the post-pandemic era (August โ20, March โ22, May โ23). Will the fourth attempt be the charm?
Quote of the Day
โBear markets donโt determine whoโs right. They determine whoโs left.โ
โ Jon Boorman
Top Links
Average S&P 500 Stock Down 9.9% Since July Peak - Bespoke
Bespoke breaks down the strongest and weakest areas of the S&P 500 since the pullback began in late July.
So Then NOT Transitory - All Star Charts
JC Parets interprets the bond market's message about inflation.
Things Change - Potomac
Dan Russo looks at the relationship between stocks and bonds.
No Market for Easy Labels - Hi Mount Research
Willie Delwiche highlights three technical developments to be aware of.
November Almanac: Historically a Top Month, but Softer in Pre-Election Years - Almanac Trader
Jeff Hirsch examines how stocks have historically performed in November.