Daily Chart Report π Monday, October 23, 2023
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Todayβs Summary
Monday, October 23, 2023
Indices: Nasdaq 100 +0.30% | S&P 500 -0.17% | Dow -0.58% | Russell 2000 -0.89%
Sectors: 3 of the 11 sectors closed higher. Communications led, gaining +0.53%. Energy lagged, falling -1.62%.
Commodities: Crude Oil futures dropped -2.94% to $85.49 per barrel. Gold futures fell -0.33% to $1,988 per oz.
Currencies: The US Dollar Index dropped -0.53% $105.61.
Crypto: Bitcoin jumped +10.24% to an 18-month high of $33,074 Ethereum rose +6.17% to $1,767.
Volatility: The Volatility Index fell -6.18% to 20.36.
Interest Rates: The US 10-year Treasury yield fell to 4.852%.
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 David Keller (@DKellerCMT). The S&P 500 remains below its 200-day moving average after closing below it on Friday for the first time in seven months. David explains why traders fixate on this seemingly arbitrary moving average. Breaking the 200-DMA doesnβt guarantee a major decline, but every major decline starts with a break of the 200-DMA before intensifying. One of the wealthiest traders, Paul Tudor Jones, once explained how the 200-DMA rule kept him out of the market during the crash of 1987; βMy metric for everything I look at is the 200-day moving average of closing prices. Iβve seen too many things go to zero, stocks and commodities. The whole trick in investing is: βHow do I keep from losing everything?β If you use the 200-day moving average rule, then you get out. You play defense, and you get out.β
Quote of the Day
βMarkets will do the most obvious thing in the least obvious way."
β Linda Raschke
Top Links
Impossible Week - The Rotation Report
Aaron Jackson highlights several key areas to watch this week.
Nasdaq Corrections - Bespoke
Bespoke examines the corrections that have taken place in the Nasdaq over the past two years.
The S&P 500 is Poised For a 14% Rally as Stocks are Flashing Signs of Being Oversold, Strategist Says - Business Insider
Craig Johnson of Piper Sandler makes the case for record highs in the S&P 500 by year-end.
When Year End Rally? - All Star Charts
JC Parets looks at what's needed for a year-end rally.
Chili Season - The Weekly Trend
In this podcast, David Zarling and Ian McMillan discuss the noteworthy technical developments across the markets.