Daily Chart Report 📈 Tuesday, October 24, 2023
Powered By:
Today’s Summary
Tuesday, October 24, 2023
Indices: Nasdaq 100 +0.97% | Russell 2000 +0.82% | S&P 500 +0.73% | Dow +0.62%
Sectors: 10 of the 11 sectors closed higher. Utilities led, gaining +2.57%. Energy was the only sector that closed lower, falling -1.41%.
Commodities: Crude Oil futures dropped -2.05% to $83.74 per barrel. Gold futures inched lower by -0.13% to $1,986 per oz.
Currencies: The US Dollar Index rose +0.61% to $106.24.
Crypto: Bitcoin gained +2.55% to an 18-month high of $33,917 Ethereum rose +1.06% to $1,785.
Volatility: The Volatility Index fell -6.88% to 18.96.
Interest Rates: The US 10-year Treasury yield fell to 4.825%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Day Hagan/Ned Davis Research (@DayHagan_Invest). The S&P 500 peaked on the first trading day of 2022 and hasn’t made a record high since. That’s 21 months, or 660 days, without an all-time high — the longest streak in a decade. According to the data table, this drought in record highs could bode well for 2024. Years with zero record highs have historically seen a median gain of +13.1% the following year, while years with >35 record highs have seen a median gain of just +5.8%.
Quote of the Day
"To knowledgeable investors, chart patterns are not squiggles on a price chart; they are the footprints of the smart money."
–Thomas Bulkowski
Top Links
Patient and Measured Approach - Ciovacco Capital Management
Chris Ciovacco examines the short-term and long-term trends in the S&P 500.
Breadth Bombs - Bespoke
Bespoke looks at the latest flush in market breadth.
The Stock Market Just Wasted Another Long Winning Streak - CappThesis
Frank Cappelleri analyzes the recent winning and losing streaks in the S&P 500.
Is it Time to Buy Some Gold? - Grindstone Intelligence
Austin Harrison breaks down the outlook for Gold.