Daily Chart Report 📈 Wednesday, October 25, 2023

October 25, 2023

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Today’s Summary
Wednesday, October 25, 2023

Indices: Dow -0.32% | S&P 500 -1.43% | Russell 2000 -1.67% | Nasdaq -2.47%

Sectors: 2 of the 11 sectors closed higher. Utilities led, gaining +0.56%. Communications lagged by a wide margin, dropping -4.33%.

Commodities: Crude Oil futures rose +1.97% to $85.39 per barrel. Gold futures rose +0.44% to $1,995 per oz.

Currencies: The US Dollar Index rose +0.28% to $106.54.

Crypto: Bitcoin rose for the seventh day, gaining +1.71% to an 18-month high of $34,498 Ethereum was flat at $1,788.

Volatility: The Volatility Index rose +6.43% to 20.18.

Interest Rates: The US 10-year Treasury yield rose to 4.961%.

Here are the best charts, articles, and ideas shared on the web today!

Chart of the Day

The last remaining “Lines in the Sand?” QQQ and SMH. If they break below 200-day MA and market does not bounce off of deeply oversold = BAD (IMO). pic.twitter.com/Ousigs7rrn
— Jay Kaeppel (@jaykaeppel) October 25, 2023

Today’s Chart of the Day was shared by Jay Kaeppel (@jaykaeppel). The sell-off intensified today, with the S&P 500 closing below its 200-day moving average at a fresh four-month low. Mega-Caps have been fairly immune to the recent weakness, but the bears mauled a few of the generals today. $GOOGL had its 4th worst day ever today, tumbling -9.5%, while other index heavy-weights like $AMZN and $META dropped -5.5% and -4.1%, respectively. Despite the continued weakness, Jay points out that the Nasdaq 100 ($QQQ) and the Semiconductor ETF ($SMH) remain above their 200-day moving averages. These are two rare bright spots, but If the lines fail to hold, it’s time to fold.

Quote of the Day

"Pretending to know everything closes the door to finding out what's really there."

– Neil deGrasse Tyson

Top Tweets

Today's selloff was the most unconvincing 1.4% drop in the S&P 500 we've seen in a while — 2.5 years, to be exact.

Only 75% of S&P stocks fell today, the smallest %age of decliners on a daily drop this big since March 2021.

🤯
— Callie Cox (@callieabost) October 25, 2023

We've pierced through the 200dma & higher-lows trendline, with the S&P 500 now below 4200 for the first time since June. Food for thought: 4050 would be a 50% retracement to Oct 2022 lows and we spent a portion of this year range-bound between 4050-4200. pic.twitter.com/u9rYMQqbzh
— Liz Young Thomas (@LizThomasStrat) October 25, 2023

Here we are. The fight at 4200 in the S&P 500.

So far bears look like they have the upper hand.

One thing is for certain. There will be volatility. $SPX $SPY pic.twitter.com/qd6QyPTf9q
— Greg Rieben (@gregrieben) October 25, 2023

Breadth is much weaker than last time $SPY tested its 200ma in March illustrated by the % of stocks above their 200ma pic.twitter.com/SktNvFGAlX
— Stacey.A.Lee (@BBaxter2020) October 25, 2023

4th worst day on record for $GOOGL Alphabet pic.twitter.com/youOVR5LOY
— Mike Zaccardi, CFA, CMT 🍖 (@MikeZaccardi) October 25, 2023

Largest 1-day decline for $AMZN since February 👀 pic.twitter.com/U07u82u7rS
— Grayson Roze (@GraysonRoze) October 25, 2023

$MSFT's best day since July on $SPX's worst day in a month sees it reach an all-time relative high. Relative high / low counts ranked by market cap: pic.twitter.com/7ydERSPgB3
— Optuma (@Optuma) October 25, 2023

Tech holding on well $XLK pic.twitter.com/uqpinJ42HX
— Michael Nauss, CMT, CAIA (@MichaelNaussCMT) October 25, 2023

Despite a 9% S&P 500 correction, we have yet to see excessive pessimism reflected by ETF positioning.

Inverse ETF volume is currently at 42% of total speculative ETF volume.

Major bottoms form around 60%... pic.twitter.com/fm47OAohd7
— 3Fourteen Research (@3F_Research) October 25, 2023

How the turntables.... $ES_F https://t.co/gFrZJcveLx pic.twitter.com/DC5fQ3LQQY
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) October 25, 2023

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Daily Chart Report 📈 Wednesday, October 25, 2023

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