Daily Chart Report π Thursday, October 26, 2023
Powered By:
Todayβs Summary
Thursday, October 26, 2023
Indices: Russell 2000 +0.34% | Dow -0.76% | S&P 500 -1.18% | Nasdaq -1.89%
Sectors: 3 of the 11 sectors closed higher. Real Estate led, gaining +2.11%. Communications lagged, dropping -2.18%.
Commodities: Crude Oil futures dropped -2.55% to $83.21 per barrel. Gold futures rose +0.13% to $1,997 per oz.
Currencies: The US Dollar Index inched higher by +0.07% to $106.62.
Crypto: Bitcoin snapped a seven-day winning streak, falling -0.97% to $34,165. Ethereum rose +0.91% to $1,804.
Volatility: The Volatility Index rose +2.43% to 20.67.
Interest Rates: The US 10-year Treasury yield dropped to 4.847%.
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 Ryan Detrick (@RyanDetrick). We highlighted this chart two months ago, but it's worth revisiting today. At the time, Ryan had pointed out that the S&P 500 tends to stall between August and November when it gains +10% or more in the first six months of a year. The S&P 500 peaked right on schedule this year on July 31st and should bottom around now. The S&P 500 has corrected -9.8% since August. It's been a pretty standard correction so far, and sentiment has become much less bullish since it began. With just three trading days left in October, time is running out for seasonality to save the bulls, but a durable low in the near term would certainly rhyme with history.
Quote of the Day
"Successful contrarian investing requires us to live with discomfort, for being "wrong" and alone. But bargains do not exist in the absence of fear."
β Robert Arnott
Top Links
Break Down - Trading Adventures
Andy Moss examines recent price action and the weakness in Mega-Caps.
SPY Bullish Scenario October 26 2023 - Not a Prediction -Alphatrends
In this video, Brian Shanon models some potential scenarios for the $SPY in the near term.
New Lows for S&P and Sentiment - Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Is Major Stock Market Index Warning Trouble Ahead? - Kimble Charting Solutions
Chris Kimble looks at the weakness in the Equal-Weight S&P 500 ($RSP).