Daily Chart Report ๐ Friday, October 27, 2023
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Todayโs Summary
Friday, October 27, 2023
Indices: Nasdaq 100 +0.50% | S&P 500 -0.48% | Dow -1.12% | Russell 2000 -1.21%
Sectors: 2 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.05%. Energy lagged, dropping -2.40%.
Commodities: Crude Oil futures rose +2.80% to $85.54 per barrel. Gold futures inched higher by +0.06% to $1,999 per oz.
Currencies: The US Dollar Index ticked lower by -0.04% to $106.58.
Crypto: Bitcoin fell -0.76% to $33,906. Ethereum fell -1.33% to $1,780.
Volatility: The Volatility Index rose +2.85% to 21.26.
Interest Rates: The US 10-year Treasury yield inched lower to 4.839%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Brian Shannon (@alphatrends). Small-Caps are staring into the abyss as we head into the weekend, with the Russell 2000 ($IWM) closing at a three-year low. Itโs down -33% from its November 2021 peak and lost a crucial support level this week, around $163. This level coincides with the 2022 lows, and the VWAP anchored to the 2016 low (blue). Not only has $IWM given up all of its post-election gains, but also, the average buyer since the 2016 lows is now underwater. The fact that Small-Caps couldnโt hold such a pivotal level sets an ominous tone for the broader market. Brian points out that itโs common to see price overshoot a key support level before a significant upside reversal. However, $IWM needs to reclaim broken support at $163 first.
Quote of the Day
โSometimes you win,
sometimes you learn.โ
โ John Maxwell
Top Links
Stocks Continue to Decline Under the 5 Day Moving Average -Alphatrends
Brian Shannon analyzes this week's price action and lays out some key levels to watch next week.
When Does Correction End? - All Star Charts
JC Parets looks at the year-end outlook for Stocks.
The Checklist for a Stock Market Bounce - CappThesis
Frank Cappelleri outlines the necessary ingredients for a rebound in the S&P 500.
Technology Stocks Testing Highly Influential Dual Support - Kimble Charting Solutions
Chris Kimble points out that the largest sector of the S&P 500 is testing a crucial support level.
Bonds Now Beating Stocks as NVDA Goes into Tailspin - StockCharts.com
Julius de Kempenaer explains that Bonds could outperform Stocks in the near term as Mega-Caps appear vulnerable.