Daily Chart Report 📈 Monday, October 30, 2023
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Today’s Summary
Monday, October 30, 2023
Indices: Dow +1.58% | S&P 500 +1.20% | Nasdaq +1.09% | Russell 2000 +0.63%
Sectors: All 11 sectors closed higher. Communications led, gaining +2.06%. Real Estate lagged, but still rose +0.31%.
Commodities: Crude Oil futures dropped -3.78% to $82.31 per barrel. Gold futures rose +0.36% to $2,006 per oz.
Currencies: The US Dollar Index dropped -0.42% to $106.14.
Crypto: Bitcoin was flat (-0.12%) at $34,496. Ethereum rose +0.81% to $1,811.
Volatility: The Volatility Index fell -7.15% to 19.74.
Interest Rates: The US 10-year Treasury yield rose to 4.894%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Mark Ungewitter (@mark_ungewitter). One of the most bearish aspects of last week's price action was the nascent weakness in Mega-Cap stocks. Up until last week, Mega-Caps were fairly immune, but they came under pressure after a slew of earnings reports. As a result, the Nasdaq 100 ($NDX) broke the August/September lows, around $14,500. Mark points out that the first step toward a meaningful rebound is reclaiming this broken support level. If the Nasdaq can reclaim 14,500, it will qualify as a failed breakdown. As we know, failed breakdowns often lead to powerful rallies. Repairing this key level could hinge on the reaction to $AAPL's earnings on Thursday evening, as $AAPL represents 11% of the Nasdaq 100.
Quote of the Day
"The stock market is the only market where things go on sale, and all the customers run out of the store."
–Cullen Roche
Top Links
A Slow Correction - Bespoke
Bespoke points out that the current correction in the S&P 500 has lasted longer than average.
Typical November Trading: Solid Start, Some Chop & Strong Finish - Almanac Trader
Jeff Hirsch examines how Stocks have historically performed in November.
Markets are Continuing to 'Adapt and Survive': Jay Woods - Fox Business News
Jay Woods shares his perspective on the current market environment.
Six Charts That Say A Lot About The Markets Outlook - Ciovacco Capital Management
Chris Ciovacco highlights several noteworthy technical developments.
Bank Stocks Testing Critically Important Price Support! - Kimble Charting Solutions
Chris Kimble looks at the Bank Index ($BKX) as it tests crucial support.