Daily Chart Report π Wednesday, November 1, 2023
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Todayβs Summary
Wednesday, November 1, 2023
Indices: Nasdaq 100 +1.77% | S&P 500 +1.05% | Dow +0.67% | Russell 2000 +0.45%
Sectors: 9 of the 11 sectors closed higher. Technology led, gaining +1.93%. Energy lagged, falling -0.23%.
Commodities: Crude Oil futures fell -0.72% to a two-month low of $80.44 per barrel. Gold futures fell -0.34% to $1,988 per oz.
Currencies: The US Dollar Index was flat (-0.04%) at $106.67.
Crypto: Bitcoin gained +2.25% to a new 52-week high of $35,440. Ethereum rose +1.74% to $1,847.
Volatility: The Volatility Index dropped -7.00% to 16.86.
Interest Rates: The US 10-year Treasury yield dropped to 4.734%.
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 Yuriy Matso (@yuriymatso). The S&P 500 is up +2.93% this week, putting it on track for its best week in seven months. It's repairing a lot of the technical damage that occurred last week. Bulls made considerable progress today by reclaiming the lows from early October, around 4,220. Yuriy points out that the next task on the bull's to-do list is reclaiming the 200-day moving average. We saw a similar shakeout beneath the 200-day in March, leading to an impressive multi-month rally. The reaction to $AAPL's earnings tomorrow could spark a breakout or rejection. As we enter a seasonally bullish period, reclaiming this long-term moving average would strengthen the odds of a year-end rally.
Quote of the Day
βThe best inside information is on the tape. I would rather follow its indications than act on a tip from J.P. Morgan himself.β
β Richard Wyckoff
Top Links
Strong Seasonals Return After Red October - LPL Financial Research
Greg Smith looks at seasonality in the final months of the year.
ETFs & Markets with Todd Sohn: S&P 500 Top 10 Contribution at 134% - Strategas
In this quick video, Todd Sohn shares several unique market insights.
November Technical Market Outlook - Grindstone Intelligence
Austin Harrison highlights some key trends to watch in the month ahead.
Are VIX Speculators Offering Up a Bullish Stock Signal? - Schaeffer's Investment Research
Rocky White examines what positioning in VIX futures could mean for the S&P 500.