Chart of the Day - Thursday, October 3, 2024

🏆 Today's Chart of the Day was shared by Greg Rieben (@gregrieben). 
 

• Crude Oil had its best day in nearly a year today, with futures rising +5.2%. It's up +8.1% this week, putting it on track for its best week since March 2023. 
   
• At the same time, the US Dollar Index ($DXY) is on track for its best week in two years. It has closed higher every single day this week despite hitting a two-year low last week.
   
• Greg points out that Crude Oil and the US Dollar have been attached at the hip in the post-pandemic era. In addition, the 10-year Treasury Yield ($TNX) seems to be tracking these two. 
   

Takeaway: Crude Oil and the US Dollar ($DXY) are rebounding despite reaching new 52-week lows recently. If they continue to rebound, it will likely put pressure on risk assets, including stocks, gold, and crypto.