Chart of the Day - Friday, October 4, 2024

Patrick Dunuwila
October 4, 2024

Chart of the Day


🏆 Today's Chart of the Day was shared by TrendSpider (@TrendSpider) 

  • The Energy sector ($XLE) had its best week since October 2022. It led by a wide margin, jumping +6.9%, while the next best sector (Financials) rose +1.1%. Crude Oil also had its best week in over a year, rising +9.1%.
     
  • Heading into the week, Energy ($XLE) was the worst-performing sector YTD, but its currently in 7th place (out of 11 sectors) after rising every day this week. 
     
  • Trendspider points out that $XLE broke out of a Falling Channel with conviction this week. In April, $XLE tried to break out to all-time highs for the first time in a decade before falling into this six-month downtrend. 

Takeaway: The Energy Sector ($XLE) had its best week in nearly two years, rising +6.9%. It outperformed by a wide margin and broke out of a six-month downtrend. The next major hurdle for $XLE will be the all-time highs from 2014. 

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