Chart of the Day - Friday, October 11, 2024

🏆  Today's Chart of the Day was shared by David Zarling (@AdaptivCharts).
 

• The Transportation ETF ($IYT) had its best day since November 2022 today, jumping +3.7%. This was its best week since last October, rising +5.7%.
   
• $IYT also logged its first all-time high in six months today after clearing its 2021 peak, around $70. $IYT fumbled a breakout earlier this year, but after six months of digestion, it looks more prepared.
   
• Transports are considered a bellwether group, similar to Homebuilders or Semiconductors. While the latter two have led this bull market, Transports have been absent until now. 
   

Takeaway: Transports ($IYT) broke out to an all-time high today after logging their best day in nearly two years. Transports have been a missing ingredient this cycle, but they just showed up to celebrate the bull market's second birthday.