Daily Chart Report ? Wednesday, October 5th, 2022
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Today’s Summary
Wednesday, October 5th, 2022
Indices: Nasdaq 100 -0.08% | Dow -0.14% | S&P 500 -0.20% | Russell 2000 -0.74%
Sectors: 3 of the 11 sectors closed higher. Energy led by a wide margin, gaining +2.07%. Utilities lagged, dropping -2.22%.
Commodities: Crude Oil futures rose +1.43% to $87.76 per barrel. Gold futures fell -0.56% to $1,721 per ounce.
Currencies: The US Dollar Index rose +0.91%.
Crypto: Bitcoin slipped -0.88% to $20,164. Ethereum inched lower by -0.54% to $1,357.
Interest Rates: The US 10-year Treasury yield rose to 3.755%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Shane Murphy (@murphycharts). Shane points out an interesting divergence between the S&P 500 and the slope of its 50-day moving average. The S&P 500 undercut its June lows last week, while the slope of its 50-day moving average wasn't nearly as negative as it was at the June lows. The charts on the right show that both the 2002 & 2009 bear market bottoms featured a similar divergence. In a comment to The Chart Report, Shane said "Other bottoms in 1962, 1966, and 1982 displayed a similar divergence. However, it failed to mark the lows in 1970 & 1973. Five out of seven is good enough to grab my attention."
Quote of the Day
"The day that you experience absolutely no emotion as you are stopped out of a properly managed losing trade is the day you gain the potential to become wildly successful in the markets."
- Jay Kaeppel
Top Links
7 Things to Know About the Historically Strong Fourth Quarter - Carson Group
Ryan Detrick lays out seven stats on how the S&P 500 has historically performed in the final quarter of the year.
Oil and Stocks Mix it Up - Bespoke
Bespoke points out that it's rare to see Stocks and Crude oil spike higher together like we've seen this week.
What to Expect After Gold's Multi-Month Selloff - Schaeffer's Investment Research
Rocky White examines how Gold has historically performed after a six-month losing streak.
Is it Time to Buy Gold? - All Star Charts
Louis Sykes takes a look at the failed breakdown in Gold.
Annie Duke - Why Investors Are Great Quitters - The Meb Faber Show
Here's a great podcast with Meb Faber and former professional poker player, Annie Duke. They discuss the psychology of being wrong and knowing when to walk away.
Top Tweets
You’re all caught up now. Thanks for reading!
