Daily Chart Report ๐ Friday, October 13, 2023
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Todayโs Summary
Friday, October 13, 2023
Indices: Dow +0.12% | S&P 500 -0.50% | Nasdaq -1.24% | Russell 2000 -1.48%
Sectors: 5 of the 11 sectors closed higher. Energy led by a wide margin, gaining +2.20%. Consumer Discretionary lagged, falling -1.47%.
Commodities: Crude Oil futures jumped +5.77% to $87.69 per barrel. Gold futures had their best day since December, surging +3.11% to $1,942 per oz.
Currencies: The US Dollar Index inched higher by +0.09% to $106.67.
Crypto: Bitcoin rose +0.41% to $26,867. Ethereum gained +0.82% to $1,552.
Volatility: The Volatility Index jumped +15.63% to 19.31.
Interest Rates: The US 10-year Treasury yield fell to 4.612%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
Todayโs Chart of the Day was shared by Dean Christians (@DeanChristians). Gold futures had their best day since December 2022 today, surging +3.11%. It gained +5.22% overall this week, closing at $1,942 per oz. Itโs rebounding off a seven-month low after snapping a nine-day losing streak last Friday. Dean points out that momentum got extremely oversold last week, with RSI hitting a multi-year low below 20. According to the data table, Gold tends to have strong annualized returns after RSI falls below 20. Record highs in 2023 seemed impossible for Gold after it fumbled its third breakout attempt in May. However, record highs are within reach after this weekโs reversal, as the yellow metal is just โ6% below its peak.
Quote of the Day
โThereโs no fever like gold fever.โ
โ Richard Russell
Trendlines > Headlines
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The latest episode of Trendlines over Headlines is out! This week, Jeff Hirsch of The Stock Traders Almanac joins us to discuss Seasonality, the 4-year Presidential Cycle, Crypto, and more!โ |
Top Links
Bull Market Check-Up โ LPL Financial Research
Adam Turnquist looks at how the S&P 500 has performed since the bottoming last October.
The DANGER of a Long Winning Streak โ CappThesis
Frank Cappelleri examines some of the short-term patterns in the S&P 500.
The Dollar Playbook โ All Star Charts
Alfonso Depablos highlights the relationship between the Stocks and the US Dollar Index.
Stock Market Analysis 10/13/23 โ AlphaTrends
Brian Shannon recaps this weekโs price action and highlights key levels to watch next week.
Top Tweets
Youโre all caught up now. Thanks for reading!
