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Stock Market Update Tuesday October 24, 2023

Stock Market Update Tuesday October 24, 2023


Midday Market Momentum: A Closer Look

As the day progressed, we saw the market soaring substantially higher, with the S&P marking an impressive increase of over 1%, potentially as a correction from its short-term oversold status. However, the afternoon brought a twist. The indices took a brief downturn, trimming the earlier gains to a mere nominal value, only to make a comeback. Leading the rally was the Nasdaq, registering a commendable uptick of approximately 0.75%.


Beyond Stocks: The Broader Economic Landscape


Shifting our focus from equities, the green paper depicted strength, whereas the fixed income sector showed mixed results. The metals arena had its share of fluctuations, witnessing a 1% dip overnight. However, a rally in the New York market saw them stabilizing, ending the day at a relatively flat rate. Concurrently, the miners inched their way up.


Earnings Season: The Impending Deluge


As I highlighted in my previous note, we are on the brink of being submerged by the outcomes from the earnings season. The real question is: Will company-specific negative news overpower the inherent passive support striving to keep the stock market intact? Predicting the dominant force in this tug of war remains challenging. However, that's why we rely on our proprietary algorithms.


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SPY ETF Stock Chart October 24, 2023
SPY ETF Stock Chart October 24, 2023

Showing Negative Divergence, which is a Condition Not a Buy or Sell Signal.

US10Y Daily Chart October 24, 2023
US10Y Daily Chart October 24, 2023

Stock Market Heat Map October 24, 2023
Stock Market Heat Map October 24, 2023

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