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Chart of the Day – Tuesday, November 1st, 2022

November 1, 2022 Patrick Dunuwila

#NQ_F and #YM_F

This market is one of the most misaligned…

While Dow Jones recovered 50% of its 2022 drop, Nasdaq retraced only 10%.

We now operate in 2 parallel realities… pic.twitter.com/yLlXqQeO42

— Yuriy Matso (@yuriymatso) November 1, 2022

Today’s Chart of the Day was shared by Yuriy Matso (@yuiriymatso). It’s a tale of two indexes. The Dow had a record-breaking month in October, gaining 14%. However, the Nasdaq wasn’t nearly as impressive, gaining just 4%. Yuriy points out that the Dow has retraced 50% of its decline, while the Nasdaq has only retraced 10%. The Dow simply has more exposure to what’s working (Industrials, Financials, Health Care, Energy), and less exposure to what’s not working (Tech and Communications). On the other hand, the Nasdaq is heavily weighted towards the laggards like Tech and Communications. Now just imagine if they hadn’t kicked Exxon out of the Dow a couple of years ago…

$DIA, $DJI, $DJIA, Chart of the Day, Nasdaq 100, Yuriy Matso

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