Daily Chart Report π Friday, November 1, 2024
Powered By:
Todayβs Summary
Friday, November 1, 2024
Indices: Nasdaq +0.72% | Dow +0.69% | Russell 2000 +0.61% | S&P 500 +0.41%
Sectors: 7 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.63%. Utilities lagged, dropping -2.23%.
Commodities: Crude Oil futures rose +0.33% to $69.49 per barrel. Gold was unchanged at $2,749 per oz.
Currencies: The US Dollar Index gained +0.41% to $104.32.
Crypto: Bitcoin fell -1.06% to $69,490. Ethereum inched lower by -0.18% to $2,510.
Volatility: The Volatility Index dropped -5.53% to 21.87.
Interest Rates: The US 10-year Treasury yield jumped to a four-month high of 4.386%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Walter Deemer (@WalterDeemer).
- Amazon ($AMZN) reacted positively to earnings last night, rising +6.4% today and +5.4% this week. It's the fourth-largest stock in the S&P 500 (behind $MSFT) and the largest in the Consumer Discretionary sector.
- Walter points out that the stock had an erratic week. It gapped higher on Wednesday, lower on Thursday, and higher again on Friday. It basically canceled out a bearish island reversal with a bullish island reversal.
- The stock is whiskers from a record high. However, it's facing the 'Bezos Wall' at $200. Founder Jeff Bezos plans to sell 25 million shares at a limit price of $200 by the end of 2025. $AMZN traded nearly 100 million shares today, and He's already sold at least 8 million shares in July.
The Takeaway: Amazon ($AMZN) canceled out a bearish pattern with a bullish pattern after a jumpy earnings week. Ironically, the stock probably would've closed at all-time highs today without overhead supply from Jeff Bezos.
Top Links
Amazon (AMZN), Bezos, and $200 Bucks - Bespoke
Bespoke looks at $AMZN and the $200 'Bezos Wall.'
Stock Market & Crypto Analysis November 1 2024 - AlphaTrends
Brian Shannon breaks down this week's price action and some key levels to watch in the near term.
This Home is Built on Solid Ground - All Start Charts
Sam Gatlin examines the Homebuilders and Lumber.
Are High Yield Spreads Forecasting Another Stock Market Decline? - Kimble Charting Solutions
Chris Kimble highlights a potential warning sign from credit spreads.
Quote of the Day
"What the market does is to reduce greatly the range of issues that must be decided through political means."
- Milton & Rose Friedman
Top Tweets