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Today’s Summary
Friday, November 4th, 2022
Indices: Nasdaq 100 +1.56% | S&P 500 +1.36% | Dow +1.26% | Russell 2000 +1.13%
Sectors: All 11 sectors closed higher. Materials led, gaining +3.47%. Health Care lagged, but still rose +0.61%.
Commodities: Crude Oil futures rose +5.04% to $92.61 per barrel. Gold futures jumped +2.80% to $1,677 per ounce.
Currencies: The US Dollar Index had its worst day since 2015, dropping -1.94%.
Crypto: Bitcoin rose +4.76% to $21,170. Ethereum gained +7.43% to $1,645.
Interest Rates: The US 10-year Treasury yield inched higher to 4.163%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Extreme volatility in both directions is common at turning points
Last week, the Hang Seng $HSI registered its worst week since early 2018
This week, it engulfed that action with its best weekly performance in over 10 years
Smells like a bottom is forming for Chinese equities pic.twitter.com/7nGgT5BWAy
— Steven Strazza (@sstrazza) November 4, 2022
Today’s Chart of the Day was shared by Steve Strazza (@sstrazza). It’s a chart of Hong Kong’s Hang Seng Index over the past 16 years. Last week was the worst week for the Hang Seng in nearly five years. On a brighter note, this week was the best week for the index in more than a decade. Steve points out that extreme volatility in both directions is common at turning points. After falling like a rock for nearly two years, are Chinese stocks finally ready to stop going down?
Quote of the Day
“Plans are useless,
but planning is invaluable.”
– Winston Churchill
Trendlines > Headlines
Check out the latest episode of Trendlines over Headlines!
In this week’s episode, Nick Reece of Merk Investments joins us to make sense of the Stock Market and the Economy.
Top Links
Howard Lindzon shares his thoughts on the technical damage in the S&P 500.
Nasdaq Teetering on Important Fibonacci Price Support! – Kimble Charting Solutions
Chris Kimble points out that the Nasdaq Composite is testing an important Fibonacci level.
In this quick video, Todd Sohn highlights three key takeaways across the markets.
Metals are Making All the Right Moves – All Star Charts
Ian Culley takes a look at the nascent strength in metals.
Top Tweets
So wait, the S&P jumped 2%, then fell negative, then closed up 1.4%?
LOLOLOLOL the market gods are having a field day
— Callie Cox (@callieabost) November 4, 2022
Buyers once again stepped in ahead of the weekend. This is a nice change from what we saw in Aug/Sept.
The S&P 500 has been >1% for three consecutive wks for the first time in more than 15 yrs.
Since it moved to 500 stocks in 1957 it has never made it to 4 times in a row. pic.twitter.com/BgCRqxTWkr
— Ryan Detrick, CMT (@RyanDetrick) November 4, 2022
Equal weight continues to just destroy cap weight lately and all that really means is that the days of the market being a one trick technology pony are *probably behind us. pic.twitter.com/LR2f5Kyaq3
— Steve Deppe, CMT (@SJD10304) November 4, 2022
Big break above some resistance levels on $DBC today. How will this impact inflation expectations? pic.twitter.com/wqIpIVhGA7
— David Settle, CMT (@davidsettle42) November 4, 2022
Quit complaining about your tech and growth stocks. There's a great bull market happening in commodities.#COM pic.twitter.com/1gCMgYL6G2
— Greg Rieben (@gregrieben) November 4, 2022
Copper with its biggest daily gain since 2009 on hopes that China will loosen its Covid policies and re-open pic.twitter.com/5ofvP89FEh
— Barchart (@Barchart) November 4, 2022
At the moment, the $DXY Dollar Index is suffering its biggest single-day drop (-1.7%) since June 3rd, 2016: pic.twitter.com/WfvJ3YqVbP
— John Kicklighter (@JohnKicklighter) November 4, 2022
Dollar index $DXY is having a huge down day, helping #gold and #silver …
But the reality is that the uptrend is still very much intact … pic.twitter.com/HkuOCOQSiB
— Wall Street Silver (@WallStreetSilv) November 4, 2022
Gold: Picture worth 1000 words… pic.twitter.com/cGMcfM8WD3
— Linda Raschke (@LindaRaschke) November 4, 2022
The last time the current COT profile was similar in Gold was May 2019. A $700-advance immediately began. #GOLD $GC_F $GLD I would think that any correction will be minor, but during the past almost 50 years of trading I've been wrong 50% of the time pic.twitter.com/lzWQf5ZSjO
— Peter Brandt (@PeterLBrandt) November 4, 2022
Yo, Charts — pic.twitter.com/2T96oC8j4k
— da Chart Life (@daChartLife) November 4, 2022
You’re all caught up now. Thanks for reading!