Daily Chart Report π Monday, November 4, 2024
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Todayβs Summary
Monday, November 4, 2024
Indices: Russell 2000 +0.40% | S&P 500 -0.28% | Nasdaq 100 -0.35% | Dow -0.61%
Sectors: 4 of the 11 sectors closed higher. Energy led, gaining +1.75%. Utilities lagged, dropping -1.19%.
Commodities: Crude Oil futures rose +2.85% to $71.47 per barrel. Gold inched lower by -0.11% to $2,746 per oz.
Currencies: The US Dollar Index dropped -0.42% to $103.88.
Crypto: Bitcoin fell -1.34% to $67,818. Ethereum dropped -2.42% to $2,397.
Volatility: The Volatility Index rose +0.46% to 21.97.
Interest Rates: The US 10-year Treasury yield fell to 4.289%.
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 Yuriy Matso (@yuriymatso).
- With tomorrow's election, nobody knows what this week will bring. Fortunately, we have a clear line in the sand for S&P 500 futures... 5,727.
- This level was resistance in July, but Yuiriy points out that it became support in September once it was reclaimed. It served as support three times last month and twice recently.
- If 5,727 breaks, the next potential support level is roughly -6% lower, near the August low of 5,400. Be careful of false moves around this well-defined level. Breaking and reclaiming 5,727 would probably be the most bullish scenario, as it would mark a false breakdown.
The Takeaway: S&P 500 futures are testing a well-defined support level ahead of tomorrow's election. Breaking 5,727 could lead to a retest of the August lows. However, the most bullish scenario would be a false breakdown.
Quote of the Day
βDemocracy is the worst form of government, except for all the others.β
- Winston Churchill
Top Links
A View from the Floor with Jay Woods, CMT - Freedom Capital Markets
Jay Woods highlights several noteworthy things to watch this week.
Is the Nasdaq 100 Repeating Bearish Topping Pattern? - Kimble Charting Solutions
Chris Kimble looks at a potential topping pattern in the Nasdaq 100.
Republican Congress Matter. Not the President - Almanac Trader
Jeff Hirsch points out that the market cares more about who controls Congress than who the President is.
Flashback Friday - The Weekly Trend
David Zarling and Ian McMillan discuss some of the notable trends and themes across the markets.
The Best Election Trade Nobody Is Talking About - StockMarketTV
Join us live tomorrow night as we monitor how futures react to the election results with our friends at StockMarketTV.
Top Tweets