Daily Chart Report π Tuesday, November 5, 2024
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Todayβs Summary
Tuesday, November 5, 2024
Indices: Russell 2000 +1.88% | Nasdaq 100 +1.32% | S&P 500 +1.23% | Dow +1.02%
Sectors: All 11 sectors closed higher. Consumer Discretionary led, gaining +1.77%. Materials lagged, dropping -0.15%.
Commodities: Crude Oil futures rose +0.73% to $71.99 per barrel. Gold inched higher by +0.13% to $2,750 per oz.
Currencies: The US Dollar Index dropped -0.41% to $103.45.
Crypto: Bitcoin rose +2.31% to $69,386. Ethereum rose +1.05% to $2,422.
Volatility: The Volatility Index dropped -6.69% to 20.50.
Interest Rates: The US 10-year Treasury yield fell to 4.275%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Andrew O'Connell (@realpristinecap).
- The Russell 2000 ($IWM) had its best day in three weeks today, rising +1.9%. It outperformed in back-to-back sessions ahead of tonight's highly anticipated Presidential election.
- $IWM remains -7.4% below its 2021 peak. However, Small Caps have surged after the last few elections, and $IWM is shaping up for something similar this year.
- After breaking down last week, Andrew points out that $IWM reclaimed the lower bounds of a three-month Ascending Triangle pattern today. If $IWM clears the upper bounds at $227, the next and final resistance level will be $243, representing the all-time high from 2021.
The Takeaway: The Russell 2000 ($IWM) repaired a broken bullish pattern today, reviving its chances of a post-election rally.
Top Links
A Case of The "Pre-Election Jitters" - Hostile Charts
Larry Thompson checks on some of the largest stocks in the market ahead of the election.
Election Week Trading Stats. Meh. - Almanac Trader
Jeff Hirsch examines how stocks have historically performed on election week.
US Dollar Set For Further Weakness Post-Election? - Kimble Charting Solutions
Chris Kimble points out that the US Dollar Index ($DXY) is testing a confluence of resistance.
Don't Expect a Massive Leadership Change from Health Care Stocks, Says Strategas' Chris Verrone - CNBC
Chris Verrone shares his technical outlook on the market.
What Did The Stock Market Tell Us About The Election? - StockMarketTV
Our friends at StockMarketTV break down the market's initial reaction to early election results.
Quote of the Day
βBull markets are more fun than bear markets.β
- Bob Farrell
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