Daily Chart Report π Thursday, November 7, 2024
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Todayβs Summary
Thursday, November 7, 2024
Indices: Nasdaq +1.54% | S&P 500 +0.74% | Dow 0.00% | Russell 200 -0.43%
Sectors: 8 of the 11 sectors closed higher. Technology led, gaining +1.74%. Financials lagged, dropping -1.61%.
Commodities: Crude Oil futures rose +0.93% to $72.36 per barrel. Gold rose +1.10% to $2,706 per oz.
Currencies: The US Dollar Index dropped -0.72% to $104.36.
Crypto: Bitcoin rose +0.38% at an all-time high of $75,921. Ethereum rose +6.35% to a three-month high of $2,897.
Volatility: The Volatility Index continued lower by -6.58% to 15.19.
Interest Rates: The US 10-year Treasury yield dropped to 4.328%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by John Roque (@daChartLife).
- The riskiest areas of the market have been breaking out to new highs this week. However, one of the usual suspects hasn't shown up yet... Biotech.
- John points out that the SPDR Biotech ETF ($XBI) is knocking on $104 for the fifth time this year. Each rejection was followed by a higher low, creating a tightly coiled bullish pattern at resistance.
- If $XBI breaks $104, it will open the door to an upside target of $130, which coincides with a shelf of resistance from 2021. A breakout would benefit the Russell 2000 as Biotech is its second-largest industry group.
The Takeaway: Biotech is primed for a breakout as $XBI tests resistance at $104. Clearing this hurdle would likely boost the Russell 2000 and open the door to further upside for Biotech stocks.
Top Links
The Election Rally Is Here - Trading Adventures
Andrew Moss reviews this week's action and some key areas to watch in the near term.
Most New Highs in 3 Years - All Star Charts
JC Parets looks at yesterday's spike in new 52-week highs.
Treasury Bonds (TLT) At Crossroads: Breakout or Breakdown? - See It Market
Chris Kimble points out that Treasury Bonds ($TLT) are testing long-term support.
Small Caps on Fire - Alfonso's Daily Note
Alfonso Depablos highlights the breakout in Small Cap stocks.
Election Crypto Live Event - ASC Crypto
With Bitcoin surging to record highs this week, the team at ASC Crypto is doing an emergency live event on Friday at noon ET to help you navigate the wild swings in the crypto markets.
Quote of the Day
βI always laugh at people who say "I've never met a rich technician" I love that! It's such an arrogant, nonsensical response. I used fundamentals for 9 years and got rich as a technician.β
- Marty Schwartz
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