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Today’s Summary
Tuesday, November 8th, 2022
Indices: Dow +1.02% | Nasdaq 100 +0.75% | S&P 500 +0.56% | Russell 2000 -0.05%
Sectors: 10 of the 11 sectors closed higher. Materials led, gaining +1.72%. Consumer Discretionary was the only sector that closed lower, falling -0.25%.
Commodities: Crude Oil futures dropped -3.14% to $88.91 per barrel. Gold futures gained +2.11% to $1,716 per ounce.
Currencies: The US Dollar Index fell -0.54%.
Crypto: Bitcoin slid -10.14% to $18,503. Ethereum tumbled -15.07% to $1,332.
Interest Rates: The US 10-year Treasury yield fell to 4.130%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Bitcoin $BTC just took out the June lows. Uh Oh#cryptocrash pic.twitter.com/pzPuS8nkwR
— Barchart (@Barchart) November 8, 2022
Today’s Chart of the Day was shared by Barchart (@Barchart). It’s a daily candlestick chart of Bitcoin over the past six months. Bitcoin fell more than 10% today, marking its worst day since June. It’s been flirting with that crucial $19k level for months now, but it decisively broke below it today. The trend remains lower for Bitcoin, momentum is nonexistent, and we’re below the prior cycle highs (2017/2018). There are no major support levels until around $12k, so the air could come out of the balloon fast. Given how correlated Bitcoin has been to the broader market this year, today’s action begs the question…Will stocks follow Bitcoin lower?
Quote of the Day
“Fortune favors the brave.”
– Matt Damon
Top Links
Let’s Talk About Midterm Elections and Your Investments – Carson Group
Ryan Detrick looks at how the S&P 500 has historically behaved around midterm elections.
Is the S&P 500 Ready to Out-Perform Nasdaq in Years Ahead? – Kimble Charting Solution
Chris Kimble explains why the Nasdaq could continue lagging for a while.
The Underdogs Return – Research by Potomac
Drew Wells analyzes all 11 sectors of the S&P 500.
Another Risk OFF Signal – StockCharts
Julius de Kempenaer examines the underperformance of the Consumer Discretionary sector relative to the Consumer Staples sector.
Down Goes SBF? – The Milk Road
Here’s a good summary of the FTX/Binance fiasco.
Top Tweets
Final heat map of the S&P 500's performance from today pic.twitter.com/s4pHDvhA18
— StockMKTNewz – Evan (@StockMKTNewz) November 8, 2022
We continue to operate in 2 different realities. pic.twitter.com/6ekEN5MbZr
— Yuriy Matso (@yuriymatso) November 8, 2022
An all time great election chart: Biden gets elected, green energy ra ra, and coal immediately outperforms green by 600%+ his first two years in office. $SPY pic.twitter.com/2JdM3yZXGE
— ATMcharts (@ATMcharts) November 8, 2022
$XLE testing its June highs, $XLE: $SPY is higher pic.twitter.com/daDykSZDqV
— Stacey.A.Lee (@BBaxter2020) November 8, 2022
$SMH at a critical spot…
… absolute and vs. $SPX pic.twitter.com/20cTlUK06F
— Frank Cappelleri (@FrankCappelleri) November 8, 2022
The dollar has weakened the most over the past three sessions since March 2020. pic.twitter.com/LqH63mK4Cf
— Lisa Abramowicz (@lisaabramowicz1) November 8, 2022
#Gold #GC_F bulls happy today – boing! pic.twitter.com/kqR1f7xSJh
— Ben Lichtenstein (@FuturesBen_TDAN) November 8, 2022
Gold breaking out just weeks after financial media claimed the metal was dead. pic.twitter.com/eVl1yyPtxu
— Otavio (Tavi) Costa (@TaviCosta) November 8, 2022
Today's BULLISH Drill Down
Strongest:
Sector = Materials + 1.72%
Materials Industry = Gold +5.89%
Gold Stock: $GFI= +13.22%Will Strength continue?
Not a recommendation#thinkorswim: https://t.co/NTsUSa1fzh pic.twitter.com/CjHYY2SN6S
— Ken Rose CMT (@KRose_TDA) November 8, 2022
you have to look at #bitcoin on an intraday chart to see just how stupid the trading is in that "asset"
5 minute candles pic.twitter.com/1jZyotq5CU
— Brian Shannon, CMT (@alphatrends) November 8, 2022
Stadium indicator strikes again. $BTCUSD $FTTUSD pic.twitter.com/MKTwxsjgkL
— Arun S. Chopra CFA CMT? (@FusionptCapital) November 8, 2022
This dude plays for keeps. A total killer. Manufactured a bank run on his top competitor, buys it for a jolly rancher and a wooden nickel, then publicly shits on them for how they managed the businesses. pic.twitter.com/wdqkRCBAPg
— Bucco *Parody* Capital (@buccocapital) November 8, 2022
You’re all caught up now. Thanks for reading!