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Today’s Summary
Wednesday, November 8, 2023
Indices: Nasdaq 100 +0.11% | S&P 500 +0.10% | Dow -0.12% | Russell 2000 -1.10%
Sectors: 5 of the 11 sectors closed higher. Real Estate led, gaining +0.58%. Energy lagged, falling -1.25%.
Commodities: Crude Oil futures dropped -2.64% to $75.33 per barrel. Gold futures fell –0.80% to $1,958 per oz.
Currencies: The US Dollar Index was flat at $105.53.
Crypto: Bitcoin rose +0.64% to a new 52-week high of $35,640. Ethereum inched higher by +0.16% to $1,889.
Volatility: The Volatility Index closed lower for the 8th day, falling -2.43% to 14.44.
Interest Rates: The US 10-year Treasury yield fell to 4.495%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
As $SPY tests its October highs the % of stocks above their 200ma retreats from its October highs pic.twitter.com/ev7FQKlSxj
— Stacey.A.Lee (@BBaxter2020) November 8, 2023
Today’s Chart of the Day was shared by Stacey Lee (@BBaxter2020). The S&P 500 rose for the eighth straight day today, closing at its highest since September. It’s attempting to fill the gap from Sept. 21st after failing to do so three weeks ago. While the S&P 500 has surpassed its October highs, Stacey points out that the percentage of stocks above their 200-day moving average has been rejected its October highs. There’s been a lot of chatter about breadth thrusts this week, with a rare Zweig Breadth Thrust firing on Friday. However, breadth needs further improvement, and it’s failing to confirm this week’s breakout so far.
Quote of the Day
“Believe those who are seeking the truth.
Doubt those who find it.”
– André Gide
Top Links
Still Bullish – Even After S&P 500 Daily Winning Streak Ends – Almanac Trader
Jeff Hirsch examines the ongoing winning streak in the S&P 500.
S&P 500 Gains Despite Bad Breadth – Bespoke
Bespoke points out that participation remains narrow despite last week’s breadth thrust.
The Dollar Retains Command – All Star Charts
Ian Culley looks at what could be next for the US Dollar Index ($DXY).
Why Monday May Be the New Friday on Wall Street – Schaeffer’s Investment Research
Rocky White points out that stocks have loved Mondays this year.
Wall Street Legend Peter Brandt Reveals the Key to Building Long-Term Wealth – Fox Business News
Charting legend Peter Brandt discusses how trading and markets have evolved throughout his long career on Wall Street.
Top Tweets
The S&P 500 just notched an 8-day winning streak, its longest since November 2021 (and 7th 8-day winning streak in 20 years)
WOWOWOWOWOWOWOWOWOW🔥
— Callie Cox (@callieabost) November 8, 2023
The S&P 500 hasn't been up 9 days in a row since 2004.
Could happen tomorrow.
1997 and 1995 before that.
— Ryan Detrick, CMT (@RyanDetrick) November 8, 2023
Nasdaq has traded green for 9 consecutive trading days, the longest winning streak since November 2021 pic.twitter.com/bkhUsdkff5
— Barchart (@Barchart) November 8, 2023
8-day winning streaks haven't been especially uncommon for the Nasdaq composite over the years. Much more uncommon have been 8-day streaks that started below the 50 and 200-DMA but finished above. pic.twitter.com/WLcLZyJ37q
— Bespoke (@bespokeinvest) November 8, 2023
The consummate mirror to the S&P 500, the $VIX volatility index is set to drop an 8th consecutive trading session.
Since the index's inception, only 14 instances of an 8 or more day decline. There have been 10 instances of 9 or more and only 3 of 10. Nothing longer pic.twitter.com/gTa802k6KC
— John Kicklighter (@JohnKicklighter) November 8, 2023
Microsoft is now riding a 9-day winning streak.
It has only gone for 10 once. All the way back in 1987… pic.twitter.com/gZplkCZtuC
— Scott Brown, CMT (@scottcharts) November 9, 2023
The recent Zweig Breadth Thrust has been pretty widely reported.
But a side note: 2nd signals that occurred within 18 months of previous signal have done even better than the average.
Here’s hoping that history repeats. @sentimentrader pic.twitter.com/cCYhuiseVR— Jay Kaeppel (@jaykaeppel) November 8, 2023
One area where investors yet to return… high beta Growth (a proxy here). Different sentiment environment than 2021. pic.twitter.com/ycUKIOW75H
— Todd Sohn (@Todd_Sohn) November 8, 2023
Crude oil futures have fallen apart. They are down over 7% in the past week and are close to getting oversold for the first time since March. $CL pic.twitter.com/UJC1iCRem3
— Sam Gatlin (@sam_gatlin) November 8, 2023
Crude oil and bond yields have both been trending lower. Should be a tailwind for consumers if they don’t reverse sharply higher. pic.twitter.com/vVxSujKvNA
— Larry Tentarelli, Blue Chip Daily (@bluechipdaily) November 8, 2023
If you follow internet sentiment closely this is hilarious.$TLT $NVDA $USO pic.twitter.com/ie5rHYBaQx
— Arun S. Chopra CFA CMT🧐 (@FusionptCapital) November 9, 2023