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Today’s Summary
Thursday, November 10th, 2022
Indices: Nasdaq 100 +7.49% | Russell 2000 +6.11% | S&P 500 +5.54% | Dow +3.70%
Sectors: All 11 sectors closed higher by more than 2%. Technology led, surging +8.22%. Energy lagged but still rose +2.23%.
Commodities: Crude Oil futures rose +0.75% to $86.47 per barrel. Gold futures gained +2.33% to $1,754 per ounce.
Currencies: The US Dollar Index had its worst day since 2009, dropping -2.28%.
Crypto: Bitcoin gained +10.54% to $17,551. Ethereum jumped +17.75% to $1,295.
Interest Rates: The US 10-year Treasury yield dropped to 3.818%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Technical analysis is a risk mgmt tool.
> support/resistance zone = long
< support/resistance zone = shortLet's not overcomplicate it. No catalyst, no profound conviction, no colorful story. Just price levels and simple if/then statements. pic.twitter.com/jNSs68pSkl
— Shane C. Murphy (@murphycharts) November 10, 2022
Today’s Chart of the Day was shared by Shane Murphy (@murphycharts). It’s a chart of the Russell 2000 over the past five years. The Russell 2000 jumped +6.11% today, marking its best day since April 2020. It was down more than 32% at its June low, however, it double bottomed at the 2018/2020 highs, around 1700. Shane points out that those former highs offer a clear risk level to lean on. If we’re above the former highs, the risk is to the upside. If we’re below the former highs, the risk is to the downside. The next upside objective will be the August highs around 2000.
Quote of the Day
“Letting your profits run is 10x harder than taking a small loss.”
– Jerry Parker
Top Links
November Strategy Session: 3 Key Takeaways – All Star Charts
The team at All Star Charts highlights three things to watch in the coming weeks.
Sentiment Slumps Ahead of CPI – Bespoke
Bespoke breaks down the results of the latest AAII Sentiment Survey.
Semiconductors ETF Reaches Do-or-Die Moment at Critical Price Support – Kimble Charting Solutions
Chris Kimble points out that the Semiconductor ETF, $SMH, is testing its uptrend that has been in place for six years.
Talking with Trader S05E10: Austin Harrison, Founder of MeansToATrend.com
In this podcast, Garth Mackenzie and Austin Harrison discuss the technical outlook for the market and more!
Top Tweets
Today was the best day for the S&P 500 since April 2020 pic.twitter.com/y16bh9Rgzi
— StockMKTNewz – Evan (@StockMKTNewz) November 10, 2022
Well…one of the best daily return in history (15th best since the 1950s), is bringing the index back to test that 30 WEEKS moving average again: third time lucky charm? pic.twitter.com/jQHXPLvGwC
— conradseric, CMT, CAIA, CEFA (@conradseric) November 10, 2022
Largest single day gain for the Nasdaq 100 since April 2020 when it thrusted off the lows and broke the initial COVID downtrend.
$NDX $QQQ pic.twitter.com/bGaldFQ6Zr— Evan Medeiros (@evanmedeiros) November 10, 2022
Days like today don't happen in bull markets and it is by no means a signal to pile into stocks. In 2000-2002, the Nasdaq had 14 up days of 6% or more, and you would have been wrong 14 times if you thought the bottom was in. pic.twitter.com/PaIQCG6GHg
— Wesley Mattox, CFA, CMT (@WesleyJMattox) November 10, 2022
Magic Internet money melting down and Nasdaq ("The Stock Market for the Next 100 Years") dead-cat bouncing, while a crude 19TH-century index packed with dull, ancient companies tries to break the 2022 downtrend and is less than 10% off its peak. pic.twitter.com/W8meBZtCbp
— Michael Santoli (@michaelsantoli) November 10, 2022
A gap that is not traded into for the next 3 days can lead to a move of 2+ weeks in the direction of the gap. This looks distinctly like an H and S bottom with a breakaway gap and if so, expect SMH to trend higher into month end. Just one of many markets with this pattern. pic.twitter.com/fZDf49UXRm
— Linda Raschke (@LindaRaschke) November 10, 2022
The dollar just had its worst day since 2009 pic.twitter.com/YTRXwdDJtE
— Lisa Abramowicz (@lisaabramowicz1) November 10, 2022
$DXY this what stocks have been waiting for.
Dollar breakdown through three different forms of support.
Now, can it stay below? pic.twitter.com/t352LAYHDp
— Andrew Moss, CMT (@Andy__Moss) November 10, 2022
What a day for Cathie Wood! Her flagship ETF, Ark Innovation $ARKK, just had its best single day performance in the fund's history. pic.twitter.com/57sUa5O1NI
— Barchart (@Barchart) November 11, 2022
Here's the problem with holding big losses. $ARKK is up 10% this morning and it barely registers on the chart. A long way to go when you hold big losses. pic.twitter.com/z6xtgbNJX0
— Mark Minervini (@markminervini) November 10, 2022
Was this just the shakeout of the century? #Bitcoin $BTC pic.twitter.com/1oCWR5OFo4
— Steven Strazza (@sstrazza) November 10, 2022
Best day in years for stocks takes place within a week after the Phillies lose?
I'm not saying it is a coincidence, but I'm not saying it isn't. pic.twitter.com/OrUp6vFtBo
— Ryan Detrick, CMT (@RyanDetrick) November 10, 2022
You’re all caught up now. Thanks for reading!