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Todayās Summary
Friday, November 10, 2023
Indices:Ā Nasdaq 100Ā +2.25%Ā |Ā S&P 500Ā +1.56%Ā | DowĀ +1.15%Ā | Russell 2000Ā +1.07%
Sectors: All 11 sectors closed higher. Technology led, gainingĀ +2.61%. Utilities lagged but still roseĀ +0.53%.
Commodities: Crude Oil futures roseĀ +1.89%Ā to $77.17 per barrel. Gold futures droppedĀ –1.63%Ā to $1,938 per oz.
Currencies: The US Dollar Index fellĀ -0.09%Ā to $105.80.
Crypto: Bitcoin roseĀ +1.71%Ā to a new 52-week high of $37,319. Ethereum droppedĀ -1.99%Ā toĀ $2,079.
Volatility: The Volatility Index droppedĀ -7.20%Ā to 14.18.
Interest Rates: The US 10-year Treasury yield rose to 4.652%.
Here areĀ the best charts, articles, and ideas shared on the web today!
Chart of the Day
$SPX FINALLY filling that gap and breaking the 4400 resistance level today with a strong bullish candle! pic.twitter.com/JdASy6RFWd
— Dash, CMT, CFP (@Dash_charts) November 10, 2023
Todayās Chart of the Day was shared by @Dash_charts. The S&P 500 failed to confirm yesterday’s bearish engulfing candle today, ripping to its highest in nearly two months instead. After having its best week of the year last week, the S&P 500 was trying to fill the gap from Sept. 21st, around 4,350-4,400. This gap proved to be resistance in mid-October, kicking off the third leg of the correction. However, Dash points out that this pesky gap has been filled with the S&P 500 closing above 4,400 today. It also cleared the downtrend line and AVWAP from the July peak today. Now that the gap has been filled, the next task is reclaiming the July peak at 4,600.Ā
Quote of the Day
āTo me, if life boils down to one thing, it’s movement. To live is to keep moving.ā
ā Jerry Seinfeld
Top Links
Where Do We Stand? – David Cox
Frank Cappelleri breaks down recent price action in the S&P 500.
Focus on the Trend of Price Not of Breadth, Says Renaissanceās Jeff DeGraaf
Jeff DeGraaf explains why he’s not overly concerned about weak breadth.
We’re Buying Broadcom – All Star Charts
Alfonso Depablos outlines a trade idea on the chip-maker Broadcom, $AVGO.
Bitcoin: 52-Week High Two Years After a Record High – Bespoke
Bespoke looks at Bitcoin and Ethereum as they print new 52-week highs.
Top Tweets
$SPY #SPY $SPX Quite the breakout today after yesterday's rejection. pic.twitter.com/G6QcPjFu4R
— Jake Wujastyk (@Jake__Wujastyk) November 10, 2023
Important reminder regarding all the tweets about the bear engulfers yesterday…
A single candlestick means absolutely nothing without follow-through. pic.twitter.com/S5WhLgp0Ny
— Steven Strazza (@sstrazza) November 10, 2023
Nice follow through after the best week of the year.
Everyone knew 4,200 was a big area.
It broke and we saw some signs of panic greater than during the pandemic.
That is how you make major lows and now all those loud bears are trapped. pic.twitter.com/VPrVrNFjBi
— Ryan Detrick, CMT (@RyanDetrick) November 10, 2023
Small caps up 1 day this week. Kudos $IWM pic.twitter.com/tZq0suIQyE
— Mike Zaccardi, CFA, CMT š (@MikeZaccardi) November 10, 2023
Small-caps are trading at their lowest level vs. the S&P 500 (total return) in almost 23 years! $IWM is just 2% above its record relative strength low. pic.twitter.com/tZtq58Q448
— Rob Anderson (@_rob_anderson) November 10, 2023
Big move for the SEMIS… pic.twitter.com/eALBl74lF6
— conradseric, CMT, CAIA, CEFA (@conradseric) November 10, 2023
$MSFT, the 2nd largest stock on the planet, closed the week at record highs.
It's up more than 50% on the year, or almost $1T in market cap.
Doesn't strike me as a bearish development. You? pic.twitter.com/dk1LUv9xRi
— Matt Weller CFA, CMT (@MWellerFX) November 10, 2023
Just saw largest weekly drop in % of ā¦@AAIISentimentā© bears since June 2003 pic.twitter.com/wy3Bs9ZycJ
— Liz Ann Sonders (@LizAnnSonders) November 10, 2023
Yo, Charts – Many years ago the wonderful Louise Yamada said, āVolume is the weapon of the bull.ā Chart below suggests this weapon needs sharpening. pic.twitter.com/990msSD1xB
— da Chart Life (@daChartLife) November 10, 2023
Before anyone panics about a ratings company downgrading the outlook on the U.S., just step back and take a look at their record.
It has been meaningless for any major market. S&Pās 2011 downgrade nearly nailed the bottom in stocks.
When it comes to individual stocks, ratingsā¦ pic.twitter.com/yttRvApDqQ
— Jason Goepfert (@jasongoepfert) November 10, 2023
Higher structural inflation flips the correlation between stocks and bonds from negative to positive, as happened in 2022, and during the mid-1960s. If 3-4% is the new 2%, this positive correlation may well continue, with implications for the 60/40 paradigm. pic.twitter.com/BNQvxB4DCT
— Jurrien Timmer (@TimmerFidelity) November 10, 2023
#xbt $xbt Bitcoin reminder on 18-month highs. pic.twitter.com/oQfcFihuBz
— Nautilus Research (@NautilusCap) November 10, 2023
From 'breakdown' to 'breakout' in 11 trading days.
Have a great weekend$NDX pic.twitter.com/t5886Uszhx
— Arun S. Chopra CFA CMTš§ (@FusionptCapital) November 10, 2023